£13,000 Loan at 7.1% - Could We Get Better?

Malky

Apples2 wrote: »

I hope you have thought that through properly, you have to pay for Insurance twice more before you have finished repaying just the first year.

Not forgetting servicing, MOT, tyres, brakes and fuel.
It costs me around £250 per month to keep my car on the road and that's with no finance on top which, thankfully, I don't have.
Motoring can be costly unless correctly budgeted for.

System

Yeh I no, my husband has been driving for a long time so we know all about the extra costs.

mrsjanebanbury2009

Don't know if this would be possible for you, but we bought a car a couple of years ago using a 0% credit card. It took a bit of paperwork because we bought the car from Car Giant and they don't take credit cards (I believe most car dealerships don't?), so we had to shift money from the credit card into our bank account. But in the end it's worked out cheaper than taking a loan. We did only pay about £7K for the car, a second hand Skoda Roomster - a car I would highly recommend for a family with kids btw, tons of room as the name suggests.

Derivative

Your baby won't care if your car cost 2k or 10k.

System

Thanks for the advice on the car. My husband has a big family car so I'm not getting a big car, but have went for brand new so I don't need to worry too much about maintainance costs, as I will be a very low mileager.

Credit card isn't an option as we have never had one so we'd need to build up our limit.

Thanks for all the advise, I really mean that. But this thread has grown arms and legs - I was really just looking for advise on the apr we had been offered.

Thanks again :-)

Caz3121

moaning_myrtle wrote: »

My husband has a big family car so I'm not getting a big car, but have went for brand new so I don't need to worry too much about maintainance costs, as I will be a very low mileager.

Are you planning to take gap insurance? As soon as you drive the car off the forecourt it will be worth less than you owe on it
I have bought demos before and also cars less than a year old...let someone else take the initial depreciation hit

Clive_Woody

moaning_myrtle wrote: »

Thanks for the advice on the car. My husband has a big family car so I'm not getting a big car, but have went for brand new so I don't need to worry too much about maintainance costs, as I will be a very low mileager.

Credit card isn't an option as we have never had one so we'd need to build up our limit.

Thanks for all the advise, I really mean that. But this thread has grown arms and legs - I was really just looking for advise on the apr we had been offered.

Thanks again :-)

If you are looking at a new car then shop around as many manufacturers are doing 0% finance on various models (Toyota, Vauxhall, Skoda, etc...).

james3333

you were quoted 5% online, but now its 7%....are you not questioning why?
did you miss read the online apr? or did you just see the advert saying 5% APR VARIABLE?
i have just signed for a loan with tesco at 5.1% for 13k

james3333

krisdorey wrote: »

7.1% is a very good rate tbh

WHAT! i dont think so

maghater

apply to Tesco and see who is the cheaper