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Finance dileama
andreasherriff
Posts: 4 Newbie
in Motoring
Hi everyone a newbie to the forum so be gentle.
Ok here goes i have a car on finance ( a needs must at the time ) in March i will have paid half the amount owing , i am aware that at this time i can hand the car back to the finance company if i so choose to,my issue is this , im trying to cut down on expense i have a new business and am the sole earner in my house ( o/h made reduntant now going it alone lol ) i have tried to and have cut back on lots of stuff but my thing is that the car we have on finance im not that thrilled with peugeot 307 sw it just doesnt feel right i bought it for the boot space as we have 4 Labradors lol.
i want to change it for something older and as practicle like an older 4x4 we dont do much mileage in a year so fuel isnt an issue.
I would like to hand the car back and then see if my bank will extend a loan i have which was for home improvements to be able to purchase the other car so it has no finance, i was offered a loan of £8000 but only took £5000 i have a good history with my bank .
i am in a situation whereby i cant stretch to saving the cash to buy the older 4x4 and by handing the peugeot back i save £179 a month, i know my repayments on my loan will increase but im only looking to add £2000 to the bank loan ......does this all make sense lol .
Any thoughts on this ??:D
Ok here goes i have a car on finance ( a needs must at the time ) in March i will have paid half the amount owing , i am aware that at this time i can hand the car back to the finance company if i so choose to,my issue is this , im trying to cut down on expense i have a new business and am the sole earner in my house ( o/h made reduntant now going it alone lol ) i have tried to and have cut back on lots of stuff but my thing is that the car we have on finance im not that thrilled with peugeot 307 sw it just doesnt feel right i bought it for the boot space as we have 4 Labradors lol.
i want to change it for something older and as practicle like an older 4x4 we dont do much mileage in a year so fuel isnt an issue.
I would like to hand the car back and then see if my bank will extend a loan i have which was for home improvements to be able to purchase the other car so it has no finance, i was offered a loan of £8000 but only took £5000 i have a good history with my bank .
i am in a situation whereby i cant stretch to saving the cash to buy the older 4x4 and by handing the peugeot back i save £179 a month, i know my repayments on my loan will increase but im only looking to add £2000 to the bank loan ......does this all make sense lol .
Any thoughts on this ??:D
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