Need a loan for a new car

darrens_here

You cant really knock a 0% credit for a new car. The new car will not cost you anything to run (other than normal items) as oppose to bits and pieces you would need on a second hand one. Obviously you will loose some in depreciation, more than you would a second hand car, but then you know your getting a reliable, new car, which if thats what you need for work its a no brainer. A few years ago, I did the same owth a motorbike. Got 0% credit on new bike, and the repayments were the same as if I'd got a loan out to buy one a few years old... so win win.....

geoffken

I understand and accept 0% is a great deal BUT if you are in the market for an £800 sofa and that was all you could afford (OP words) would you pay £1300 for one.
£5000 would pay for a lot of repairs etc.

Herzlos

It's unlikely you'll get a genuinely free interest car loan - you'll have paid for it in the asking price.

worried123

27col wrote: »

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.

Excuse me !!!

worried123

there always has to be unhelpful replies at times - from people who dont know the OP or their true circumstances.

I have bought a new car - i am not the only person that has done that. I didnt think that i would be in the running for a new car but it appears that i am. I am also happy with the repayments which are affordable.

I use my car constantly for work....without a reliable car i cannot work. The repayments work out at £51 a week......£51 a week for a reliable car sounds fine to me and i get almost that in expenses so its not a problem.....many people lease cars these days and i can see no difference other than i will be buying mine.......it also has a 5 year warranty and i was given a discount off the price and there is no interest to pay.

I was thinking of spending 8k on a car because i would have had interest to pay as well.....with my bank i would have been paying back nearly 6,000 interest on a 9 k loan.....

It is how it is and i am happy with it....

worried123

darrens_here wrote: »

You cant really knock a 0% credit for a new car. The new car will not cost you anything to run (other than normal items) as oppose to bits and pieces you would need on a second hand one. Obviously you will loose some in depreciation, more than you would a second hand car, but then you know your getting a reliable, new car, which if thats what you need for work its a no brainer. A few years ago, I did the same owth a motorbike. Got 0% credit on new bike, and the repayments were the same as if I'd got a loan out to buy one a few years old... so win win.....

Exactly - thank you very much. There was a discount of nearly £1,000 on the car anyway - black friday deal. Should i decide to sell in the future it will have had only one previous owner as well.

Also in real terms it will be costing me abut £35 a week more than keeping my old car that i was trying to keep on the road. a saving of 110 on road tax. I was spending an average of 500 in repairs annually over the last three years. MOT 55. The timing chain had gone and i had a bad oil leak and was literally spending £10 a month on oil - plus I would hope it would be better on fuel than my oil car.

worried123

redmalc wrote: »

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

Thats brilliant..£525 is great.