Loan vs salary

Hepsta

Didn't expect as many responses as this. Cheers guys!

My monthly gross pay varies as i earn a lot of overtime due to the industry i work in. My basic Gross income every month is around £2750 which i will base my loan on when applying for quotes.

My average Gross monthly income is around £4000, this doesn't include my girlfriend who also earns a good monthly income.

I am feeling more and more comfortable everytime i run this through my head. We will look into overpaying on the loan whenever possible.

I will look at buying 6 month old as there is definately a lot of money to save with this option.

Running costs do not bother me to much as the car will be a weekend blast only.

We have saving that cover our mortgage etc for at least 4 months also.

We are good with money and have never really struggled. I consider myself lucky to earn what i do and have a pretty secure job.

BugsyBrowne

Bufger wrote: »

More than enough. Just ignore all the non relevant comments.

I work for a large luxury auto manufacturer and I understand the appeal of a really nice car. Luckily I get to borrow them whenever I want to but if I didnt have that option i'd also spend a good deal of money on one.

You can easily extend the term of the loan to fit it within your monthly outgoings but i'd advise to repay the loan over a shorter period with a larger sum per month if you can afford it. You can set these terms up with the lender, just ensure your income is stable enough to do so.

Large luxury auto manufacturer or as most of us would call them a car dealership.

blizeH

I imagine he is dealing with seriously expensive cars to be fair, since his signature suggests he had take out a £12.5k loan for his cheap old banger

somethingcorporate

The finances look tight at the bottom end - £20k loan on a <£35k salary.

Still, if it is secured on the motor and you have a decent credit rating I am sure you'll get what you want.

Mark_Spade

If it makes other people jealous and unhappy with their own cars and lives then it's worth every minute of every hour you spend watching the clock tick at work paying back the money you haven't got to buy it ;-)

Go for it - you're worth it!

pc1271

blizeH wrote: »

I'm surprised that on a 'money saving' site people are encouraging a £20k loan for a car, especially when you can get a similar model on a car a few years older and it cost considerably less, and even more so when the person in question says he is 'worried' about the loan

(speaking as someone who now has pretty much the car of my dreams and comfortable finances purely by not stretching myself for minimal gain)

If you're not in debt, moneysaving is about getting the best price for the things you NEED but don't really care about, like gas and electricity, so that you have the spare money to spend on things you WANT. Beyond an emergency fund, what's the point in accumulating a massive bank balance if you never spend it?

bigadaj

pc1271 wrote: »

If you're not in debt, moneysaving is about getting the best price for the things you NEED but don't really care about, like gas and electricity, so that you have the spare money to spend on things you WANT. Beyond an emergency fund, what's the point in accumulating a massive bank balance if you never spend it?

If you had the spare money then you wouldnt need a twenty grand loan.

rdwarr

Apples2 wrote: »

People carriers of any make are the worse.

Driven by half men who are unable to choose their own vehicle to drive, wifey makes those big decisions. every one of the 357 variables the back seats can fold to are key requirements.

All ends up with a half man trying to prove his masculinity driving like a pillock, my 530D doesn't stand a chance against them, they WILL overtake at any cost.

My nomination for the most off-topic post of the year to date

Apples2

rdwarr wrote: »

My nomination for the most off-topic post of the year to date

To be fair, at least it was about cars, which is significantly more on topic than your post

chris-j

Well someone has to buy the cars new to allow all the money savers to get them cheap later on. If we all followed MSE advice all the time we risk making lots of people unemployed.
I have always had new cars in past 20 years and don't regret any of them.