Best way to obtain car finance

only_mee

drbesty wrote: »

Agreed if you're gonna blow 10k on a car at least by something fun, how about a BMW M3?

Because he his 19 maybe?

nolongerindenial

I am 26 and have just got rid of my car on finance - on a 3k loan we were paying £143 a month for two years - prior to that I had a focus which I borrowed 3k on.

I can honestly say, dont bother buying a car with finance - your asset is quickly worth less than you owe and you are constantly working out how to get the thing paid off as your life moves on!

Get something a lot cheaper - you can pick up an older focus for the 1k you already have and have no finance...

WTTM

More hope of getting blown off by Cheryl Cole than getting a loan like that.

Age 19 - £10k-£11k = NO.

Once profit margin is taken away, your car will be in negative equity at 1st pyment.

Add at least £3k to your deposit and you will have a slight chance.


MOMENT

safc118

WTTM wrote: »

More hope of getting blown off by Cheryl Cole than getting a loan like that.

Age 19 - £10k-£11k = NO.

Once profit margin is taken away, your car will be in negative equity at 1st pyment.

Add at least £3k to your deposit and you will have a slight chance.


MOMENT

I dont think thats quite true.

I had a 6k car loan at the age of 18 and i had no credit history my deposit was £300. I crashed it 2 weeks later THANK GOD I TOOK THE GAP INSURANCE

im not saying its a good idea because i did it and if i ask myself would i do it again. Probably not simply because if i didnt take the gap insurance i would have had to pay £1000 out of my own pocket yes thats right 2 weeks depreciation was 1k

I would say think very carefully as others have said 3 years time you may be bored of that car.

If you haven't been put off and your still going to go for it then get some GAP insurance to cover yourself if anything goes wrong;)

drbesty

A few years ago it was alot easier to get credit, I got an Amex Gold Card while I was a student for instance, not anymore, there's no way you would get a loan for as much as your entire annual salary