Soon to be Barclays staff, need £10,000 loan for car.

MARKMAKAVELI

Hello All,

EDIT:
Thanks to the helpful people on this site, my thread has changed direction completeley.

I originally was looking at a 10k loan for a posh car, despite only starting my new job on low pay next week.

If you are interested in what I have decided to do, or you're in a similar situation, please read through the thread.

Thanks everyone.

ILW

Why so much?

MARKMAKAVELI

ILW:The car I want is around 8k, I need to pay insurance and I have some debt that would be worth consolidating into that one loan as I am paying 17% on the small debt at the moment.

ILW

Again, why do you need an £8000 car now? Why not wait until the job is established.

no_more_cards_for_me

I'd like a Ferrari but drive a volvo

You are not even through the probation period yet. Wait till you get past that before you take out a huge financial commitment. You want to take out £10k over 5 years - any idea what's going to happen in that 5 years ?

Do you need a car for work ? Or is this to get to work ?

If its the former then surely Barclays would supply either a pool car or vehicle with the job. Or an allowance.

If its the later then buy a cheaper run about or take the bus.

MARKMAKAVELI

There is a big story to this but I'll give the condensed version.

I need a car to get to work and for social use aswell. I have contemplated getting one for about £1,000 but a few reasons against this are:

1. You get what you pay for and things are more likely to go wrong with a cheaper car.
2. I would be paying around £180 p/m inc insurance if I did cheapo, whereas with nice, reliable car around £240 inc insurance.
3. The cheaper car would have no resale value after the year, well...very little.
4. Public transport in not an option, would take over 2hrs.
5. It's an entry level job, so won't get company car.

I appreciate the concern, I really do, but I have thought about this a lot and want to see how feasible it is.

Lokolo

I want a Mazda3 Sport.

I currently have a 1991 1.1 Ford Fiesta.

So until the FF dies on me, I am saving for the new car.

ILW

MARKMAKAVELI wrote: »

There is a big story to this but I'll give the condensed version.

I need a car to get to work and for social use aswell. I have contemplated getting one for about £1,000 but a few reasons against this are:

1. You get what you pay for and things are more likely to go wrong with a cheaper car.
2. I would be paying around £180 p/m inc insurance if I did cheapo, whereas with nice, reliable car around £240 inc insurance.
3. The cheaper car would have no resale value after the year, well...very little.
4. Public transport in not an option, would take over 2hrs.
5. It's an entry level job, so won't get company car.

I appreciate the concern, I really do, but I have thought about this a lot and want to see how feasible it is.

Cannot see the logic in your numbers.

no_more_cards_for_me

MARKMAKAVELI wrote: »

There is a big story to this but I'll give the condensed version.

I need a car to get to work and for social use aswell. I have contemplated getting one for about £1,000 but a few reasons against this are:

1. You get what you pay for and things are more likely to go wrong with a cheaper car.
2. I would be paying around £180 p/m inc insurance if I did cheapo, whereas with nice, reliable car around £240 inc insurance.
3. The cheaper car would have no resale value after the year, well...very little.

I appreciate the concern, I really do, but I have thought about this a lot and want to see how feasible it is.

Yes, and this is money saving expert

1. Not necessarily. There are plenty of good cheap cars out there, you just need to know what to look for or get the AA/RAC to inspect if your worried about it. I went from being a company car driver with new cars every 3 years to driving a 10 year old "banger" - never broken down.
2. So your paying either £2,160 or £2,880 - so young driver ? On top of your £200 per month 5 year loan that's another £180 or £240. Up to £440 per month - out of how much take home ?
3. Does that matter ? Buy a cheap car and run it into the ground. Provided that it's reasonably reliable you will be better off, get the no claims discount down.

Barclay's is a nice place to work but don't expect them to worry too much about what you drive, they will be more concerned that you get there on time.

Buy a cheap golf and save your money. There are better things to spend your money on that expensive cars. Better still buy a cheap car and pay off your existing debt prior to thinking about taking even more out.

andys15

I had more problems with newer cars, than older ones. Newer cars are too computerised. Just wait till that engine warning sign comes on and its cost you hundreds just for the diagnostics.

Tixy

What if you don't get a permanent position after your probation period? How are you going to afford the loan repayments.

Anyway there are a lot of cars that fall between a £1k car and an £8k car.
Providing you chose the right car you should be able to get a decent car that will last you a good few years and be cheap to run, tax & insure for £2k-3k.

How have you worked out that a £1k car will cost you £180 per month?
With the expensive car are you planning on paying your first years insurance from the loan figure? thereby paying back 1 years insurance over 5years? Thats not a sensible strategy at all and you'll still have to find the money for insurance in year 2.