Need £11,000 loan for a car

LJDavis

Ps... do seat do "Options" i.e. bit like Ford with Hire Purchasing, where you can give it back after two/three years with a GMFV and exchange for a new car?

sparklygemster

LJDavis wrote: »

Agree with above also...

Are you able to post links on this forum? - i.e. a quick search of autotrader shows a 2009 Seat Ibiza with 2000 miles on the clock for £8,995

Sparklygemster - what would you do with an extra £3.5k a year (that is spent on capital and interest)?

If you think a car is worth this then so be it - after alliance and leicester First Direct do and 8.9% but with 10% cashback loan (apparently works out at 8.1%)



And no five year debt!

Its a Seat Leon FR...the new model that had the adverts on the TV a couple of months ago with the DSG gearbox, with the flappy paddle gearbox......With the technology pack and the custom metallic paint works out to just over £20,000 for the manual which he wants to go for now.

We went to the Seat dealer in manchester and got a test in the ibiza with the DGS, then a test in the old model FR, which is not at fast as the new FR.

As he is over 6 foot in height he wants the Leon cos it will be comfortable for him to drive and after the test drive in the ibiza it was too small for him.

NOW......AS I ASKED IN THE FIRST POST.....ALL WE WANT IS A LOAN FOR £11,000!!!!

sparklygemster

LJDavis wrote: »

Ps... do seat do "Options" i.e. bit like Ford with Hire Purchasing, where you can give it back after two/three years with a GMFV and exchange for a new car?

he doesnt want the option

ILW

I doubt if a Seat will last 5 years.
Spanish engineering is not known for its quality.

sparklygemster

Heath84 wrote: »

Have to agree, I wasnt trying to be a smart a rse as you put it before, but hoping you would think about it a bit more and realise that wasting 5k on interest on that loan is not MSE. You have 9k, do you really need to spend more than that on a car? My car cost less than 1000 and I am really happy with it, ok a car at that price isnt going to be the 'treat' your OH wants, but at least if any unforeseen circumstances come up in the next 5 years, the car will be yours and not as likely to be taken away by baliffs because you cant keep up the £300 repayments a month for the car as well as other living expenses.
Your right, I know nothing about your finances, sorry I offended you just think in my opinion that 5k you will spend on interest will be better off in your pocket rather than the car company's. Sorry if you think I'm wrong.

This car is something he has been saving for, for the past 5 years, while he has been at uni he has been saving for something that he has been looking forward to when he finished his course.....

He has been relying on his mothers car for the past 5 years....he has enough money to pay for it....we just want to know the cheapest way to pay for it....
NOT IF WE CAN AFFORD IT OR NOT!!!!!!

LJDavis

The next thing then would be to think about can you overpay?

i.e. could you afford to pay back more of the £11k straight away? If so, and you have a good credit history, trying borrowing £8k and using a 0% credit card for circa £3k - aim to pay the credit card back in a year whilst also making repayments to the loan...

If you don't manage to clear the cc debt, this can be shifted to another 0% card, if your credit rating is good enough...

BE CAREFULL DOING THIS THOUGH... because a change in personal circumstances could send you spiralling into debt

sparklygemster

LeeSouthEast wrote: »

This is going to sound harsh, but it has to be said: Drop the attitude Gemster, it's really not helping you.

On a forum like this, it is unlikely you will get a single answer to a single question. Your circumstances as described do say "we cannot afford this". The true money saver would save what you are missing and refuse to finance any part of it at all. No one has given you bad advice. You've just not heard the advice that's been given.

all im wanting to know is where can we get a cheaper loan than 10.9%....NOT IF WE CAN AFFORD THE CAR OR NOT!!!!!!

we can afford it....we can afford to pay lots more than the £300 they want....we just want to know the cheapest way we can pay this.....thats why i come on here!!!!!

davetrousers

I'm not going to offer any advice on getting this loan here (I'm probably not your favourite person now after my earlier post).

But a lot can happen in four and a half years Whose name will the loan/finance be in? The reason I ask is if you and your OH split up just make sure you're not paying for something you can no longer use (iyswim).

BenL

standupguy wrote: »

An advance of £11000 over 54 months at 10.9% APR would be about £258 per month?

An advance of £11000 at 10.9% flate rate - ie approx 20% APR would be approx £303 per month?

Is the dealer trying to confuse you on the difference between flat rates and apr's?

This is the most important part of the thread. Please check the rate on the paperwork from the dealer to ensure they are quoting APR.

standupguy

Interestingly you can buy a 1 year old FR with little mileage for less than 13k with the remaining part of the manufacturers warranty. So it gives you some indication of the depreciation you will suffer.

The trade value of the car you are buying therefore will be about £11500 after 12 months - you would in effect have lost all the equity you are putting into it.

Taking the extended repayment term with the extra interest charges- you may still end up with negative equity along the line when it comes to disposal.

You pays your money and you make your choice