Loan Rate

MEM62

Grovero wrote: »

dealer wins Don't tell me you never bought a car (asset like you say) over ..let's say 8k, no?
Depriving myself ? Yes you are right ...we all spend, some people spend100- 150£ of food a week and 20% goes to bin and so on , you get my point.

I understand your opinion, I do...I've been thinking and researching for the last 3 months at least.

Anyway...thanks

dealer wins Has a point. The value of a car, particularly a new one, drops like a stone. If you buy it using borrowed money you are taking a double hit of depreciation and interest. If everyone added up the true cost of this over the lifetime of the car many would make different decisions. This is compounded by the fact that the losses are forgotten when moving onto the next vehicle as 'shiny new car syndrome' takes over and financial sensibility takes a back seat - pun intended.

Buying a car on finance is rarely the best financial decision. You can do as many months research as you like and it won't change that.

Akahotpot

We cant all buy 2nd hand the market would collapse

Grovero

You all assumed that is new but is not is 2 to 4 years old the car, i will never buy a new one only after the big chunk of the value drops in those years.

vacheron

Grovero wrote: »

dealer wins Don't tell me you never bought a car (asset like you say) over ..let's say 8k, no?
Depriving myself ? Yes you are right ...we all spend, some people spend100- 150£ of food a week and 20% goes to bin and so on , you get my point.

I understand your opinion, I do...I've been thinking and researching for the last 3 months at least.

Anyway...thanks

I did!

In 1997 when I was 23 I bought a £14K expensive and impractical used car with the help of my first (and only ever) personal loan to the tune of 10K at 6.9% interest over 3 years.

I sold the car nearly 10 years later for 1/10th of what I paid not counting the interest.

Would I do that now? no.
Do I regret it? Not for one second.

Not a very MSE response (and no MSE back then either!) but it is the 100% truth.

Grovero

I have a small city car(used car) it has the power of one horse and is just not practical for our future family , that decision I regret a bit because I should have thought about it more.

zzl as far as I know the bank will operate the same like the other lenders, you still do a quick search and will show you the best APR etc but when you apply you will still have surprises like any other applications no? Why will they be different?

PixelPound

Grovero wrote: »

On mse credit club that I checked my file everything is fine..on experian itself no because you have to pay (well I know it's free first time) but I will check anyway .

How it looks now what's the chance of getting the loan for a good APR between 3,5 and 4..something?? If my file is OK..

No need to go direct with experian trial as the MSE CC uses experian and gives you your full report that way.

If you need a bigger car and don't have the money, and borrowing is the only way to afford it then arranging the finance yourself rather than using a dealers is the best option.

To those bemoaning buying a depreciating asset, do you not have any hobbies you put money into, or go out socialising spending money on alcohol that is money down the drain, or out to a restaurant when you could cook cheaper at home.

Is the assumption this is a brand new car, at £10K are we sure as its a bigger car like hatchback or MPV then it could more likely be second hand car.

Grovero

nic_c wrote: »

No need to go direct with experian trial as the MSE CC uses experian and gives you your full report that way.

That's what I thought.

nic_c wrote: »

If you need a bigger car and don't have the money, and borrowing is the only way to afford it then arranging the finance yourself rather than using a dealers is the best option.
To those bemoaning buying a depreciating asset, do you not have any hobbies you put money into, or go out socialising spending money on alcohol that is money down the drain, or out to a restaurant when you could cook cheaper at home.
Is the assumption this is a brand new car, at £10K are we sure as its a bigger car like hatchback or MPV then it could more likely be second hand car.

You kind of described me with things like draining your money on restaurants,pub or expensive hobbies etc. I mean we go out and all that but not in a manner that you spend £200+/m where I will put it towards a loan or something like that and have a more confort and practical way of going places to visit etc with the family.

It will be a second hand one definitely...let's say a skoda octavia, so yeah nothing fancy
Will try in a month or two to apply for loan and see what they will come up with, as now we are in a process of getting our mortgage( a lot cheaper then the actual rent) and perhaps will make a difference when applying.
Will the credit file be updated quite quick after the completion of the house purchase??

Thank you for the input.