20k Loan

crampo_2

yorkshire-lad wrote: »

EDIT: just for comparison, my car is 200bhp and im 21 with 4years driving and most insurers would not give me a quote for this car until i turned 25 (sorry, they did give me a quote online, but when you phone up, they just turn you down)

I didnt do any insurance quotes online, over the phone thats where the quote come from £2700 for the top package from adrian flux , specialist car insurance , even got it writing to be sure.

I still dont think Lloyds will lend you the 20K at any apr when it comes to putting through an application - your income is just too low.

After a nice half hour meeting , he said just say Yes and he can click Yes. But like i said before "Im not going to take a loan from the bank at that APR"

I really do not know how much research you have put into buying this car

Well working out if its cheaper to buy one in america and import it back in, finding importing companies, finding insurance companies, spare parts in the uk , spare parts in the usa, finding places that sell the cars, waiting for the right one to come along , looking at how much they buy/sell for on average.

Just as much as when you buy a house how much research do you need?
the area, the neighbourhood, schools, shops , facilities, council tax, what type of house is better , is the one better for a little bit more in the area etc.

You seem to be saying that it will be cheaper than the corsa because it has a bigger tank, and your 35 miles to the gallon, i will look it up later but is that a combined MPG???

Well during my "research" they ranged from 25-35 mpg , the last couple of places i have talked to , said that normal driving in the ones they had you can get 35 mpg. and YES I KNOW the way i probably drive it i probably will get 25mpg.

Your comment about 35mpg for a Mustang pretty much suggest your post is a Troll post, Absolutely RIDICULOUS !!!

Sorry What i really should of said . " I got my teenage girlfriend pregrant , we now have 3 little ones, and another one on the way. The council have given me a house which kindly you taxpayers are paying for , im reaping the benefits in from the goverment which again you lot pay for, i sit at home all day and play xbox but basically we are looking for a vauxhall zafira they are around £22,000 , i havent got any savings at the moment as i blew it all on coke, gambling and at the pub, but with a steady income from all the benefits i think we can afford it , i looking for cheap loan so i can get a new car that i can drive my little ones around in safley and that my girlfriend can as well. Can anyone help me"

Maybe someone might of took me seriously then , as this is the "stereotypical" country

immoral_angeluk

If I were your mother at this point I would be grey with stress, either because in a car like that you'll end up dead, or bankrupt.

Apologies if that sounds harsh.

welshy1982

crampo wrote: »

Maybe someone might of took me seriously then , as this is the "stereotypical" country

I must apologise for my previously harsh post - you need to go with your gut instincts and you are at an age where (as I've proved to myself) if you get into debt and financial difficulties you can still repair the situation...

I do think people (included myself) might have been a bit harsh - but I also think it's a case of reality bites on this one...

One of my comments about my own wage etc wasn't intended to imply that you should get a new job, rather to highlight the following:

- I've been where you are at....when I started my current job, I was on £13k a year and probably taking home less than you...I blew money on a car, clothes, holiday, sex, drugs and rock and roll (less rock and roll though) and got myself into a state...I was living beyond my means...and then I met my girlfriend (who is now my wife) and my debts very nearly stopped us from buying a house together...and so I wised up, took some extra responsibilities at work and sold off the crap I didnt need...and stopped buying more junk on top...

- I've doubled my income, plus with our combined household income we live fairly well...but I would still struggle with this debt now...I'm looking for a new car myself, in fact i am just about to go for a test drive...and I would love something really sporty that would have peoples jaw dropping...but I know it's not worth it for me, and will be quite happy to find a £5000 car with 10,000 miles on the clock (like the one I am about to test drive) that will last me 4 or 5 years and is big enough for us to use if we decide to start a family.

Bottom line....if you really want the car, just get it....do it on a PCP deal so that the debt is secured against the car, and at least when you realise you can't afford it the only thing you lose is the car and not your sanity...

One final thought...read a few of the comments and posts on the debt free wannabe boards...this might anger some people a huge amount but I will say it anyway...I often read lengthy sob stories about people with mounds of debt...sometimes the excuses are legit...for example people who allow their partners, husbands,wives to get them into debt and do a bunk...some of it is just down to stupidity, of which I am a prime example...I never asked anyone for help, and I got on top of a situation which had me on more than one occasion considering committing fraud, doing a runner or an overdose (extreme)...mostly this was owing to the support of my wife who was firm with me and stood by me...as I said, if you want the car, then great go and get it...but in ten years time or even less the car could be written off, stolen, full of rust or repossesed...but that debt will stick around for a long long time...

I think you sound quite a sensible chap in some ways...defensive and not much of a realist...but some sense in there none the less...probably best to just make a decision and prepare to live with the consequences if the decision doesnt pay off for you.

immoral_angeluk

I think it would be a good idea for the OP to wander over the the DFW board and read the situations that he could be in in 5 years.

inmypocketnottheirs

Pure muppetry.

crampo_2

welshy1982 wrote: »

I must apologise for my previously harsh post - you need to go with your gut instincts and you are at an age where (as I've proved to myself) if you get into debt and financial difficulties you can still repair the situation...

I do think people (included myself) might have been a bit harsh - but I also think it's a case of reality bites on this one...

