Need £11,000 loan for a car

ILW

standupguy wrote: »

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

Seats are known for their very high depreciation, i believe this is down to build quality issues. Have a look around and see how many 6 or 7 year old ones you can see still going. 5 year finance on one is absolute madness.

sparklygemster

LJDavis wrote: »

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

We could overpay as we dont live together at the moment, but with the credit crunch it coulnd go either way

sparklygemster

davetrousers wrote: »

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).

It is all his name as i have a bad credit rating....i have nothing to do with it apart from trying to get it cheaper, hence me being on here!!!!

sparklygemster

standupguy wrote: »

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

exactly.....he wants to pay for what he wants and he makes his choice!!!

all we wanted was advice on where to get the rest of the money from.....not what kind of car to get!!!!

sparklygemster

ILW wrote: »

Seats are known for their very high depreciation, i believe this is down to build quality issues. Have a look around and see how many 6 or 7 year old ones you can see still going. 5 year finance on one is absolute madness.

do you know of any 6 or 7 year old FR's there are about???

myothercarisaferrari

let them get the car and watch in a year's time....:D

If he has good credit, I would recommend his bank,.

sparklygemster

myothercarisaferrari wrote: »

let them get the car and watch in a year's time....:D

If he has good credit, I would recommend his bank,.

thats good coming from your username.....

Rockporkchop

Oh my god, £20,000 for a Seat Leon and then a huge amount of interest over 54 months for it!!

It couldn't go to a nicer person.

sparklygemster

i have just taken a pic of the quote from seat, just putting it online now

CLAPTON

sparklygemster wrote: »

its a factory order car that he wants!!!!!!

The car is not even on the road yet!!!!

All we want to know is if we can get a better loan than the 10.9% from seat!!!!!!

read standupguy post above

you are being ripped off as they are charging you 20% APR

have you tried your bank?