97TURBO

As it says in the title...?
Having just bought our new house last year and having threw all our money into it, i find myself for the first time in 17 years unable to buy a car for cash. So im wondering what the best way is, dealers finance, bank loan, credit cards....i'd be looking around the 10k mark.

JTaylor

Buy a less expensive car?

ditchmyster

iTrader: (7)

So you're pretty much in debt up to your eyeballs and now you want to take on some more to finance a £10k car.

Ever considered saving a few quid for a couple of months and buying a £500/1000 car to run about in, it's called bangernomics mate, AutoTrader is full of perfectly decent cars for less than a grand, that have plenty of life left in them. I started out with a £1200 quid car about 9 yrs ago and swapped and changed as and when I saw fit, not adding any money to the original stake.

I have just sold the last one in that line to a scrap yard for £40 and bought something else for £550 which my Mrs has been running around in since june, so now she's running a car that stands me at £510 and 2x oil changes at 30 quid a pop. I even robbed the tyres,battery, jack, plugs, coils,wipers and a few other bits off the old one before it went into the scrappers.

dpb

I did once get a 1k loan off the bank for a car , used it for something else in the end

the shreksta

iTrader: (20)

Bank loan is the best

Perhaps leasing for a few years could be a better way

97TURBO

far from it in terms of debt, we took the decision to take 50%LTV on the mortgage rather than the original 65% we had looked at. In the long run its going to work out better. A cheaper car is definitely an option, we have always went for high spec older cars, ive never owned a car younger than 5 years. This is simply to get an idea of what others do if they dont pay for a car outright.

Edmondo

Did all the debt stuff 10 years ago - My Scooby and My Diesel Focus combined cost 3k - no finance, no damn loans - don't even have a Credit Card so agree with Ditchmyster and get an old runaround first and save the dosh.

daviee

Cash, a car is bad enough depreciating by the day without paying interest on top. If needs must I would say a loan with someone like alliance and leister. A low interest loan not finance at least you can sell or change the car without clearing the finance.

Paben

iTrader: (5)

There's surely little worse than financing a car you can barely afford that breaks in a way you have no money to fix. Some years ago I 'invested' every last penny I had in one of the last of the air cooled 911s. It went seriously wrong and just sat there for a year, still soaking up the repayments but going nowhere. Hard lesson learned.

Cpt Jack Sparrow

iTrader: (14)

Save and buy with cash.

LSherratt

iTrader: (1)

Wanting to spend £10k on a newish car with no cash left. That doesn't make sense and is quite irresponsible. There's nothing wrong with cheap £1-2k to get by. I've got a £3.5k Subaru and a £1.5k Saab estate and both work perfectly fine and are in decent condition with full service histories. There's loads of decent vehicles out there to be had for sub £1.5k and you won't loose much money on them either.

If it's a real pain, go ahead and finance a £2k car with small repayments, not £10k.

johned

Save up.

PaulC72

bank loan, probably the lowest rates you will get unless you can get the dealer to beat it with an offer.
If you havent got the cash then that will be he best option.

fawor

iTrader: (3)

10k loan for 4 years its only little over 200 a month,
500-1k car has no brakes , no handling ,no power when You need ,to easy to get killed in it
fat-thomass bugeye was worth 500 maybe

Dirk Diggler 75

Leasing looks like the way forward,saves the hassle come mot time plus you get to change it every couple of years .....

donny andi

iTrader: (3)

I must be the exception nowadays

I'm self employed and always used to rape the bank for 20k cars , the problem used to start when I needed to fund the next job
I used to loose thousands selling cars on to finance my next job....not many people out there who will hand that kind of money over.

I now have a healthy account and pay £320 a month for my car and it's costing me 3k interest over the finance deal....I used to loose that plus some trying to find a cash buyer.
It's the first car I've bought on finance and it won't be the last now.

Jamz3k

Bought a petrol Passat 2 years ago for £350. It was hidden under a mountain of leaves and every shade of red imaginable but it started on the button.

Only things I've replaced as a necessity have been two rear shocks (one was leaking), a driveshaft and a temp sensor all fitted by myself. Other than than it was polished up and looks ok for a scrapper!

scoobyboy1

iTrader: (16)

Done Finance, Bank Loan, and personal leasing on cars in the past, and been burnt on finance and personal leasing, and every bank loan for a car Ive had has been straight forward with no problems.

Bank loan is great for a car worth less then £15k and always good when you get bored and sell and pay the remaining balance off, usually can get a loan for around £200-300 a month on anything upto £15k and can buy cars private which are generally cheaper.

Finance maybe for a car £15k+ where you might put a couple of ££££ down as a deposit and £13-15k on finance, but usually have to buy from a dealer and there usually a lot more then private seller, and if you want to sell the car a year later you usually find you owe more then the car is worth if you have put a low deposit down.

Leasing if its a great deal and the sort of car you could never afford using a bank loan or finance, and great so you can drive round in the latest nicest £30-40k BMW/Merc and usually the lease company pay your road tax every year, but downfall is that you dont own the car, and your mileage is capped so not great if you do lots of miles.

And then the old fashioned hard way of saving your own cash, but really hard if your starting from nothing, but if you are fortunate to have £10-15k of disposable income to spend on a car cash, do you really want to be wasting it on a car