20k Loan

crampo_2

Raggs wrote: »

How exactly did buying a new car pay off? Serious question there. Your mates that bought 2nd hand cars for 5k, how much did they have to pay for repairs etc and also insurance? You say you lost 5k in the first year of owning your car (the value of theirs).

Is it really that important to buy new?

If i was to buy this car , then it wouldn't be New , it would be second hand. And Buying the first car new paid off it certain aspects , for instance if i ever have a problem i can just take back to garage and they can sort it out, my insurance was near enough the same to somebody in 1997 corsa. Plus the fact that i dont blend in with the social stereotype of a "chav" or "boy racer" because this corsa doesnt need to be "lowered, tuned and have cheap chinese radios in them to look good". But thats beside the point.

Originally Posted by crampo
Im not doing this to impress no-one.

I always like a good double negative!

What i ment to response to the question orginally posted, was im not doing this to impress "ladies", I know the car is going to be a headturner. if i wanted to impress the ladies , then i would of "pimped" out my corsa and drove it to the local sainsburys car park at night

And why is your Corsa so uneconomic?

When i brought the car between me buying it and its first service i could drive it the way i normally do, how is still drive it today and get a good 320 - 330, i once pushed it for 340. after its first service i barely get to 250. it didnt need a service or what they did, it had only done 7,000 miles on its first service, they replaced the oil with new sxi oil and done whatever else. they said that what they did wouldnt of changed anything and only would of improved the car. my driving style hasn't changed and i did do 2 weeks (full tank to empty) driving it as ecomonical as possible , and still got around 250.

jw2003

crampo wrote: »

When i brought the car between me buying it and its first service i could drive it the way i normally do, how is still drive it today and get a good 320 - 330, i once pushed it for 340. after its first service i barely get to 250. it didnt need a service or what they did, it had only done 7,000 miles on its first service, they replaced the oil with new sxi oil and done whatever else. they said that what they did wouldnt of changed anything and only would of improved the car. my driving style hasn't changed and i did do 2 weeks (full tank to empty) driving it as ecomonical as possible , and still got around 250.

Do you do lots of short trips?

crampo_2

jw2003 wrote: »

Do you do lots of short trips?

I mainly use the car to go to work everyday, its been the same since i had the car so i havent changed my daily drive. its about 15 mile return. Weekends are bit different depending on where or what im doing.

jw2003

In the good old days when I learnt to drive (still not that old tho, honest) they used to reckon that a good long run out once a month would do wonders for a car's economy and personally I have found this does work. My Clio was 10 before she got that bad, a Corsa really should be doing much better. The Astra does much better than that and she's 7... Actually, I think the Porsche might just about rival it but she's 24 and has a 2.5 litre engine

crampo_2

jw2003 wrote: »

In the good old days when I learnt to drive (still not that old tho, honest) they used to reckon that a good long run out once a month would do wonders for a car's economy and personally I have found this does work. My Clio was 10 before she got that bad, a Corsa really should be doing much better. The Astra does much better than that and she's 7... Actually, I think the Porsche might just about rival it but she's 24 and has a 2.5 litre engine

I reckon on a good weekend every other month or so, i can get a good drive out of it. essex or southend are someplaces ,which are a good 100 - 150 miles return, and then good run to luton is about 50 mile return 2-3 times a month

Rupert_Bear

crampo wrote: »

I reckon on a good weekend every other month or so, i can get a good drive out of it. essex or southend are someplaces ,which are a good 100 - 150 miles return, and then good run to luton is about 50 mile return 2-3 times a month

If you are serious buying this car then go back to Lloyds and explain you are keen to borrow from them but the apr is too high. Lloyds have a dept that the branch can phone and they have the power to change the rate quoted.

My advice is if you can afford the repayments and get a good rate then go for it. Its your life.

jamesd

ravh84 wrote: »

i have no comment on wether you should or shouldn't take this loan out but somewhere you might get a better rate is 'zopa

Not for this person. The current quoted Y (under 25) market rate is 13.3% for a £15,000 loan, though Zopa also limits market borrowing to no more than 50% of income, so a cap of around £7,000 here, at £13.0% (Zopa rates vary depending on how much is borrowed as well as age and credit score). Maybe more in the Listings section at Zopa but the rate is likely to be higher. At least the income is over the £12,000 Zopa minimum but I doubt that Zopa would go as high as £7,000 on this income. Zopa also counts existing loans as not repaid in their 50% of income calculation and since there are existing loans that could well be more than half of income that may eliminate Zopa's willingness to lend via the Markets. Listings don't have this rule, though.

Credit card 0% deals would be the natural first alternative but those are also only available up to half of total income, across all cards, in general. Balance transfers could be used to extend the deal once it expires. Age probably limits the availability of these offers as well.

If Lloyds will go for it, that looks likely to be the best deal going. Maybe then try to use 0% for purchases cards and other deals to pay off the loan more quickly.

Declaration of interest: I both have loans via Zopa and lending offers via Zopa. There's currently some possibility that my lending offers might be used.

jazza77

jamesd, interesting insight on Zopa - do you know if the 50% limit refers to gross or net income?

jamesd

jazza77, sorry, I don't know for certain. They won't know net income really because of all the variables, so gross seems more likely to me. Even the 50% isn't something I can really guarantee because they can and do change the rules and take other factors into account. Just think of it as more than 50% probably means a no, not as 50% or a bit under meaning a yes.

If it matters to you for a loan for yourself and you're close to this an email to their contactus address would be the way to go.

kai666

I don't know where you get 35 miles to the gallon from, but a quick check on google shows you you will get a combined mpg of barely 20 miles to the gallon:eek:.