Loan for a Car

Nosm_Oking

Hello,

Newbie here.

Just wondering if I can get some advice on the best loan deals in order to buy a car?

I need to borrow between £20,000 and £23,000 to buy a car. My local Ford dealer is willing to finance the purchase for me, at an APR of 9% over three years, with a final baloon payment of just over £7,000. However, I'm sure I can get a better finance deal than this elsewhere?

Any ideas/suggestions would be gratefully appreciated.:j

withabix

Are you wanting a loan with or without balloon?

Nosm_Oking

withabix wrote: »

Are you wanting a loan with or without balloon?

Thanks for your prompt reply.

Either wouldnt be a problem for me.

Apples2

Are you saying it isn't a problem saving a balloon of 7k whilst paying this finance but you haven't been able to save for the car without the finance already?

Think about it seriously. What deposit have you saved over how long?

We see lots of posts from people who cannot afford the balloon, nor can they borrow to pay it

opinions4u

I need to borrow between £20,000 and £23,000 to buy a car.

You don't really need to borrow anything. My daughter just bought a car for £250.

If you can afford monthly payments for a loan of this size, why haven't you got more money to put down? Can you really afford it?

9% is a half decent rate. Not reducing the capital on the balloon payment makes the interest costs more expensive though.

DCFC79

Whats your income ? any ccj's and any other loans ?

OR

You could just save up for it,

CLAPTON

with the knowledge we have about your income, your existing debts, what your credit files say, your employment staus, your residential status, whether you are on the electoral roll etc it is a little difficult to say.