some thoughts on loan please

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bingoplayer wrote: »

The reason I initally asked for 6000 was because that was the minimum I could take out at the 6.8%

Don't borrow more than you need.

bingoplayer wrote: »

I had planned for the remaing 1500 to be put into the loan repayments each month effectively over paying every month whilst still leaving myself with some capital incase any emergencies come up over the next year

Don't get a loan and use the money to pay off the loan.

bingoplayer wrote: »

Anyway the agreement came through this morning (finally) but I have the cash to get the car tmorrow now anyway

And you paid though the nose for the cash, as you already know. Cash advances on a credit card are never a good idea.

bingoplayer wrote: »

so I was thinking of screwing the 6k and pherhaps asking for 4k over a shorter space of time maybey 2 years if I am paying that sort of intrest rate anyway

Better ... you're starting to think.

bingoplayer wrote: »

sorry to be a bit dreamy but please bear in mind I am only 21
and I do need everything immediately :A

That's fine, everyone makes mistakes, and you need to in order to learn from them. Just make sure you do

marathon_man_3

I have to agree with some of the previous contributors here.
At age 21 (I can't recall ever being that young), your car insurance is likely to be a big drain on your resources and I would also suggest that you spend maybe ony around £700 (your monthly "disposable" amount) on a cheapie car right now (if it isn't too late). You could take a knowledgeable car enthusiast along with you when you buy it to ensure it is ok and that it has a year's MOT. You could maybe sign up for some car maintenance evening classes. The skills you learn there will save you many thousands during your many years of driving ahead of you.
You could keep it for a couple of years, at least, whilst you hopefully start to accumulate an insurance no claims bonus. You would have the opportunity to, perhaps, set aside maybe £250 per month in an interest-bearing savings account so that you have £5k saved after 2 years.
Additionally, with disposable income each month, I can't understand why you need to borrow anything to pay for a holiday. You have the ability to have saved before you go. I fail to see how anyone can enjoy a holiday that needs to be paid back over a period of time afterwards. I would personally feel very uncomfortable with that.