"Lloyds car finance" - Any experience?

chamelious

My cars just died mid mortgage deposit saving. A bummer but best time for it to happen really, living with mum and have been able to save lots. I can't afford to spend what i want to spend (about 4k, i want to spend a bit more than i have the in past in the hopes it'll last a bit longer).

I'm looking at using "Lloyds car finance" to get it done, over 13 months it will only cost me £133 in interest, which seems ok. It says no early repayment fees too, and i should be able to get rid of it in more like 9-10 months.

Any thoughts, anyone used this?

http://www.lloydsbank.com/car-finance.asp?WT.mc_id=43700008801686941&WT.srch=1

takman

chamelious wrote: »

My cars just died mid mortgage deposit saving. A bummer but best time for it to happen really, living with mum and have been able to save lots. I can't afford to spend what i want to spend (about 4k, i want to spend a bit more than i have the in past in the hopes it'll last a bit longer).

I'm looking at using "Lloyds car finance" to get it done, over 13 months it will only cost me £133 in interest, which seems ok. It says no early repayment fees too, and i should be able to get rid of it in more like 9-10 months.

Any thoughts, anyone used this?

http://www.lloydsbank.com/car-finance.asp?WT.mc_id=43700008801686941&WT.srch=1

I would be using the money that you have saved for a deposit and use it to buy the car, then pay that money back into your savings instead of paying off the loan.

There is no point in paying interest even if it is only £133 because thats still wasting money!

chamelious

As i said, i currently can't afford to do that, as w're only into month 2 of saving.

chamelious

I may be able to scrape together 3500ish, maybe it'd be a better idea to do this than go for finance options.

foxy-stoat

Buy a car with the cash you have in the bank - or fix your dead car....what is the problem with it ?

I bet you could fix it for a lot less than the £3500 you havent got.

forgotmyname

How is month 2 of saving if your getting a loan and paying interest?

Since finishing work i started paying for items in full instead of paying by DD because it usually saves money. Only a few £ here and there but it adds up.

Why pay an extra £133 in interest? Save and buy it outright or use savings and put the money back with an extra £133.

bigjl

If you have been saving for two months how has your car died mid saving for a deposit?

Where you only going to save for 4months?

richy999

chamelious wrote: »

I may be able to scrape together 3500ish, maybe it'd be a better idea to do this than go for finance options.

I think that's probably a better idea than taking out finance.

After this, I would suggest building up an emergency fund (3-6 months salary) should be a priority over saving for a deposit. Buying a house with no emergency fund in place is just asking for trouble.