Need £11,000 loan for a car

Paulgonnabedebtfree

ILW wrote: »

Blimey, never realised people bought cars over 54 months.

The one I'm still paying for is over 60 months. Mind you, I wasn't totally honest about it. Although it was an any purpose loan, they did ask what it was for. I called it "new car". Really though, it was second hand van tooled up for my work. I doubt it would have been lent as a business loan.
Good result too.
I got it at 5.7%. Don't get too excited though. I took this out back in 2005.

sparklygemster

MORPH3US wrote: »

Guys please, give up on the "you can't afford it" and "don't get a Seat" posts... I think everyone has made their point to the OP.

However if the OP wants to buy that car then thats her choice and her money. Of course its MSE to advise that it will depreciate a lot but we have been there and the OP understands it.

Some people prefer to go out for a meal at weekends but if someone asked where is a nice expensive restaurant to treat my girlfriend... I doubt everyone would jump on them and say "don't go out for a meal, eating beans on toast at home is much cheaper"...

Hope we can all be friends now, or at least be civil.

Thanks, we used to go out for weekly meals and he would pay, now he wants to put that towards the car and i fully understand because that is what he always wanted, and i will always be there to support him, i just cant cope with all the crap that im getting to the response to my post

ILW

MORPH3US wrote: »

Some people prefer to go out for a meal at weekends but if someone asked where is a nice expensive restaurant to treat my girlfriend... I doubt everyone would jump on them and say "don't go out for a meal, eating beans on toast at home is much cheaper"...

Buying an expensive Seat is the equivalent of going to the Ivy and spending £200.00 on beans on toast, but served up on a fancy plate.

Paulgonnabedebtfree

sparklygemster wrote: »

Its just less than 5 years, Seat gave us the price for paying over 60 months....but we could pay a little extra to make the finance payments less and cost us less.

I wish i had never posted this now! Shouldnt this be about money saving!!!!!

Too right. Don't let them get to you. Unfortunately this forum has its share of wind-up merchants.
Just a thought here. If you can afford to pay a bit more per month, have you considered trying one of the special offers on a credit card? It may not benefit you by the time you take into account a balance transfer fee or credit card cheque fee but it may be worth exploring.

sparklygemster

dmg24 wrote: »

Do you not see a big old imbalance there? You cannot spend £100 on clothes, yet he can spend £20000 of money he does not have on a car.



This is what you don't get, you are not moneysaving. You are spending twice (or more) the money that you need to spend. However you dress it up, it is not saving!

I'm not having a go at you, just trying to get you to see sense!

OK TBH he has £21,000 in savings.....£9,000 he can spend on the car and £12,000 to put a deposit on a house.....he can blow the whole lot on a car and carry on living at his parents.....or he can spend the £9,000 and keep the rest to put on the deposit for a house WHEN IT SUITS HIM!!!

I challenge you to find us a brand new factory order 2009 plate Sean Leon FR....with the technology pack and in yellow!!! try and find it for cheaper than the manchester branch of Seat would sell it to us!!!

dgl1001

sparklygemster wrote: »

have you tried saving up £11,000? he has saved £9,000 on his own in 2 years, i think he deserves to spend it on what he wants!

so he's only been saving about £460 (£11k / 24 months) and he wants to commit to a £300 loan per month plus running costs (tyres, servicing, insurance, fuel), plus if the cars only going to be worth 50% of what he paid for it in three years (£10k/ 36 months) that's another £277 per month. OP, he can't afford it - sorry

sparklygemster

Paulgonnabedebtfree wrote: »

Too right. Don't let them get to you. Unfortunately this forum has its share of wind-up merchants.
Just a thought here. If you can afford to pay a bit more per month, have you considered trying one of the special offers on a credit card? It may not benefit you by the time you take into account a balance transfer fee or credit card cheque fee but it may be worth exploring.

he has a credit card with HSBC...he has the direct debit option where it pays the full amount per month from his bank account...was a killer when we went to paris last year!!!

sparklygemster

dgl1001 wrote: »

so he's only been saving about £460 (£11k / 24 months) and he wants to commit to a £300 loan per month plus running costs (tyres, servicing, insurance, fuel), plus if the cars only going to be worth 50% of what he paid for it in three years (£10k/ 36 months) that's another £277 per month. OP, he can't afford it - sorry

he can afford it, hes got the first years insurance in a seperate account!

LittleMissAspie

As much as I think buying a brand new car is a complete waste of money, the OP isn't actually buying a new car. She's just trying to help her boyfriend out. There's no point having a go at the OP. If someone you loved was absolutely determined to take a loan for something and couldn't be talked out of it, wouldn't you try and help them find the lowest rate?

sparklygemster

dgl1001 wrote: »

so he's only been saving about £460 (£11k / 24 months) and he wants to commit to a £300 loan per month plus running costs (tyres, servicing, insurance, fuel), plus if the cars only going to be worth 50% of what he paid for it in three years (£10k/ 36 months) that's another £277 per month. OP, he can't afford it - sorry

btw....do you know how much he gets paid per month.....NO!!!!! SO WHAT MAKES YOU THINK HE CANT AFFORD IT???