Loan from a family member. Suggestions please

silverwhistle

I bought my first car just after buying my house (you can't carry too much in the way of DIY materials on a motorbike!). It cost me £100, which in today's terms would be (say) £500, [actually just checked the official figures: - £327!] for which you'd now get a lot more for your money.


robber2's idea is a canny one. Over time I bought three hand-me down cars from my dad, but in your situation I'd try and forgo the understandable and obvious delights of a £14,000 car.

DCFC79

Adamc wrote: »

£14000. Selling at trade-in price.

As money is tight as you say why not go something cheaper ?

foxy-stoat

Taking on £14K debt for a car just before getting a mortgage is not a good idea - get something cheaper and do your Dad a favour.

Candyapple

Adamc wrote: »

Trying to avoid all interest charges if possible as I'm buying my first house and money will likely be tight.

Your monthly repayments to your dad will be questioned by your broker (if you use one) and definitely by your bank. You won't be able to hide it because it will be on your bank statements.

With a £14k loan, your affordability will definitely be affected.