Car on finance: Can I somehow reduce my payments?!

Kilty_2

gambit27 wrote: »

I personally think a car loan is like a noose round your neck, .

It's like any other form of credit - if you get the right deal at the right price there's nothing wrong with it

OP - how long is the agreement?

If it's 5 years and you've paid it for 2.5 then you can hand the car back. So even if you're not at that point yet you can hand it back when you are.

Ilona

Kilty wrote: »

It's like any other form of credit - if you get the right deal at the right price there's nothing wrong with it

QUOTE]

Buying on credit is never the right deal at the right price, there is no such thing. Saving up and paying cash is the right deal.
Ilona

Kilty_2

Ilona wrote: »

Buying on credit is never the right deal at the right price, there is no such thing. Saving up and paying cash is the right deal.
Ilona

I disagree. Currently paying £75pcm on PCP for a 2011 '11' Kia Picanto - even if I saved that money for 3 years I couldn't buy a 3 year old one.

Ilona

Kilty, we will have to agree to disagree. I guess there is a lot of years between us, a different mindset. I have never bought a car with someone elses money. I started driving in my early twenties, by buying an old van, then older cars which weren't all that reliable. each time saving up a bit of money to put towards the next one. The trouble these days is the youngsters want it all now, the flashiest motor to beat their mates. I just wanted a set of wheels to get me around.

I have just changed my car, had to, a taxi driver wrote my Focus off. Now I have a three year old Meriva, smaller engine, chosen for economy. It is ex Motability, 15,000 miles, well looked after. I put some towards the insurance money and paid cash. I have no debt. Everything I have ever bought I have paid for, excluding a mortgage for the house, and it won't be long before that has been paid off.

So you pay your £75 per month, I pay nothing.

My apologies to needstochange, this does not answer your questions. If I told you what I was really thinking about your predicament, you might not like it. Reading between the lines there is more to it than paying for a car. I hope you find a way through it.
Ilona

needstochange_2

thanks again to everyone for your helpful replies, i really need to go away and think about all your suggestions, dont want to make another mistake!
Ilona,
I see what you are getting at and of course there is a lot more to the situation than just the car finance. im trying to keep positive and just try to improve the money situation as much as possible for me and my children

Kilty_2

Ilona wrote: »

So you pay your £75 per month, I pay nothing.

So a 3 year old Meriva doesn't depreciate and doesn't need out of warranty repairs then?

Plus it's hardly the "flashiest car to beat my mates" - it's a Picanto!

OP - yet again - you need to find out a) when the agreement was started (exactly) and b) when it ends (exactly) - if you've been paying it for 50% of that time it can be handed back without penalty and you can get something more affordable.