Taking Out A Loan (Help Wanted)

charleyroo

i do agree with Poo (i LOVE this name!) having just bought my car, I am scared of what weather may be about to arrive! The first sign of snow, my car is being locked away and not coming back out til it's all gone - not ideal or practical and I'm sure when I'm walking to the train station I'll be wondering was it all worth it!!! hehe

Johnny_Barnes10

What's your current car? Serious queston. Agree with others, best to give it 3-4 months in this new job, and remember you'll start living to your new income regardless of what others might say. IF you can bank whatever extra you're earning then fair play.

Skinto_7

OP,

I know those warning you off are just trying to help and im sure you do appreciate it, however IMO if you are comfortable with your job security then id say go for it (especially with the fact you still stay at home so will have a lot more disposal cash than most)

Im into my cars aswell and although i like to think im good with my money, i too spend a decent amount on them and wouldnt be without.

In terms of what you can do for the cash, id speak to you bank and tell them what your after, for my car loan i got a loan with decent interest rate that allowed me to over pay and settle early. This will still require you to pay a set amount back each month, however not sure how you would find a way of taking a loan out without having to do some sort of monthly payment.

Out of interest what car you buying?

bill_whu

Poosmate wrote: »

I have no opinion on what you should or shouldn't do but the only thing I'd be thinking about is that we're just coming into winter and possibly snow and ice. I'd be a nervous wreck driving £12k's worth of my pride and joy out on those slippery roads - you may have every faith in your winter driving and the ability of the new car but what about everyone else?

I think I'd rather risk £6k in the snow and ice this year than £12k.

Poo

Valid point which has obviously crossed my mind, you are right, but then again I don't think I'd be any happier if it happened with my current car! But, thinking about it I would be a lot more gutted if I found the car of my dreams for someone to write it off!

Thanks for your input.

charleyroo wrote: »

i do agree with Poo (i LOVE this name!) having just bought my car, I am scared of what weather may be about to arrive! The first sign of snow, my car is being locked away and not coming back out til it's all gone - not ideal or practical and I'm sure when I'm walking to the train station I'll be wondering was it all worth it!!! hehe

Another valid point, (nice to hear you're spending money unlike most people here, haha) I do have to commute regardless of the weather sadly so that's not really an option for me so that has been my main concern.

Johnny_Barnes10 wrote: »

What's your current car? Serious queston. Agree with others, best to give it 3-4 months in this new job, and remember you'll start living to your new income regardless of what others might say. IF you can bank whatever extra you're earning then fair play.

A Seat Leon Cupra R 2004 remapped to 265bhp/300ft/lb torque with an AmD Remap. Thanks for your advice, I know deep down it's the sensible solution I just panic about rising prices and the right one not popping up at the right time!

Skinto_7 wrote: »

OP,

I know those warning you off are just trying to help and im sure you do appreciate it, however IMO if you are comfortable with your job security then id say go for it (especially with the fact you still stay at home so will have a lot more disposal cash than most)

Im into my cars aswell and although i like to think im good with my money, i too spend a decent amount on them and wouldnt be without.

In terms of what you can do for the cash, id speak to you bank and tell them what your after, for my car loan i got a loan with decent interest rate that allowed me to over pay and settle early. This will still require you to pay a set amount back each month, however not sure how you would find a way of taking a loan out without having to do some sort of monthly payment.

Out of interest what car you buying?

Nice to hear from another enthusiast in a similar situation, was starting to realise I'd posted in completely the wrong place about splashing money on what I want when people are telling me how much they've found in the street.

I've always had money borrowed, however it was from family and I have paid it off each time with no problems at all. I'm talking substantial amounts too to fund various things over the years so I know my own financial background and what I can/can't handle. I appreciate peoples comments as I realise there are some idiots out there who have no clue with money.

Thank you for your help and advice, the car is a BMW E46 M3 Coupe.

Lessbutbetter

the car is a BMW E46 M3 Coupe

Can you imagine trying to drive an M3 in the snow and ice into work? mental! LOL

Good luck with whatever you do

somethingcorporate

Without a decent credit history you will not get £12k worth of credit on a salary of £25k. You need to be squeaky clean and generally only then the max you could borrow would be 50% of your salary.

A decent credit history is something that you earn, not something you have by default. If you do not have a history of paying back money you borrow (or a mortgage / phone contract etc) then no bank will touch you for such a large sum.

Your best bet I would think is HP as it is secured on the car, or dealer finance but both will have considerably higher rates.

If you save hard and make sacrifices you'll own the car outright in 6 months. If you saddle yourself with masses of debt you'll be paying for the car in 3/4 years time no doubt.

Personally I think you're mad saddling yourself with such debt at a young age but each to their own!

Edit: there is no such thing as a safe job in the current environment and it takes a year before you have any employment rights and even then they are pretty much nothing!

RedFraggle

Lessbutbetter wrote: »

Can you imagine trying to drive an M3 in the snow and ice into work? mental! LOL

Few bags of cat litter in the back usually works :rotfl:

As for the company you work for needing you more than you need the job, once you have that debt this will definately be reversed.

Lessbutbetter

As for the company you work for needing you more than you need the job, once you have that debt this will definately be reversed

Summed up perfectly.

Lessbutbetter

Few bags of cat litter in the back usually works :rotfl:

"By gum" i still would say it'd be a pretty crazy experience "up in these here hills!"

jc808

bill_whu wrote: »

my current car is likely to lose value much quicker than the one I am intending to buy which is part of the reason. I'd probably lose more in keeping it for a year and then buying the new one than I would in paying off a loan over two years.

id much rather have higher depreciation on a 6k asset with no interest on a loan than less depreciation on double the amount with an interest-laden loan!!!!!!

i think your fooling yourself