Need £11k Personal Loan, Blackhorse Will Only Lend Me 4k!

[Deleted User]

http://uk.youtube.com/watch?v=hTa64yOnRqA

margaretclare

paulr8794 wrote: »

I really appreciate your honesty and advice Diva and everyone else!

I know im really shallow as buying things make me happy, but who cares as im fast approaching 30 if it stops my breakdown then its worth every penny!!

All I wanted was your excellent advice considering my circumstances and using your experiences

cheers , Pauly

Pauly, you don't want my experiences. I have been told several times that I'm out of date, that the way to live now is, as you put it 'buying things makes me happy'. In other words it's the 'because I'm worth it' mantra as repeated by L'Oreal models about their hair colour.

In my experience 'things' are NOT what make you happy. People are what make you happy - loving relationships, friendship, conversation, warmth, being together. Something that I have, and I'm a few decades older than 'approaching 30'. I know I'm lucky, and I know I've learned a lot, most of it from bitter experience.

We live very simply, and probably a lot of people around think we're just another poverty-stricken couple living on pensions. We drive an 'M' reg Fiesta, have had it since 2001, and will probably keep it until it falls over completely. It gives us a great deal of amusement to think that people are seeing us as 'poor', when we're anything but poor. We have nothing to prove any more. We have the greatest gift in the world - love, contentment and happiness.

Good luck, Pauly!

Margaret

[Deleted User]

If people go around pointing at people and going har har your poor then they must be leading very unfulfilled lives. If I see someone driving an expensive car, I think cool car but would I want to have one? Maybe if it was a tax write off for a company I was running or a disposable income or something, but would I bond myself to a heavily depreciated lump of metal thus it making me its slave, probably not. The only thing I need is to be alive, any thing else is a bonus.

mgregory

My advice is as someone else as mentioned, never take out a secure loan where at all possible as a last resort and not for something like a car where the value depreciates.

paulr8794

Well the garage got back to me and after submitting my last 3 months of statements, they are willing to offer me the finance! yeah! should Iask about aprand all that, it is on a mini select finance package

tomstickland

I advise you to think about it for a long while. Do the maths. Work out what it will cost you per month and in total. If you think that the benefit is worth the cost then go ahead with it. MSE is not about stopping spending, it's about making proper decisions.

Also play devils advocate with yourself. What might be dissapointing about the car? What else would you buy if this wasn't available?

Try to think past the initial buzz and excitement and imagine what things will be like in 2 years time. There's nothing really that wrong about £11K on a car, considering it would buy a very dull brand new car. What I'd worry about though, is, in the future, the Mini will slowly become just a car and then you might regret owing money when you sell it. Then again, you might love it for 6 years.

Butlers1982

The OP issue is relating to his finance options, not what each of us consider to be a good or bad car!

OP, i work in the finance industry and to be honnest, trying to get that sort of figure unsecure is very difficult, your credit rating would have to be squeeky clean.
Any company which does offer you a higher figure will actually rip you off with APR.
The benefits of a secure loan is that you will only pay one months interest and a small penalty if you pay it off early.
Why not opt for the secure option to get a far better rate and the exact figure that your looking for

butch_dingle_2

paulr8794 wrote: »

Well the garage got back to me and after submitting my last 3 months of statements, they are willing to offer me the finance! yeah! should Iask about aprand all that, it is on a mini select finance package

why dont you put the figures on here and the people in the know will give you the benefit of their opinion.

barney1979

butch_dingle wrote: »

why dont you put the figures on here and the people in the know will give you the benefit of their opinion.

Yes I'd be interested in this option. Please let us know!

Keith

I'd be worried about how much the 2nd hand mini will be worth in 3 years, now that the facelift version has launched and it's engine is being shared with other manufacturers.

Good bye residual values! *waves*