Which loan?

WaxiesDargle

Hi

I am in full time employment and have just £7400 left to pay on my mortgage

I'm looking to get my daughter a cheapish car (3000 + years insurance) as she has just passed her driving test

I'm with the Halifax....would a personal loan be best or add the borrowed amount to my existing mortgage?...or even switch lenders?

I'm looking at a maximum of 2 years to pay it off

cheers

chesky369

Why don't you ask the Halifax what the interest rates would be on both a loan or on your mortgage BEFORE making a formal application. At least you would be able to compare.

LovelyLeeds

WaxiesDargle wrote: »

Hi


I'm looking to get my daughter a cheapish car (3000 + years insurance) as she has just passed her driving test

So you're looking to go into debt for your daughter. If she can't afford to buy a cheap run around, how on earth is she going to be able to run and maintain it? Does she work?

DCFC79

LovelyLeeds wrote: »

So you're looking to go into debt for your daughter. If she can't afford to buy a cheap run around, how on earth is she going to be able to run and maintain it? Does she work?

And maybe learn you have to work to buy stuff rather than use loans

Tixy

£3k plus a years insurance - so you'll be looking at over £5k for a loan then?
This MSE article is where to start reading Cheap Loans

Before you do - think carefully about if daughter will be able to afford to run, service and maintain the car, and be able to save up for next years insurance.

Also perhaps consider just getting her a cheap runaround for under £1k. If you are having to borrow to fund the purchase then it makes sense to borrow as little as possible - not to mention the increased risk of an accident/prang/ bump etc like so many do in the first couple of years driving.

WaxiesDargle

LovelyLeeds wrote: »

So you're looking to go into debt for your daughter. If she can't afford to buy a cheap run around, how on earth is she going to be able to run and maintain it? Does she work?

I'm not asking you to be a condescending nob...how I choose to run my life and financial affairs has got absolutely nothing to do with you...this thread is called 'Loans'..and I was asking for advise about loans not a lesson in how to behave as a parent...if I couldn't afford to do it i wouldn't...now run along and be a keyboard warrior elsewhere

WaxiesDargle

DCFC79 wrote: »

And maybe learn you have to work to buy stuff rather than use loans

another parental lesson....no thanks...what are you doing in a loans thread if you dont like people getting loans?

how have I managed to live to 55 with my house almost paid for...the loans I've taken out in my adult life paid for, with no defaults without your wonderful input I've no idea...



run along

chesky369

...............how I choose to run my life and financial affairs has got absolutely nothing to do with you.............

well, actually it has if you come onto a public forum and ask for advice on it.

WaxiesDargle

no..I asked for advice about loans not how I behave as a parent with regard to finacial help for my daughter

blimey what has this website come to? it will certainly turn people away if you can't ask a fundamental question about loans on a loan forum without a lesson in good parenting....

but I'm sure leeds and 79 will come along and tick your thanks button chesky

DCFC79

WaxiesDargle wrote: »

no..I asked for advice about loans not how I behave as a parent with regard to finacial help for my daughter

blimey what has this website come to? it will certainly turn people away if you can't ask a fundamental question about loans on a loan forum without a lesson in good parenting....

but I'm sure leeds and 79 will come along and tick your thanks button chesky

woah chill, just because some replies weren't what you expected but then you get that in the real world dont you.

Yes you didnt agree with my reply but you didnt have to replied to it.

Apologies if it wasnt a reply you was after but its a public forum so you cant really say who can not reply.

DCFC79

WaxiesDargle wrote: »

another parental lesson....no thanks...what are you doing in a loans thread if you dont like people getting loans?

how have I managed to live to 55 with my house almost paid for...the loans I've taken out in my adult life paid for, with no defaults without your wonderful input I've no idea...



run along

I dont need to run along but thanks anyway.

I never said i didnt like people getting loans, loans are fine but the problem comes when people (not talking about you here so relax) live on loans or just get another loan to pay off loan 1 so the debt gets more and more.

I never used to frequent the loans section due to having no knowledge of them but i decided months ago to have a look and see if i could maybe learn a thing or 2, im glad i popped in as ive seen some quite hilarious threads.