Car Loan, Finance Etc - Suggestions

VelvetWinner

Hey,

I have never been one for loans etc, the reason for this is because I have always been worried about the "What If's", with the main reason being what would happen if I lost my job.

I am trying to work around things, and seeing if there is anything to secure things if I lost my job.

So far I have thought of something that may work. If my car loan for example, I have to pay £150 per month, I would save 6 months of payments up front totalling £900. Therefore if I lost my job, I would have 6 months worth of payments to cover me before I run into any problems.

Does anyone else have any ideas to secure me? I would not be mine if I lost my car if I loose my job, the only thing I am worried about is going into dept.

Thanks.

motorguy

VelvetWinner wrote: »

Hey,

I have never been one for loans etc, the reason for this is because I have always been worried about the "What If's", with the main reason being what would happen if I lost my job.

I am trying to work around things, and seeing if there is anything to secure things if I lost my job.

So far I have thought of something that may work. If my car loan for example, I have to pay £150 per month, I would save 6 months of payments up front totalling £900. Therefore if I lost my job, I would have 6 months worth of payments to cover me before I run into any problems.

Does anyone else have any ideas to secure me? I would not be mine if I lost my car if I loose my job, the only thing I am worried about is going into dept.

Thanks.

How likely is it that you'll not be able to get ANY other job for six months if you were made redundant?

You could do other things like :-

• Put down a sizeable deposit so that if you do need to resell the car due to unforseen circumstances you're not in negative equity.
• Dont overstretch yourself financially
• Take out redundancy insurance

And likewise if you dont feel comfortable with finance then dont use it - save up and buy the best car you can for cash

foxy-stoat

VelvetWinner wrote: »

Hey,

I have never been one for loans etc, the reason for this is because I have always been worried about the "What If's", with the main reason being what would happen if I lost my job.

I am trying to work around things, and seeing if there is anything to secure things if I lost my job.

So far I have thought of something that may work. If my car loan for example, I have to pay £150 per month, I would save 6 months of payments up front totalling £900. Therefore if I lost my job, I would have 6 months worth of payments to cover me before I run into any problems.

Does anyone else have any ideas to secure me? I would not be mine if I lost my car if I loose my job, the only thing I am worried about is going into dept.

Thanks.

I think your saying you want to take out a loan for £900 more than you need and keep this aside incase you lose your job...

I think if you lost your job for 6 months then £150 a month is going to be irrelevant as you will need to pay for food/fuel/rent etc etc

So just get the cheapest car you can, if you must get a loan get one for 12 months only. You can buy a reasonable car for £2000 if you look hard enough, doesnt have to be thousands.

My current car is a '08 Civic diesel with 140K that cost £2200, I drive around 16,000 a year.

rhysadams

Short Term Leasing maybe a benefit to you, where you hire the car over a longer period than daily rental. Some offer fixed contracts of 6 months some offer flexible terms.

jimjames

It's not just car loans you need to worry about. You should have sufficient savings as an emergency fund so you can cover your bills and expenditure for at least 3-6 months. Some say 3-6 months salary which you may want to do if you are more cautious.