two loans at once?

pheonixrising21

bankhater_1965 wrote: »

they dont do such utter nonsense on here , its all about loans, credit cards, overdrafts , not one thread regards to putting a few coppers away for such a purchase

Maybe thats because this is the loans board??? No doubt if someone asked which ISA was best on this board, you would tell them to move the thread to the correct board!

Besides, the OP didn't ask for your opinion on whether to buy a new car or not, they asked whether it was possible to split to £20k between two lenders to lower the interest rates. What he is spending the money on is irrelevant. Would it be better for you if he wanted the £20k to build an extension on his house instead?

PS Bankhater, if you hate credit and like savings, but hate banks, where do you save?

Joeler

Oh my god!

This is a LOAN thread, in the LOAN section! Why do some of you go on like there is only limited money in the world and you have to keep all of it and remain miserable!

Life is for living and if this dude wants a 20k car, can afford the repayments and appreciates the depreciation (haha) then so be it.

I know people that have lost the same amount of money through worse vices and had nothing to show for it!

Seriously!

You will never make money on a car and will inevitabley lose it, however, if you work out the rough depreciation and add it to the loan cost, then you can work out how much the car will cost you per month. If this is reasonable to you then fine, it's your life and your responsibility.

P.S I don't know about the double loan situation, but as others have said if you only get one you are only halfway there with another credit search which could look like desperation from the next lenders point of view

kazwookie

Buy a cheaper car!

pheonixrising21

kazwookie wrote: »

Buy a cheaper car!

What has the price of the car got to do with anything?

What if the car was £3k, and the OP could get a loan for £3k at x% or two loans of £1.5K both at cheaper rates....??? Is this a more acceptable question to you?

bargainbetty

It is a loan thread, and everyone here can ask whatever they want about loans.

However, it is a public forum on a money-saving website, so other people can also post their opinions, and some of them might want to suggest a cheaper car/less debt because of the money-saving aspect of the site.

If you don't want opinions, don't post on a public forum.

OP, if you can afford it, it's your choice. However, there is a risk that if the first lender sends over the money, the second lender will see the change on your file and withdraw their offer. I would be a bit suspicious of anyone who borrowed money off me for a purchase, and then borrowed more from someone else for the same thing, It looks a bit dodgy.

Good luck

pheonixrising21

bargainbetty wrote: »

It is a loan thread, and everyone here can ask whatever they want about loans.

However, it is a public forum on a money-saving website, so other people can also post their opinions, and some of them might want to suggest a cheaper car/less debt because of the money-saving aspect of the site.

If you don't want opinions, don't post on a public forum.

OP, if you can afford it, it's your choice. However, there is a risk that if the first lender sends over the money, the second lender will see the change on your file and withdraw their offer. I would be a bit suspicious of anyone who borrowed money off me for a purchase, and then borrowed more from someone else for the same thing, It looks a bit dodgy.

Good luck

Yes, its money-saving website, but I was under the impression that the site was set up to inform consumers of their rights and where to get good deals.

I could understand the people saying don't spend £20k on a car if they knew the same car was available for £18k, but its not like that is it? Its just £20k is too much for a car, full stop. They don't even know what car it is or why the OP has chosen it. For all you lot know, the £20k might be for an E-Type Jag, which will not depreciate in value due to its "classic" status.... therefore depreciation is irrelevant

DCFC79

pheonixrising21 wrote: »

Yes, its money-saving website, but I was under the impression that the site was set up to inform consumers of their rights and where to get good deals.

I could understand the people saying don't spend £20k on a car if they knew the same car was available for £18k, but its not like that is it? Its just £20k is too much for a car, full stop. They don't even know what car it is or why the OP has chosen it. For all you lot know, the £20k might be for an E-Type Jag, which will not depreciate in value due to its "classic" status.... therefore depreciation is irrelevant

Yes i understand wat your saying but if i were to ask the same question as the OP id expect there to be some replies telling me spending 20k on a car was utter madness and to think about a cheaper 1.

27col

I don't really have a problem with someone buying a £20k car. But not on credit. That is madness in my opinion. You have the interest going one way and the depreciation going the other. It is bad enough having to finance the depreciation without having to add in the cost of the interest as well. Some people do seem to have scant regard for their money. Although, having said that, it is their money.

bargainbetty

pheonixrising21 wrote: »

Yes, its money-saving website, but I was under the impression that the site was set up to inform consumers of their rights and where to get good deals.

I could understand the people saying don't spend £20k on a car if they knew the same car was available for £18k, but its not like that is it? Its just £20k is too much for a car, full stop. They don't even know what car it is or why the OP has chosen it. For all you lot know, the £20k might be for an E-Type Jag, which will not depreciate in value due to its "classic" status.... therefore depreciation is irrelevant

I get your point but, I repeat: If you don't want opinions, don't post on a public forum.

They might not be relevant, wanted, informed or well-thought out, but you are going to get them anyway.

They might also be well-intentioned, intelligent, thought-provoking and helpful, which is why people do offer/read them.

BugsyBrowne

You only live once and if you work hard albeit financing decent cars or taken advantage of 0% deals and pay for holidays then do it I say.
I knew to many people who are unfortunate not to be here today who saved & saved put money in pensions and never got to spend or reach their retirement age to enjoy the money.

Yes 20k is a lot for a car but who gives a to*s they work hard for it why shouldn't they treat themselves.