Finance options for 13 year old banger

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  • Money_Grabber13579
    Money_Grabber13579 Posts: 4,266 Forumite
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    Could you not get a personal loan at significantly lower interest rates? I got an email from M&S advertising rates of 2.8% today, albeit, I appreciate that those rates won’t be available to everyone (or virtually anyone...)
    Northern Ireland club member No 382 :j
  • debtdebt
    debtdebt Posts: 949 Forumite
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    I'll humour you here. So if someone will lend you approximately half of the lowest value of your piece of junk, they will lend you £200. You hope someone will offer you a loan at 10% pa. So, back of a fag packet calculations will mean you will pay £20 interest per year. You hope to make 12% pa on investing that £200 so this will give you £240 interest earnt leaving you £40 better off a year subject to tax?

    All this hassle for £40? I know this website is for money savers, but you are one sad and deluded individual.
  • seatbeltnoob
    seatbeltnoob Posts: 1,311 Forumite
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    better off just getting a personal loan
  • System
    System Posts: 178,093 Community Admin
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    Debt debt - it wouldn't be out of kilter with the returns on stoozing Vs a cashback card

    The point about a personal loan is true, I think 0% credit cards and either balance transfer or consolidate. I found though that credit rating suffers having high utilisation and this could be a false economy Vs getting a cheaper mortgage when the time comes
  • worried_jim
    worried_jim Posts: 11,631 Forumite
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    Money_Grabber13579 wrote: »
    Could you not get a personal loan at significantly lower interest rates? I got an email from M&S advertising rates of 2.8% today, albeit, I appreciate that those rates won’t be available to everyone (or virtually anyone...)

    Isn't it 51% of all successful applications have to get this rate?
  • CardinalWolsey
    CardinalWolsey Posts: 713 Forumite
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    I thought this must have been a school holidays post, but then noted the profile of the OP. So I checked the OP's other threads - OP, are you actually Joe Lycett?
  • BeenThroughItAll
    BeenThroughItAll Posts: 5,018 Forumite
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    OP. Since no one's asked directly, I will.






    Are you !!!!ing insane?
  • wgl2014
    wgl2014 Posts: 1,144 Forumite
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    Out of interest OP....

    How are you planning to invest £500 to generate a 12% return?
  • Herzlos
    Herzlos Posts: 14,688 Forumite
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    MatthewAinsworth wrote: »
    Thank you, I certainly wouldn't take anything more than 10% interest (aiming for 12% return), even the approx 8% rate of margin loans spooks me a little

    The car is presumably worth £500 privately, so scrap at trade/auction. Anyone offering credit will be be basing it on the auction value (£50) and you're likely to be offered less than £20 finance at a huge rate, if they offer at all.

    You'd be much better off just applying for an unsecured personal loan - can get far below 12% on them.
  • System
    System Posts: 178,093 Community Admin
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    Wgl2014 -
    . Out of interest OP....

    How are you planning to invest £500 to generate a 12% return?

    With Vanguard global small cap, or lifestrategy 100, not decided

    http://www.morningstar.co.uk/uk/funds/snapshot/snapshot.aspx?id=F000005OPT
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