To loan or not to loan!

kimwp

JK25 said:

FaceHead said:

The OP may not come back to this thread because some of the comments are absolutely brutal. They are, however, both true and probably well meaning. 

OP - you can usually (check the T's & C's) pay a loan back faster, so if borrowing more (e.g. over the 7.5k threshold mentioned) for more time gets a lower rate, do that and then pay it back, rather than suffering a higher interest rate. However, not borrowing will see you pay even less interest.   There are also 0% credit cards, which if used well can be a good option. 

You're right, some of the comments are a bit harsh but true, hence the dilemma and we don't all have the luxury of time to save for everything (which is why people get mortgages on properties and pcp on cars) Thank you for your advice, I have looked at all options, I will think long and hard on what to do. 

They get mortgages on houses because (all being well), they end up with an asset that is worth more than they paid for it (and also own their home). They get PCP for cars for the same reason you are wanting a loan for a wedding and home improvements - they want a more expensive life than they can afford, therefore borrow the money and pay more in the long run plus risking spiralling into debt. 

NewLeaf1986

Yeah there's very few safe bets in terms of car purchases, usually they decline in value rapidly.

Something of premium luxury that's already done its initial depreciating and has been very well maintained is usually a good bet, I've travelled far and wide across the nation to fetch OH and I cars that fit this description and touch wood they've retained their value thus far