best loan for a new car

redbull5

RichGold wrote: »

Unbelievable.

If you plan on repaying any loan you get then why not pay for it out of your savings and create a standing order to pay the loan back to your savings at the same rate (or even slightly less) than you would repay a loan.

This is basic money sense and you seem not only to have it all backwards but you also seem blissfully ignorant of the fact.

DUHHH, not stupid i know that, but what i was trying to save is my mindset for saving isnt good, but my mindset for keeping my saved money is great.

Soooooo, if i bought it out of my savings, i dont have the patience and the discipline to keep my S/O to the correct ammount each month. I would want the latest gadget etc. and my savings would dwindle more. If i got a loan, then my monthly expences would go up, and i would soon realise that i couldnt afford to get the latest gear, and i would pay for it out of my savings??

Do you have a phone contract??? are you paying for the phone monthly???????

RichGold

redbull5 wrote: »

i dont have the patience and the discipline to keep my S/O to the correct ammount each month. I would want the latest gadget etc. and my savings would dwindle more. If i got a loan, then my monthly expences would go up, and i would soon realise that i couldnt afford to get the latest gear, and i would pay for it out of my savings??

Do you have a phone contract??? are you paying for the phone monthly???????

Have some ruddy backbone man. Pay for it willingly, rather than forcing yourself to pay for it by reducing your income.

What do my mobile or home telephony arrangements
a) have to do with you?
b) bear relevance to this?

MFWannabe

geo_ann wrote: »

Hi,

I'm 21, I take home 1,200 pounds a month, have a full time job and live with my parents.

I'd like to borrow a maximum of 5,000 pounds over 4/5 years to buy a new car.

I have noticed that I end up repaying an average total of 8,500 pounds.

Having never borrow money under my own name before, can any of you advise on the best way to go about borrowing money?

Any help would be greatly appreciated!

As others have said; you're better off not getting the loan in the first place.
You've never borrowed money in your name before so you will definitely be paying higher interest than any of the advertised loan rates.

Save up for your car; if you live at home and earn £1200 per month then it shouldn't take you too long to save. As others have said be careful what you buy as your insurance will be huge anyway

redbull5

RichGold wrote: »

Have some ruddy backbone man. Pay for it willingly, rather than forcing yourself to pay for it by reducing your income.

What do my mobile or home telephony arrangements
a) have to do with you?
b) bear relevance to this?

get a grip, il pay for it how i want. and thats how i like to do it. like i said,

with reference to the phone, have you got a high end phone?? are you paying monthly for it? why didnt you pay for it up front. have a backbone!

heathcote123

redbull5 wrote: »

Because everyone has different ways of savings, if i have the money in the bank i wont spend my savings, but trying to save is a whole different story! so if its a loan, i still have my savings, yes the APR and interest, but for me this is the best way, and i can bet that i wouldnt be able to save the ammount back, some expense would pop up

If you can save the 15k in the first place, you have already demonstrated you can save.

Taking out a loan wouldn't be quirky or clever, it would just be just really, really, really stupid.

RichGold

redbull5 wrote: »

with reference to the phone, have you got a high end phone?? are you paying monthly for it? why didnt you pay for it up front. have a backbone!

http://forums.moneysavingexpert.com/showpost.php?p=47554283&postcount=1
Its funny you should ask that. Don't you feel daft now?