Loan APR help please - in shock...

BoGoF

zoobyzoo wrote: »

Was a bit confused about the second bit though, I think you mean to stick with my current car and not take a loan?

Yes, replacing a 6.6% loan with 18% is no good MSE advice. Out of interest how much did you apply for?

zoobyzoo

BoGoF wrote: »

Yes, replacing a 6.6% loan with 18% is no good MSE advice. Out of interest how much did you apply for?

£15k (£10k for car, £3200 for overdraft, ~£1500 to pay off balance of existing car loan)

BoGoF

£10k for the car.....your definition of a second-hand, smaller, cheaper car is way different from mine :eek:

If your immediate concern is saving money on the car then I would've set my sights a little lower. You'll find plenty cars at max £5k that will more than fit that description. Have you looked at private sale values on your current car - you might get more for it that way?

zoobyzoo

BoGoF wrote: »

£10k for the car.....your definition of a second-hand, smaller, cheaper car is way different from mine :eek:

If your immediate concern is saving money on the car then I would've set my sights a little lower. You'll find plenty cars at max £5k that will more than fit that description. Have you looked at private sale values on your current car - you might get more for it that way?

Heh, well with my new job I will be doing around 25k miles pa min (most of it motorway) so was looking for a not too old, reliable diesel which would last me a good few years! Yes I had considered private sales and haven't ruled out that route either.

Lots to think about, am filling in my SOA as we speak. *gulp* Thanks!