Finance options for 13 year old banger

jimjames

Car_54 wrote: »

I may be wrong but ...

On the one hand, the OP is displaying some (apparently) quite sophisticated knowledge of stock market investments etc.

On the other, he drives a £500 banger and is asking frankly dumb questions about bottom-of-the-market loans.

It doesn't quite add up.

I guess it depends if you take the loan question at face value or think there is more to it - a wind up or some revelation to come...

AdrianC

If the question is "straight", then it seems to be one of those "knows the price of everything, value of nothing" situations.

System

.I guess it depends if you take the loan question at face value or think there is more to it - a wind up or some revelation to come...

I like to keep you all on your toes, or shall we say, FTSE's

qwert_yuiop

I suspect you’re the one on the PCP.

qwert_yuiop

qwert_yuiop wrote: »

If you don’t pay, they take your car, but do they pursue you for any outstanding money? Is it not like pawning, where it’s the pawn shop taking the risk? In which case, it shouldn’t alter your credit rating.

Just checked that - if they sell your car and the price falls short of money owed, they will pursue you for the difference. That makes it more like a mortgage than a pawn. You might be better off digging out your broken electric guitar or sovereign ring, which seem to be the only items ever for sale in the window of my local three ball merchant. Oh - and an Amstrad computer that’s been there for years, and probably will be for a while more. The plug at the end of its cable might be useful.

Graham_Devon

MatthewAinsworth wrote: »

Forgotmyname - if the repair was that expensive, unless you expected the repairs to give you 4 years extra driving they didn't make sense, that's when you scrap and buy another banger

Not if you have a secured loan on it you can't...

Not intending to be an insult, but I've never read such a detailed plan which ignores so many basic issues!

System

Graham - because it'd be basically stoozed the loan could be quickly redeemed before scrapping, although there is risk in the markets, this is something cash reserves could cover perhaps

AdrianC

If you can quickly cover the three-figure loan, then why do you need it in the first place?

System

Adrian- it liberates cash reserves to be invested. All investors need to keep some emergency cash, so by taking loans you have more than that amount and can invest the rest

qwert_yuiop

I’m impressed at your confidence if you expect to produce a greater return on investment than the loan shark level interest rates you propose paying.