Loans!!
 

There comes a time when a new car is needed, im not in favour of the old car finance, it's the biggest rip off since the old pyramid selling.

Any body know of any decent deals going at the minute. The best I have found is the halifax at 6.5% APR or northern rock at 5.8% APR. I am after a straight forward repayment loan, without deferring any money, that's another rip off.

Cheers Adam

"C'mon the gooners!!!!"

how about just saving up.you'll enjoy the car a whole lot more.
i know when i hear folks talking about there car loan i break into a huge grin.........

....COS I HAVENT GOT ONE!!!!!!!!!!!!!!!!!!!!!

:D...

I've been looking around and 5.8% seems to be the best unless you can get something secured on your mortgage at the same rate....

Try here... few irritating pop ups on this site though.

http://www.moneysupermarket.com/

Paul R- Alright for some mate! :) For those of us who aren't minted/can't wait for our scoobies! I found Alliance and Lecister's Car purchase plan to be a good deal.

Best.

Paulr, Nice one tight A**E!!!!!!! Long pockets and shorts arms!!!!! Where u taking your misses 2nite. Mcdonalds!!!!!! :D

Fook saving for a motor!!!!, savings are for your personal future by the time your saved the amount the new model is out and twice as expensive!!!. spend your money enjoy life sad act!!!!

cheers lads for the info will have a look at A&L. I think 5.8% is the best around. Adam

www.moneyfacts.co.uk

Dont just look at the APR though, you may find a loan with a slightly higher APR will have lower monthly repayments ;) Liverpool Victoria are doin 6.0%APR. Try the online loan calculators.

Car finance need not be a rip-off if you know where to go and use the right brokers....

In fact, use a broker that does a lot of commercial business, and they can often sneak in some deal which will match ANYTHING you can get on the High St...

I've done it before, as have many others.

If your a fat slob then you could try Ocean Finance, you can consolidate all your existing loans and buy yourself a WR1, Bargain.

Lol, are they still running the Ocean Finance adds with various levels of Chav/pondlife??? :o :D

any pay back all you wages for the rest of your life then hand over the house when you die



try www.thisismoney.co.uk for comparisons

Albert,

I think 6.4 is as low as A&L go, but the beauty of their plan is that you can defer an amount of the loan- thus affording more car- whilst keeping the interest and monthly payments reasonably low. At the end of the loan term you can either pay off the deferred amount at the same monthly amount, use your savings to pay off the deferred amount (Paulr would approve :-) ) or sell the car and pocket any surplus after paying off the deferred amount. Just do your sums to make sure that the car will be worth more than the amount you've deferred at the end of the loan period.

Best.

Northern Rock - cheapest and easiest I could find.

when i hear tight gits talking about saving for a car i grin...cos i already got mine with a loan :D

Northern Rock get my vote too.

Have used them for last 2 loans. No early repayment penalties either.

Can I just check - You aren't an IFA, are you?

Right on Tiggs!!!!! PMSL!! :D
New scooby 04, I have seen that deal A&L, like you said you would need to do some maths and forcast what car will be worth in a couple of years.

Dont mean to cause offence to any die hard scooby lovers, but im looking at getting the civic type R. Scooby STI are a bit out of my league! Im sure i can still be a member of this web site even if i dont own a scooby! hell of a web site though!!!!!!

cheers for the info. Adam

Interesting how some people go on about getting a great deal on a car, say £10,000 then get a loan and the car then actually costs something like £13,000 once all payments are made. They are paying £13,000 for a £10,000 car. Not quite a 'good deal' is it? Basically you are paying £3,000 to have the car now.

Drac,

fair one, but either way(loan or car finance) you end up paying more then the car is worth. The APR from a loan is much better than C/Finance. so either way you end up paying to have the car now!

N/rock APR 5.8% 10k overs 4 years total pay back 1184.05. Thats 296/year or 1184/over 4 years.

Not to bad, better than a kick in the swingers!!!

Cheers Adam

5.8% works as follows (unless I'm missing something).

£10,000 loan over...

1 yr - £10,580 (£882 per month payback)
2 yrs - £11,193 (£466 pcm)
3 yrs - £11,843 (£329 pcm)
4 yrs - £12,530 (£261 pcm)
5 yrs - £13,256 (£221 pcm)

And for those that buy using equity release on their mortgage over say, 10/15/20/25/30 years at 4% (these are scary but people only see the monthly payment amounts).

10 yrs - £14,802 (£123 pcm)
15 yrs - £18,009 (£100 pcm)
20 yrs - £21,911 (£91 pcm)
25 yrs - £26,658 (£89 pcm)
30 yrs - £32,434 (£90 pcm)

Remember the rates are higher than 4%. If the rates were 6% the amounts are even more scary (20 yrs goes to £32,071 :eek: and £134 pcm)

All in all, a lot to pay for your £10,000 'asset' that depreciates on top of all that!! At least, long term, the property will probably appreciate.