Car Finance/Bank loan

GTR_King

I hope this in the right place please move if not..

What's the best thing to do???

I passed my driving test (Auto only) may 2011 so been driving nearly 5 years (I am 15/26 this year)

I have always shared a car with my mum as cheaper etc..

Over the last 2/3 years I have saved up some money used some of it for holiday last x mass.

I am looking at buying a polo GTI 2010+Model as would like my own car

I have seen one I really like the look of on Auto Trader £8,989 low millage

At the moment I can'f afford it but once TSB 5% Saver & Nationwide Flex Direct 5% offer ends (September) I can afford it.

Is Car Finance/Bank Loan any good or should I wait till Sept (When I have the money) and look for another GTI

foxy-stoat

If you can wait then wait and buy with cash. There will always be another car.

glennstar

GTR King,
I think, as foxy-stoat has correctly pointed out, waiting is obviously the best option. The only caveat might be around your ability to afford the running costs. I'm not sure what you are driving now but I wouldn't underestimate the costs of running a car, especially one that is slightly more premium (implied by the GTI label) and out of manufacturers warranty.

As a consequence, it might be worth considering finance to ensure you do not have any cash flow issues when insurance or MOT or other unforeseen bills come round.

The last thing you want to do is fall out of love with your car because the odd bill is coming between you!

GTR_King

I drive A Mitsubishi Colt 5 door at momment.

I pay for petrol when use car & half for Mot/Tires etc & pay insurance each month. Mum pays the rest.

I can afford a polo GTI in Sepetember & be able to run it etc but can't afford insureance out right but can afford to pay monthly

glennstar

In which case the best option is to wait. Why pay interest if you don't have to?

tonyh66

pay for a car loan and insurance monthly, ouch......
Try and pay for your insurance from savings and then make a monthly payment back into your savings, this way you are not paying interest on the insurance.

GTR_King

Thanks guy I did like this car http://www.autotrader.co.uk/classified/advert/201604253325385?aggregatedTrim=GTI&sort=default&onesearchad=used%2Cnearlynew%2Cnew&transmission=automatic&postcode=ip42hn&make=volkswagen&quantity-of-doors=3&model=polo&page=1&radius=1500&search-target=usedcars&body-type=hatchback&searchcontext=default&logcode=p but will wait till September & buy another one out right when I can afford it

tonyh66

GTR_King wrote: »

Thanks guy I did like this car http://www.autotrader.co.uk/classified/advert/201604253325385?aggregatedTrim=GTI&sort=default&onesearchad=used%2Cnearlynew%2Cnew&transmission=automatic&postcode=ip42hn&make=volkswagen&quantity-of-doors=3&model=polo&page=1&radius=1500&search-target=usedcars&body-type=hatchback&searchcontext=default&logcode=p but will wait till September & buy another one out right when I can afford it

probably wise, best not to get into debt for a car, I would recommend a GAP insurance when the time comes to buy.

GTR_King

Thanks debt not a good idea.

If I didn't have the money wouldn't of bought a polo GTI as don't really wanna do loan/Finance.

once I bought a polo GTI I Should have a bit money left for bills/rent (Live at home) going out etc and petrol for the car etc so should be fine

10pence

Nice looking car, but this bit of the advert worried me;

All Vehicles are HPI Checked. ON V CAR CAT D, Any Inspection Welcome,

Does that slyly imply it's a Cat D or am I being overly cautious?

mathsmaster

It says right at the top of the advert that it's a category D write off - the yellow D underneath the price.