Another car loan question!

MM2002

I am looking to get a £15K loan as on boxing day my insignia engine seized(Great timing eh-or not in this case!) Now, I already have a loan for my wifes car, and a bit of credit card finance(all 0%) so am finding lenders are not jumping at the chance to loan me the money. I have a good credit rating, and a good income/savings.

My question is this, bearing in mind all my debts are going to be paid off(both loan and all c.cards) in september when I remortgage, what loan is best for me to take?

I have been offered a good pcp rate from honda and apparently on full redemption will only be charged 30 days interest. I am about to speak to hsbc, who should be about to agree the offer at 3.3% but on redemtion i will pay 60 days interest.
Thanks in advance for any worthy advice!
M

[Deleted User]

You'll need to do the maths on both, factoring in the rates, terms, early settlements fees and the amount outstanding at that time.

chalkie99

MadMatt2002 wrote: »

bearing in mind all my debts are going to be paid off(both loan and all c.cards) in september when I remortgage

A remortgage will not pay off your debts - it will increase them.

Stop digging yourself into a hole and, if you must have another car, buy a cheap runaround.

poppasmurf_bewdley

Just because your engine has seized is not an excuse to spend £15k on another vehicle.

Why not spend £1-2k and have a secondhand/reconditioned engine fitted and save yourself £13-14k? If it's an Insignia, it can't be that old a vehicle anyway.

Pixie5740

Consolidating unsecured debt into your mortgage isn't paying it off. It's also not a very sensible idea to secure what was unsecured to debt to your home.

HSBC are a notoriously chooses lender. If other lenders have knocked you back then I don't hold out much hope for HSBC saying yes especially at their representitve APR.

Finance through dealerships is usually easier to obtain because the debt is secured against the car. It also gives you more negotiating power to get the car for less. That's if you definitely want to spend £15k on a new vehicle when it should be possible to repair the current one for less.

MM2002

All done. Got it with HSBC at 3.3%. lots of reasons/answers to above advice. The car was an 09 plate with 130k on the clock. worth 3-3.5K working, engine is 1.5K, plus 500 fitting, clutch and flywheel need replacing, another 1K so selling for spares is the best option IMO.
I'm totally aware adding to the mortgage isnt a great idea normally, but I have another property I lease and selling that will more than clear my own mortgage, so getting monthly payments down to give increased quality now is essential, and the car im buying is one that will do me for years and looks good value(i hate buying/selling cars)
Anyway, all done by going in to the bank and sorting all accounts/debts etc out with the very helpful assistant.