Loan or HP for a car ?

YorkshireBoy

robadub wrote: »

i think the limit on the card is £3500

So how come you're only planning on putting £2K of the car's cost on there?

Is there a purchases balance on there now? Or maybe you're keeping some back for spending? Either way, you're going to have to factor in some additional interest costs on the purchases element.

robadub

YorkshireBoy wrote: »

So how come you're only planning on putting £2K of the car's cost on there?

Is there a purchases balance on there now? Or maybe you're keeping some back for spending? Either way, you're going to have to factor in some additional interest costs on the purchases element.

yeh there are already some purchase transfers on there

i think we may decide against it now anyway following the comments from people on here

best course of action is just to save a bigger deposit i spose

YorkshireBoy

robadub wrote: »

yeh there are already some purchase transfers on there

Just purchases? Or a mix of purchases and balance transfers? Or purchases made on another card and balance transferred to this card? If the latter, then these will remain at 0%.

i think we may decide against it now anyway following the comments from people on here

I think that's very wise.

best course of action is just to save a bigger deposit i spose

Or save the full purchase price and don't use finance at all?

If you do this though, I guarantee you won't pay £11K for a car with your hard earned cash! It's always an easier decision when you're paying with someone elses money.

robadub

YorkshireBoy wrote: »

Just purchases? Or a mix of purchases and balance transfers? Or purchases made on another card and balance transferred to this card? If the latter, then these will remain at 0%.I think that's very wise.Or save the full purchase price and don't use finance at all?

If you do this though, I guarantee you won't pay £11K for a car with your hard earned cash! It's always an easier decision when you're paying with someone elses money.

purchases made on another card and balance transferred to this card and one small purchase on the card

somethingcorporate

Earning £20k and wanting to drive around in a £12k car is madness especially since you need to obtain £10k worth of debt to buy it!

Cut your cloth to suit and drive around in a (or your existing) £2k banger and save.

I know trying to keep up with the Jones' is all the rage but such an attitude had brought the whole economy to its knees. People buying things they cannot afford.

KingElvis

somethingcorporate wrote: »

People buying things they cannot afford.

And don't need either.

Mallotum_X

Your have a joint income of 20k and you want to spank 11.5k on a car??

Sorry but that is just crazy, how do you hope to have a life and pay off 9.5k of debts? Why not do what most people would do and keep the current car....

Otherwise you will be back on here in a few months time trying to work out how to clear your debts. Do yourselves a favour and dont spend what you clearly cant afford.

tell_it_how_it_is

I'd strongly suggest keeping hold of and using your current car, at least for a few months while you see how this courier job starts to pan out. Because, if that wasn't to go well, methinks there would be a very good chance you'd be regretting ever taking out such loans.

Gothicfairy

Your not after using the car for the courier job are you ? Can you not find a good car for what you have in cash ? I got a really tidy Audi A4 for £400 and that was T and T'd and ran like new ( ok it was old but looked the dog's)