The Car Loan Company Portsmouth

Tosh576

I've on a flex lease costing me nearly £550 a month for ford mondeo.. Work pays me per month an allowance.

Hence my bad credit won't allow normal leasing etc

But using this loan I'm paying 260 less a month and will get to own the car in 3 years. Considering I've been flexing Lessing since 2011 it's complete waste of money so either way I'm better off owning my car via finance.... I've also not missed any payments on the car in 3 years... So paying £260 less a month is a no brainer considering the circumstances.

forgotmyname

Wort case give up the vehicle? Unlikely..

You will still owe them money if you do that.

How can anyone think that 49% + is a good deal?

Dont forget to find out who is liable when the cars electrics fail. The garage blame the box fitted and the company claim its not their problem.

forgotmyname

Err whats £240 a month going to buy you a 10 year old Fiesta?

Tixy

So assuming the APR is 49.6% you are buying a car costing around £6k and spending £290 a month on it for 36 months.

So you'll have paid around £10500 for the car (including interest) and at the end of 3 years you will have a car worth what - £3k?

If you have been paying £550 a month why spread the cost over 3years? if you took even the same very expensive loan over 2years(which would still only cost £370 a month and leave you with £180 extra a month towards all the costs you don't currently pay with your flexi lease) that would save you £1624 in interest.

But in your position I'd buy something outright for as cheap as you can, and then save up what you had been spending on the flex lease until you have enough saved to buy something a bit better.

yoshiyella

forgotmyname wrote: »

Err whats £240 a month going to buy you a 10 year old Fiesta?

If it helps I bought a 2012 plate Peugeot with 14000 miles 2 months ago for that price and it has full Peugeot service history.

Oh and this was through The Car Finance Company.

I would though advise anyone looking for a car to try Autosave! They usually deal with public sector workers and I found them to be superb all the way through the purchase!

Tosh576

Ha now I'm being hassled !! I provided bank statements etc showing funds coming in exceeding 3k a month.....
They then ask to view every transaction out and in which I'm refusing to do .. I've provided all my incoming funds via the bank statements but I'm not willing to show personnel transactions although nothing to hide and nothing untowards after providing a mountain of paperwork already which they were happy with I'm getting rather annoyed if honest and getting the stage of telling them to sod off..

What more do they want.. Tracker fitted key pad fitted , bank statements , work info, personnel docs etc. it's becoming a true invasion of my privacy.

I get the impression they prefer a low paid part time worker on 8k a year and then grant them as much as they require! Blimey I can't be any more genuine.

forgotmyname

yoshiyella wrote: »

If it helps I bought a 2012 plate Peugeot with 14000 miles 2 months ago for that price and it has full Peugeot service history.

Oh and this was through The Car Finance Company.

I would though advise anyone looking for a car to try Autosave! They usually deal with public sector workers and I found them to be superb all the way through the purchase!

With the interest rate at 49% + ?? With the car costing less than £5000? with a total pay back cost of approx £10k ? utter madness.

yoshiyella

forgotmyname wrote: »

With the interest rate at 49% + ?? With the car costing less than £5000? with a total pay back cost of approx £10k ? utter madness.

Good job my car cost £8500 and APR is 19.9% with them! Oh and I have bad credit due to defaulting on numerous accounts whilst in a coma following a car accident!

Apples2

19.9% is certainly better than 49.9% but isn't anything to think is a worthwhile agreement, it too is awful.

forgotmyname

£8500 car and another £5000 worth of interest over 5 years?