Car loan !

Pressleyno1 · 2 February 2005 at 10:09PM

I'm looking to buy a new car, which would be my 2nd car. I am 19, and currently drive a 1.3 K reg ford fiesta, its a shed ! It's gradually falling apart, things just keep goin wrong. And I'm not prepared to wast money on getting things repaired.

I am in a decent job, get about £200 a week, and 2 pay rises a year :-D Anyway, I can't pay for a car right now, so I was looking to get a loan, around £1000 to maximum of £2000 for a new car.

I've had a wee look around some sites and things look ok, I'd prob pay it over 2 years, but if there was a decent deal, maybe over 1 year, or 18 months.

My car insurance will be pretty heafty aswell, had a few claims, and expect it to be aroun £1500 mark ! Why why why !? Car insurance, its nae gid !

Any advice would be appreciated....

Cheers

jonesMUFCforever · 2 February 2005 at 10:53PM

No point in getting anything expensive or fancy IMO.
As you already have a few claims under your belt you are quite right in saying any insurance for any car is going to be expensive.

Have you considered public transport??

Eric

Pressleyno1 · 2 February 2005 at 11:02PM

Yeah, thats what I'm thinking, just an A-B car, the shead does A - A. Its !!!!!!.
Thinking a corsa or another, newer fiesta. Both quite low insurance groups. I did consider just giving it up all together & estimated I'd save around £2000 a year. But I really can't see it. I need a car really.

Anyone know of a good loan deal, where i might even pay off early etc ?

jonesMUFCforever · 2 February 2005 at 11:33PM

Have you tried online banks such as Egg? Not sure if some have a minimum age of 21 though.
Have you approached your own bank?They wil know how you have run your account and might be willing to help. Interest rates are likely to be on high side though and beware of the 2/3 month interest repayment penalty if you pay loan early.

As for your insurance have you taken the advanced driving test? Friends of mine saved several hundred pounds on their kids insurance because they had passed this test. This might be something for you to consider.
ERIC

Pressleyno1 · 3 February 2005 at 12:15AM

Yeah, I'd well be up for some advanced driving course. Too late to do pass plus. I WISH I HAD DONE THAT ! Do u know of any of these courses ? I can't seem to find any. Hear max power does something ?

Gamblelini-viking · 4 February 2005 at 1:45PM

iam in the same situation pressley i am 20 and am sick of using me dads car and i after a loan for around 2,000 iam also on £200 a week.

ive looked alot into getting finance but all seem high and iam with HSBC would they give me a loan, i dont have a credit card either.

plz help

nh · 5 February 2005 at 5:05PM

We have bought our new car on a 3.9% for life of balance Texaco credit card.

To get at the cash (car dealers will usually charge you a surcharge if you pay them by credit card) you need to use an Egg card as a 'mule'.

If you got a £2k limit on Texaco (you have to do the BT in the first month to get 3.9%) BT that to Egg to put Egg into credit and then transfer the £2k into your bank account.

Otherwise you are going to pay 6% or probably more because of the amount you are borrowing, and there are early repayment fees to consider.

rcman · 5 February 2005 at 6:08PM

Go for an AA Car loan. One of the lowest interest rates around (if not THE lowest at the moment), they can deliver money to your door by courier within 24 hours, and they often throw in a free AA car check to check over any potential new purchase.

Debt_Free_Chick · 6 February 2005 at 9:17AM

If you use a 0% credit card, be sure you can pay it off within the 0% period which may run for only 6 or 9 months. After that, the interest rate is likely to rise to around 16% or more - unless you can roll over the remaining debt to another 0% offer.

HTH

Car loan !

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