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Car loan
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laurenshead
Posts: 1 Newbie
in Loans
I was looking to get a loan for a new car before we went into lockdown. Now the interest rates have dropped is it still wise to take out a loan even though I don’t know when I’ll be able to purchase the car? I think a loan would be cheaper than finance in the long run. Any advice would be greatly appreciated. Thank you
0
Comments
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Wait until you can buy a car before worrying about the finance.
Use the time to save. That way, you'll need to borrow less.1 -
It is never wise to borrow before you need it. Interest rates have gone down but banks' sensitivity to risk has gone up so rates are not necessarily that low right now as there is so much uncertainty.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0
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