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Need some loan advice, please
Comments
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Do you know what rate APR Lloyds are willing to offer you this £18k loan?I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
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And I thought the days of irresponsible lending were over!
If its advice you're looking for, mine is to replace your current car for one of similar or less value that is more economical (I've often run 10-15 year old cars with no major repair bills needed). Buy a Japanese or old German car, in my experience as about as reliable as you'll get.
Focus on paying off your current loan asap with your monthly surplus. Once that is done, save it towards your house deposit.
When you're ready, approach your mortgage broker from a much healthier financial position.
Or you could spend 12k on a new car and not follow my advice.0 -
My advice would be to go for a cheaper car!0
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