Motonovo HP.

PRINCESSX87

I have a car finance question please guys:

Car details:
Asking price £10.951
Interest: £4.331
APR 15.4%
Interest Rate: 7.9%
Monthly £255
Terrible I know, but without writing an essay !!!8211; I have poor credit rating / score from a period of ill health around 5 years ago. (Was unable to meet bills ect) Needed a car with low mileage for my two jobs where I drive A LOT of miles every week. Needed something cheaper to run & keep.
I want to over pay this agreement, But I!!!8217;m not sure how much I can add to the monthly amount to get the best saving? I know either way I have shot myself in the foot with credit agreements but needs must!

Thanks!

DoaM

You don't specify the term of the loan but a rough and ready calculation suggests 60 months (5 years).

I see no question mark in your post, so ... what's your question?

If you're asking about overpayment ... check the T&Cs of the loan as this should be covered. (There may be charges applied for overpayment that minimise the benefit of overpayment).

foxy-stoat

Your credit score is irrelevant and doesnt get affected by your health.

If you have already signed up to a £11,000 car when a £6000 one would of done then just overpay when you can. The best saving will be paying the most off the agreement as soon as possible.

PRINCESSX87

It does when you can pay / meet bills when requested.
I would have got a cheaper one. Most places wouldnt touch me. I got the cheapest car i could. Thanks for the reply

Arklight

Well , this is a money saving site so here's the money-saving. I suspect it might not be what you want to hear...

You've taken out a usurious loan to buy something at £10k, which is approximately 20 times more than you needed to have spent on another thing that would do the same job. I.e. move you from A to B.

1)

Sell the car, while it's still worth something approaching the £10k you have paid for it and settle the balance immediately with the finance company. Even if you have to pay a £2k difference on your credit card and juggle it around 0% balance transfers it will be better than what you have lumbered yourself with.

2)

Go and buy this, you can probably get them down to £280.



https://www.autotrader.co.uk/classified/advert/201806087317085?make=NISSAN%26model=ALMERA%26utm_source=Email_a_Friend%26utm_medium=Email%26utm_campaign=Email_a_friend_car

Looking at the condition of that car and the photo of the last MOT I am guessing you will easily get another 100,000 miles out of it if you remember to refill the oil.

If you really have a spare £255 knocking around each month after this then you can put into a savings fund. After three years you will have £9180 which will offset your loss from selling the £10,000 car and settling the finance. This will then give you a net gain of around £7500 not including compound interest, rather than the £5000 loss you are on course for.

If you want to carry on you can keep doing it for the remaining 7 years that your Almera will soldier through without missing a beat, and make even more money.

:money:

foxy-stoat

PRINCESSX87 wrote: »

It does when you can pay / meet bills when requested.
I would have got a cheaper one. Most places wouldnt touch me. I got the cheapest car i could. Thanks for the reply

You do not have a credit score - its a pointless number that only you see.

If £11K was the cheapest car you found then lets hope it is reliable and serves you well for a long time.

Mercdriver

Arklight wrote: »

Well , this is a money saving site so here's the money-saving. I suspect it might not be what you want to hear...

You've taken out a usurious loan to buy something at £10k, which is approximately 20 times more than you needed to have spent on another thing that would do the same job. I.e. move you from A to B.

1)

Sell the car, while it's still worth something approaching the £10k you have paid for it and settle the balance immediately with the finance company. Even if you have to pay a £2k difference on your credit card and juggle it around 0% balance transfers it will be better than what you have lumbered yourself with.

2)

Go and buy this, you can probably get them down to £280.



https://www.autotrader.co.uk/classified/advert/201806087317085?make=NISSAN%26model=ALMERA%26utm_source=Email_a_Friend%26utm_medium=Email%26utm_campaign=Email_a_friend_car

Looking at the condition of that car and the photo of the last MOT I am guessing you will easily get another 100,000 miles out of it if you remember to refill the oil.

If you really have a spare £255 knocking around each month after this then you can put into a savings fund. After three years you will have £9180 which will offset your loss from selling the £10,000 car and settling the finance. This will then give you a net gain of around £7500 not including compound interest, rather than the £5000 loss you are on course for.

If you want to carry on you can keep doing it for the remaining 7 years that your Almera will soldier through without missing a beat, and make even more money.

:money:

Are you personally guaranteeing the reliability of the Almera, as in prepared to put your money where your mouth is?

I wouldn't. My wife and I had one and had nothing but trouble with it.

foxy-stoat

Mercdriver wrote: »

Are you personally guaranteeing the reliability of the Almera, as in prepared to put your money where your mouth is?

I wouldn't. My wife and I had one and had nothing but trouble with it.

He must of had an Almera for a few trouble free years !

Arklight

Mercdriver wrote: »

Are you personally guaranteeing the reliability of the Almera, as in prepared to put your money where your mouth is?

I wouldn't. My wife and I had one and had nothing but trouble with it.

Bought one at 55,000 miles, found it to be bombproof for 9 years and another 80,000.

Even if the OP needs to buy another one every year (at £350 a pop) that's still better than the arrangement she is proposing, financially.

facade

Don't buy that almera. The eml is on, and the clutch is gone.


A clutch is easy enough, but I looked for an almera a while ago, and there were a few around with the eml on cheap at front drive traders. Conclusion- It ain't an easy/cheap fix or they would have done it.

foxy-stoat

facade wrote: »

Don't buy that almera. The eml is on, and the clutch is gone.


A clutch is easy enough, but I looked for an almera a while ago, and there were a few around with the eml on cheap at front drive traders. Conclusion- It ain't an easy/cheap fix or they would have done it.

Fortunately for the OP she hasn't bought that Almera, she bought an £11K car on finance @ 15.4% APR - lets hope they took out GAP insurance.