Loan

Wutang_2

InsertWittyName wrote: »

Avoid Carcraft, they don't call them Carshaft for nothing!

Who is 'they'? Carshaft sounds ace

opinions4u

I could afford most things without credit but I'm old school and would rather spread the cost and keep the cash in my account.I could afford most things without credit but I'm old school and would rather spread the cost and keep the cash in my account.

There was me thinking that saving up for things was "old school".

sassy_one

After much thought tonight and being sensible, I've taken a step back.

My plan will be I'm going to repay all my catalogues over the next 6 months (£3500) then once I close three of the accounts which one will be closed next month as only have £50 left on it, I'll just have a hunt around some forecourts, even if it means travelling for the right car.


This way, one I have no other credit once I've paid it all off, I've had 6-7 settled accounts, 3 closed and 6 months of history with three credit cards.

Think at that point I'll be in a strong position to gain finance.

Looks like I'm going to need £4500, for a decent one, as £3000 will only buy me a very good condition 2005-6 plate, looking at a 2008ish plate, 6 months my MOT will be up, so think it'll all work out!


One question, am I better getting car finance rather than say, getting a unsecured loan with a bank or such?
Thanks for all your advice, this forum really has helped me and I've seen I can't have everything right now!

Eonel

Could you "borrow" the money from your savings account and then transfer it back month-by-month from your current account as if it were a loan repayment?

That way you will only pay 4% APR on your "loan" which is the amount of savings interest you have forfeited.

limitation

sassy-one wrote: »

Hi

I'm looking to take out a loan, not right now but later this year for around £3000 to buy a new car.

What would be better, taking finance or getting a unsecured loan?

It's maybe less than £3000 but not more than that, and I'm looking to repay over 2-3 years.

I have no missed payments, no late payments, no defaults, no CCJ, I'm a homeowner (outright) no mortgage.


What are my chances of getting finance on a car? Would that be easier than a loan as they would have security (the car)? As I don't want to secure anything on my property.

'I'm looking to take out a loan, not right now but later this year'

Why don't you consider saving then ? £3,000 isn't a huge amount of money to realistically save up.

Car finance is fairly easy to obtain, Because the credit is secured against the car, So if you don't pay, then the finance company takes back the car !

Personal loan would be the cheaper option, But again its harder to obtain because its unsecured.

Saints2011

opinions4u wrote: »

There was me thinking that saving up for things was "old school".

That did cross my mind, but I guess it depends on what school you come from