Car finance

Legacy_user

........ done

glentoran99

Where ever is the lowest interest rate

glentoran99

How old is this Audi A1 your getting for 8k?

foxy-stoat

Ask the dealer for their finance quote and see if you can match it with your bank with a loan.

Your correct, probably not a bright idea spending £8000 on your first car, being a student, if you have saved up £4000 in cash then good on you, its your money afterall, if the £4,000 is from student loans then this will only end badly.

glentoran99

and its not exactly a cheap car to run

spadoosh

Doesnt matter, either way is paying more for something than its present value and considerably more than any potential resale value.

If you want to see us again in less than 12 months go the dealership route if not and you wanna save a tiny little bit compared to the dealership but still paying way too much then take the bank loan option (on the basis that bank loans normally have a lower % than dealerships offer)

System

glentoran99 wrote: »

How old is this Audi A1 your getting for 8k?

Well I'm 21 in November, hopefully I'll be able to pick up a 12 plate with 50-60k milage. I also have a family member who works in the industry so she said she can hook me up with a nice deal (she hooked up my older brother also).

foxy-stoat wrote: »

Ask the dealer for their finance quote and see if you can match it with your bank with a loan.

Your correct, probably not a bright idea spending £8000 on your first car, being a student, if you have saved up £4000 in cash then good on you, its your money afterall, if the £4,000 is from student loans then this will only end badly.

I have a little more than £4,000 saved up (just a few grand over) but I'm only willing to take £4,000 out as I waste a lot of money going out and buying clothes I can't afford. My savings does not include my student finance, I wouldn't spend that on a car. Not that stupid!

spadoosh wrote: »

Doesnt matter, either way is paying more for something than its present value and considerably more than any potential resale value.

If you want to see us again in less than 12 months go the dealership route if not and you wanna save a tiny little bit compared to the dealership but still paying way too much then take the bank loan option (on the basis that bank loans normally have a lower % than dealerships offer)

I will most likely take the bank loan but some finance/showrooms offer some additional perks if you finance the car through them so that'll be the deciding factor as well, of course the % being the major impact.

Thanks for all the answers! :T

ChemistDude

Firstly make sure its a diesel or has at least 50-60mpg.

Finance APR tend to be high. Find out what it would be. You'll probably find personal loan APR to be much cheaper.

Thomas_The_Tank_Top

Your insurance will cost twice as much as the car.

foxy-stoat

Thomas_The_Tank_Top wrote: »

Your insurance will cost twice as much as the car.

What £16,000 ???? dont think so.

poppasmurf_bewdley

Where are you going to get the £2k+ for the insurance?

If this is to be your first car, then buy a £1k banger and learn how to drive. Yes, I know you've passed your driving test, but now you have to learn how to drive properly.

Forget posing in the Audi in front of all your mates. You can't afford it. You are a student, so you're supposed to have some common sense. Now is the time to prove it!