Taking a larger loan to get a better rate

benshort

Thanks for all the feedback everyone.

ch3101

gb12345 wrote: »

Who knows, it is different for every lender and each lender also changes their criteria from time to time. Only 51% of loans given have to be at the headline rate for them to be able to call it a representative rate.

Some factors to consider though are salary/credit ratio (for all your credit), affordability, etc.

Or, if the rate has newly changed the have to EXPECT 51% of accepted people to achieve headline rate

best of luck anyway

Netwizard

Surely it would be cheaper to fix the current car rather than borrow money and pay interest for a new one?

CKhalvashi

Netwizard wrote: »

Surely it would be cheaper to fix the current car rather than borrow money and pay interest for a new one?

Short term, probably, long term, possibly not.

I change my car about every 100-150k miles (18 months to 2 years), as anywhere over the 150k mark, you'll lose money faster than you will with a brand new car. I am, however, buying at 35% discount to start with.

There are too many variables to take into account.

OP, if you'd like a new car, go for it, as it's a good way of saving money.

CK

benshort

I've ended up doing the repairs myself which has saved on the garage costs. I've also set a limit to how much more I will spend on no running costs, such as tyres and servicing etc, before I throw in the towel and get a new car.

Many thanks for all the replies.