car finance
02 April 2012, 02:50 PM
#1
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car finance
Guys anyone shed anylight on this for me,
any members work for independant or dealers that offer finance its just I've never done it before so looking for pointers, things to look out for like rates, how not to get stung etc
If it helps looking to finance around £35k, what sort of payments terms, monthly costs, final balloon payments would I be looking at.
Just trying to get some back ground info/research before taking the long drive to see a few things
Thanks in advance.
any members work for independant or dealers that offer finance its just I've never done it before so looking for pointers, things to look out for like rates, how not to get stung etc
If it helps looking to finance around £35k, what sort of payments terms, monthly costs, final balloon payments would I be looking at.
Just trying to get some back ground info/research before taking the long drive to see a few things
Thanks in advance.
02 April 2012, 06:47 PM
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Its a lot of money to finance but that's upto the op, only he knows his personal circumstances.
Anyway I would suggest seeing what rate banks will offer and use that as a starting point.
Anyway I would suggest seeing what rate banks will offer and use that as a starting point.
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02 April 2012, 07:21 PM
#8
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Steve. What car are you buying?
02 April 2012, 07:44 PM
#9
That sounds ridiculous. Why would anyone borrow 35k in order to get a car no matter what their financial situation is? That's the main reason why this country is so bad at the moment ...People borrowing money they don't have.
Call me old fashioned, but my only borrowed money is a mortgage. Would it not be better to save instead or get a cheaper car?
Call me old fashioned, but my only borrowed money is a mortgage. Would it not be better to save instead or get a cheaper car?
02 April 2012, 08:22 PM
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35k is a big figure I agree but it was on a Nissan gtr. I have seen one I like from the main dealer and its a bit of a dream car of mine. I'm in a steady position with work and work my *** off so figured I may treat myself. It would take a long time to save the cash before I could buy one outright so hence the finance idea. It's not something I have ever looked into so was just looking for some idea on what I may be looking at. I don't have a morgage, as the cost of where I live and what I would want to live in is out of reach for me when trying to buy on my own so I have very little out goings so thought if I don't do it now then when will I.
02 April 2012, 08:31 PM
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That sounds ridiculous. Why would anyone borrow 35k in order to get a car no matter what their financial situation is? That's the main reason why this country is so bad at the moment ...People borrowing money they don't have.
Call me old fashioned, but my only borrowed money is a mortgage. Would it not be better to save instead or get a cheaper car?
Call me old fashioned, but my only borrowed money is a mortgage. Would it not be better to save instead or get a cheaper car?
I appreciate that some people wouldn't where other would and I would hazzard a guess a high proportion of people driving cars valued over 30k would be on some form of finance so should they all give it up and drive cheaper cars
02 April 2012, 10:23 PM
#16
I'm only 21, and I think being able to buy a house at my age with a buy-to-let mortgage, first time investor, in my opinion is pretty decent. 
I certainly wouldn't borrow that amount for a car though.
However you are correct in that you only live once and I see where you are coming from. Like you said, if not now, when will there be a better chance?
I certainly wouldn't borrow that amount for a car though.However you are correct in that you only live once and I see where you are coming from. Like you said, if not now, when will there be a better chance?
Last edited by LSherratt; 02 April 2012 at 10:27 PM.
03 April 2012, 08:59 AM
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tell me how and via who as 3 high street lenders would not quote me on a interest only mortgage as a first time buyer only a full repayment and that was with a minimum 10% deposit at 5.99% how have you managed to get your deal?
03 April 2012, 09:24 AM
#19
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Ignore the ivory tower crew. If you can afford it then go for it 
I would certainly check bank rates first.
If you do down the route of finance I'd certainly get gap on a car like that.
I would certainly check bank rates first.
If you do down the route of finance I'd certainly get gap on a car like that.
03 April 2012, 10:07 AM
#20
Whilst I've done similar on tick and made payments against items, the only word of caution I'd offer is that to ensure you pay enough off each month so that if in a year or 2's time you've had enough, you can sell the car for enough to cover the outstanding amount.
Definitely post some pics if you do get it
Definitely post some pics if you do get it
03 April 2012, 10:22 AM
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03 April 2012, 10:30 AM
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If you can afford the monthly payments and accept that depreciation is the biggest running cost of any car then go ahead.
Get an unsecured loan though as if the worst comes to the worst and you can't meet the payments, your house is not collateral for the loan.
Steve
Get an unsecured loan though as if the worst comes to the worst and you can't meet the payments, your house is not collateral for the loan.
Steve
03 April 2012, 10:32 AM
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Just had our sales man have a look for you he said
He would need to know a deposit , then how many miles you would average , then you may get a finance deal with car dealer So your apr would vary .. sorry if i carnt be any more help.
Hope this helps Rich
He would need to know a deposit , then how many miles you would average , then you may get a finance deal with car dealer So your apr would vary .. sorry if i carnt be any more help.
Hope this helps Rich
03 April 2012, 10:50 AM
#24
so you at 2 have been able to buy a house as a buy to let ?????? or have a missed something
tell me how and via who as 3 high street lenders would not quote me on a interest only mortgage as a first time buyer only a full repayment and that was with a minimum 10% deposit at 5.99% how have you managed to get your deal?
tell me how and via who as 3 high street lenders would not quote me on a interest only mortgage as a first time buyer only a full repayment and that was with a minimum 10% deposit at 5.99% how have you managed to get your deal?
03 April 2012, 01:24 PM
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Well done mate as even with 25-29% deposits they still would only entertain it at a slightly lower interest rate but still had to be a repayment. Maybe the 30% secured the deal. Well done though that is great news for you.
03 April 2012, 01:26 PM
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Cheers Ant, I'm in two minds as it is a huge commitment and I will probably bottle it. Also seen a couple of imprezas at half the cost but its a dream car so who knows.
