Best way to borrow money for car?

John1993_2

Shark wrote: »

The poster asked for loan advice not life advice. Just because you penny pinching and do not want to enjoy the finer things in life does not mean you flood this thread with your irrelevant advice.

I bought a brand new C63 AMG this week, and very lovely it is too*, so I don't think that I can be classified as penny-pinching. Despite this, I don't think that it's "irrelevant" on a money saving forum to advise people of a route that will, well, save them money.

*Despite a really pretty onerous running in schedule. 1,000 miles at low revs, in "comfort" auto mode, it's torture, I tell you, in a 6.3 litre V8 sports car...

MartynHaigh

I have to admit that there has been a lot of preaching going on, but a few sincere people who have tried to help and I thank those of you. I'd still be interested if anyone else has alternate ways of financing this - I have found a 5 year loan for the full amount at 6.9%, is there any better way?

Caz3121

Is your income high enough to support a loan of this size. As a guide total debt (excluding mortgage) should be less than 50% of income

MartynHaigh

Caz3121 : thanks for your reply - the 50% rule is a great finger-in-the-air estimate of affordability. I've no other debt (excluding mortgage) and this accounts for far less than 50% of my income.

Tixy

MartynHaigh wrote: »

I have found a 5 year loan for the full amount at 6.9%, is there any better way?

Is that a representative APR? or a rate specifically offered to you?

Have you explored the possibility of HP? some dealers quote a representative APR of a bit less than 6.9%. Although that obviously comes with the pros and cons of secured finance rather than unsecured.
Although sometimes you need to put down a reasonable deposit (perhaps around £5k on a loan the size you are looking at)

kteara

John1993 wrote: »

I bought a brand new C63 AMG this week, and very lovely it is too*, so I don't think that I can be classified as penny-pinching. Despite this, I don't think that it's "irrelevant" on a money saving forum to advise people of a route that will, well, save them money.

*Despite a really pretty onerous running in schedule. 1,000 miles at low revs, in "comfort" auto mode, it's torture, I tell you, in a 6.3 litre V8 sports car...

Hello, sorry to bump an old thread up but being a petrol head I couldn't resist wanting to ask a couple questions. Are you really born in 93 and own a c63? if so, hats off to you, I would love to get some advice as to how/when I could purchase one too.

Did you pay cash or finance? How did you manage to get that sort of money? Do you own a house or not? Any advice to me (20 years old) huge petrol head who aspires to own a supercar at the earliest age possible without destroying my chances of owning my own home?

[Deleted User]

kteara wrote: »

Hello, sorry to bump an old thread up but being a petrol head I couldn't resist wanting to ask a couple questions. Are you really born in 93 and own a c63? if so, hats off to you, I would love to get some advice as to how/when I could purchase one too.

Did you pay cash or finance? How did you manage to get that sort of money? Do you own a house or not? Any advice to me (20 years old) huge petrol head who aspires to own a supercar at the earliest age possible without destroying my chances of owning my own home?

He's much older than 20! He works in banking, if that gives you an insight into how you can afford a luxury car

somethingcorporate

kteara wrote: »

Hello, sorry to bump an old thread up but being a petrol head I couldn't resist wanting to ask a couple questions. Are you really born in 93 and own a c63? if so, hats off to you, I would love to get some advice as to how/when I could purchase one too.

Did you pay cash or finance? How did you manage to get that sort of money? Do you own a house or not? Any advice to me (20 years old) huge petrol head who aspires to own a supercar at the earliest age possible without destroying my chances of owning my own home?

It's all about prioritising (unless you are very wealthy).

If you want a car then save for a car. If you want a house save for a house. If you want both then save for both but expect it to take a lot longer.

matttye

kteara wrote: »

Hello, sorry to bump an old thread up but being a petrol head I couldn't resist wanting to ask a couple questions. Are you really born in 93 and own a c63? if so, hats off to you, I would love to get some advice as to how/when I could purchase one too.

Did you pay cash or finance? How did you manage to get that sort of money? Do you own a house or not? Any advice to me (20 years old) huge petrol head who aspires to own a supercar at the earliest age possible without destroying my chances of owning my own home?

The "PPR" near John's username means he has had his posting privileges removed, so he will unfortunately be unable to respond to you.