New in the country but need loan to buy car

mohan.ankur

Thanks for your comments. It makes little to no sense to go with them they charge like 50% interest. I think the result of all this discussion is finally that I save money and settle for a smaller car for now.

Thanks all for your comments. Much appreciated.

Voyager2002

mohan.ankur wrote: »

Thanks for your comments. It makes little to no sense to go with them they charge like 50% interest. I think the result of all this discussion is finally that I save money and settle for a smaller car for now.

Thanks all for your comments. Much appreciated.

What about a bicycle?

Dimey

Mohan, you really don't want to be going to any loan company over here. They will charge you extortionate interest.

You've just arrived on an excellent salary. Don't create problems for yourself,

The car hire idea for 6 months is a good one to tide you over until you can save enough to buy a car outright. Enterprise do low cost long term deals.

You will get a decent nearly new small used car for £5k. Something in the economical small car range. For example look at Skoda or Toyota for reliable value for money.

As you are new here, you are best to buy your car from a main dealer car showroom that has a used car section. That way, although you'll pay a little over the odds, you'll get a reliable car with a period of guarantee. You can negotiate to get the price down.

You'll have to pay for fully comprehensive car insurance, for a road tax licence and for an MOT to show the car is roadworthy.

If you have no one to advise you about insuring & taxing the car, come back to the forum and you'll get advice - along with a bit of teasing and banter.

Good luck in your new job. Hope you get to see a bit of the country while your here.

Weird_Nev

HappyMJ wrote: »

How much interest? I just borrowed £15k and it cost me £45 per month in interest...£2,700 over the 5 years of the loan.

fart wrote: »

It was an extreme example to highlight the fact that it's going to cost you way over what the car is worth...you have to take into consideration that while you're paying more than it was worth when you bought it, it's currently losing £'s for every single mile you put on it and every day that passes.

Also car finance and personal loans are different things. With a bad credit rating interest rates can soar on personal loans.

Similar situation reversed: We're new to Australia, and after 6 months living hard, saving, and having occasional weeks with a rental car, we had about $7k in savings. We wanted a 4x4 to explore the outback, but not wanting to die dictates that you need a decent one. Cars are also expensive out here, with none of the £1k bangers you get in the UK.

Despite having never had a loan or paid a penny in interest fees over the last decade (other than mortgage) we plumped for a loan. We borrowed $7k from our bank, who would lend at their standard rate as they had evidence of my wifes earnings and our rate of saving.

The total cost of the $7k loan over 2 years is $1.2k in interest, which we are happy to pay as it means we get access to a car now that meets our needs. It means we can enjoy our time here, see the "real" australia and have a reliable and comfortable car. Otherwise it was buy a banger and not go where we want, or else wait another 6 months without weekend trips, shopping online, and waiting for the bus in 40 degree heat. We felt the additional cost was worth it. I also managed to find a car worth $18k for $14k as it was mis-advertised, and depreciation is very slow so we won't loose too much on it. We hope.

We are over paying the loan to drive down interest cots, and hope to be clear of the loan inside of one year rather than two.

My advice to the OP if they are indeed genuine would be approach their bank as they have the current account, can see earnings, and may be more inclined to lend. They are also likely to be a responsible lender.

comeandgo

OP, would your employer not lend you some money, even a few thousand would be enough to get some sort of vehicle.

gb12345

tickabilla wrote: »

hi, have you tried SPAM4sure.com?

:spam: reported

sharp82

Ruth15234 wrote: »

I want car loan please help me and suggest me what can i do for loan

http://lmgtfy.com/?q=car+loans

DCFC79

Ruth15234 wrote: »

I want car loan please help me and suggest me what can i do for loan

Are you serious or just joking ?

Clive_Woody

DCFC79 wrote: »

Are you serious or just joking ?

Have a look at some of her other contributions to MSE. I would go with option 2.

DCFC79

Clive_Woody wrote: »

Have a look at some of her other contributions to MSE. I would go with option 2.

Good point, yes ill go with they are joking