Finance options for 13 year old banger

Money_Grabber13579

Could you not get a personal loan at significantly lower interest rates? I got an email from M&S advertising rates of 2.8% today, albeit, I appreciate that those rates won’t be available to everyone (or virtually anyone...)

debtdebt

I'll humour you here. So if someone will lend you approximately half of the lowest value of your piece of junk, they will lend you £200. You hope someone will offer you a loan at 10% pa. So, back of a fag packet calculations will mean you will pay £20 interest per year. You hope to make 12% pa on investing that £200 so this will give you £240 interest earnt leaving you £40 better off a year subject to tax?

All this hassle for £40? I know this website is for money savers, but you are one sad and deluded individual.

seatbeltnoob

better off just getting a personal loan

System

Debt debt - it wouldn't be out of kilter with the returns on stoozing Vs a cashback card

The point about a personal loan is true, I think 0% credit cards and either balance transfer or consolidate. I found though that credit rating suffers having high utilisation and this could be a false economy Vs getting a cheaper mortgage when the time comes

worried_jim

Money_Grabber13579 wrote: »

Could you not get a personal loan at significantly lower interest rates? I got an email from M&S advertising rates of 2.8% today, albeit, I appreciate that those rates won’t be available to everyone (or virtually anyone...)

Isn't it 51% of all successful applications have to get this rate?

CardinalWolsey

I thought this must have been a school holidays post, but then noted the profile of the OP. So I checked the OP's other threads - OP, are you actually Joe Lycett?

BeenThroughItAll

OP. Since no one's asked directly, I will.






Are you !!!!ing insane?

wgl2014

Out of interest OP....

How are you planning to invest £500 to generate a 12% return?

Herzlos

MatthewAinsworth wrote: »

Thank you, I certainly wouldn't take anything more than 10% interest (aiming for 12% return), even the approx 8% rate of margin loans spooks me a little

The car is presumably worth £500 privately, so scrap at trade/auction. Anyone offering credit will be be basing it on the auction value (£50) and you're likely to be offered less than £20 finance at a huge rate, if they offer at all.

You'd be much better off just applying for an unsecured personal loan - can get far below 12% on them.

System

Wgl2014 -

. Out of interest OP....

How are you planning to invest £500 to generate a 12% return?

With Vanguard global small cap, or lifestrategy 100, not decided

http://www.morningstar.co.uk/uk/funds/snapshot/snapshot.aspx?id=F000005OPT