Need a loan for a new car

worried123

exactly typhoon - i have ended up with a much more expensive car than i wanted but thats life.......at least its all sorted out now as has been quite a worry....it is 5,000 more than what i wanted to borrow from the bank but will cost me 1,000 less than using the bank for something 5k cheaper...

redmalc

My son just had a loan from HSBC,9k over three years 3.7% Apr over the term the interest is 525 that's cheap

chanz4

Barclays for some reason don't do good loans, my other half is pre-approved over £25k but its silly rates

Herzlos

£8k is going to be the fat end of your post-deduction salary.

If you've got 6 years to retire, why not spend say, £2-3k on something cheap to run now, and put the rest of the money aside to buy yourself something nicer in a few years when you can afford it?

geoffken

Too late.
He has just borrowed £13.000 for a new car.
MSE my a r s e

Herzlos

I totally didn't see that, sorry.

Still, getting a £13k car for less than an £8k car isn't *that* bad. It'd been a whole lot better if they got an £8k car at the dealers finance rate but what's done is done.

geoffken

The reality is that they could have got a "good" car at approx £8000 2 years old but instead have borrowed £13,000 for a car that in 2 years will be a £8,000 car with the extra 2 years payment and extra costs of dealer servicing to keep warranty/goodwill.
Probably financed over 3 years at £360 per month

somethingcorporate

Ouch. Why couldn't you have got an £8k car on 0% finance and save yourself £5k?

Not very MSE at all.

27col

I notice that there has been no reply to the question as to whether the OP has been saving some of the spare money they say they have available each month to make the loan repayments.

geoffken

Of course no reply.
they just wanted their decision to spend £13,000 to be fully vindicated!!!!

A one owner fully serviced 2012 yaris.
Infinitely better than a Corsa!!!
http://www.autotrader.co.uk/search/used/cars/toyota/yaris/postcode/bt617qt/radius/1500/ni-only/on/onesearchad/used%2Cnearlynew%2Cnew/price-to/8000

First example I looked at.