One of my comments about my own wage etc wasn't intended to imply that you should get a new job, rather to highlight the following:

Dont get me wrong , theres nothing more then i'd like to do then leave my current job and move into something with more pay, advatages and something where im learning more, but i'd rather stay in a stable job then no job at all. I know my wage isn't all great. but then its better then nothing is the way i look at it atm.

- I've been where you are at....when I started my current job, I was on £13k a year and probably taking home less than you...I blew money on a car, clothes, holiday, sex, drugs and rock and roll (less rock and roll though) and got myself into a state...I was living beyond my means...and then I met my girlfriend (who is now my wife) and my debts very nearly stopped us from buying a house together...and so I wised up, took some extra responsibilities at work and sold off the crap I didnt need...and stopped buying more junk on top...

- I've doubled my income, plus with our combined household income we live fairly well...but I would still struggle with this debt now...I'm looking for a new car myself, in fact i am just about to go for a test drive...and I would love something really sporty that would have peoples jaw dropping...but I know it's not worth it for me, and will be quite happy to find a £5000 car with 10,000 miles on the clock (like the one I am about to test drive) that will last me 4 or 5 years and is big enough for us to use if we decide to start a family.

Bottom line....if you really want the car, just get it....do it on a PCP deal so that the debt is secured against the car, and at least when you realise you can't afford it the only thing you lose is the car and not your sanity...

One final thought...read a few of the comments and posts on the debt free wannabe boards...this might anger some people a huge amount but I will say it anyway...I often read lengthy sob stories about people with mounds of debt...sometimes the excuses are legit...for example people who allow their partners, husbands,wives to get them into debt and do a bunk...some of it is just down to stupidity, of which I am a prime example...I never asked anyone for help, and I got on top of a situation which had me on more than one occasion considering committing fraud, doing a runner or an overdose (extreme)...mostly this was owing to the support of my wife who was firm with me and stood by me...as I said, if you want the car, then great go and get it...but in ten years time or even less the car could be written off, stolen, full of rust or repossesed...but that debt will stick around for a long long time...

I think you sound quite a sensible chap in some ways...defensive and not much of a realist...but some sense in there none the less...probably best to just make a decision and prepare to live with the consequences if the decision doesnt pay off for you.

Thank you

Dont get me wrong , of course i dont want to be in a situation where im like "Oh dear what have i done". I was never ever going to take a loan from the bank that would be pure stupidity , i wanted to know if it was Possible for me to get a loan of around that figure. There have been over cars that come along for £15k in which case i would only need a £15k loan. etc.

Its funny though, when i was learning to drive 3 years ago , i spent ages looking at different "first" Cars etc. i went from looking at second hand fiat punto's to Corsa C's at around £5k. Then i thought well if im spending out £5k on that type of car with 40k miles then i might as well buy a brand new car at £12.5k , 3 year warrenty. 0% finance over 3 years etc. the day after i passed my test i was down my local garage and ordered one that day, only because i knew it was the right car etc. Different situation because of different type of car , but everyone , i mean mates, most of my family, workmates, said i was absolutly stupid for buying a brand new car, but it paid off. So egg on there face i suppose.

Im not rushing into anything, i wanted to know information , whether i do or dont get one this year or next. im waiting for the perfect opptunity.I just needed to know if it was possible for a person to get such loan from a company or other bank at a lower rate than those at Lloyds.

I think you sound quite a sensible chap in some ways...defensive and not much of a realist...but some sense in there none the less...probably best to just make a decision and prepare to live with the consequences if the decision doesnt pay off for you.

Thank you , Mainly the most reason im defensive is that people judge me or what i do and what i said above about buying a new car.

harding1985

Why not get a 2nd hand car? low mileage, full service history for around 5-6k?

Buying a Ford mustang with 2-3 years driving experience is crazy. Insurance would be atleast 3k

Happytogetdebtfree

I must say some of the posts have been quite abrupt and presumptious... one can assume some sense since he came to the money saving expert board, let us not judge whats the old saying let people make there own mistakes its the only way they learn and i remember when i was young well only 5 years ago since im 25 err hm... if i wanted something i got it i didnt think about the consequences but i have learned them now and im mnaging to pay and will be rid of it all in 2 years but still 20k on a car i feel ill.... :d

LoopyPrune

Think we may be getting alittle rough with the OP, I think he understands our reservations. There have certainly been enough posts about this subject. So lets look at your original question and thats can you get a loan for 20k thats doesnt want a stupid APR in return and the answer is not from a bank/building society. They have had their fingers burnt and you simply don't provide enough security for them. If Lloyds is offering 14.9% thats because you bank with them and they have atleast monitored your account. Same applies to them closed loans from First Direct and Nationwide, its so they can monitor you over 6 months and see if you incomings and outgoings are within their criteria. You say the dealership doesnt offer finance so your going to have to use an independant company. Try Tesco or Sainsburys car finance think they are you best bet, 8.3% is possible for a 5yr 15k loan thats about 3.2k interest and £300 quid per month. You arent going to get 20k because you aren't a homeowner, its probably unlikely your going to get 15k but that is their theoretical maximum possible.

Happytogetdebtfree

good post loopy, good luck with it x