How do you lot pay for your cars?
17 January 2002, 02:43 PM
#1
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Finance, Loans, Credit Cards, Lottery Wins, Selling the wife and kids on the Black Market?
No seriously, I am still looking at buying an Impreza Sport (Turbo is way outta my league) but can’t decide how to pay for it. I guess I’m looking at finance for about 6-8k (to include a £1400 insurance quote) or a big loan as I don’t own my own home. I am in a quite well paid job in IT and I have a v good credit rating so actually gettting the loan or finance is not a problem. I am still trying to decide whether I should put in loads of overtime at work and buy one 6-12 months when I would have saved most of the money (Hopefully).
What are your suggestions?
I want to borrow the amount over the largest amount of months but paying the least amount of interest.
I know it’s not going to work like that but I can dream.
A mate of my brother-in-law bought a Pug 306 Diesel a few months back from a company similar to Direct Car Finance and the interest is something like 49.5 %!!! BLOODY HELL. That’s what you get when you don’t read the small print.
Cheers
Darren
No seriously, I am still looking at buying an Impreza Sport (Turbo is way outta my league) but can’t decide how to pay for it. I guess I’m looking at finance for about 6-8k (to include a £1400 insurance quote) or a big loan as I don’t own my own home. I am in a quite well paid job in IT and I have a v good credit rating so actually gettting the loan or finance is not a problem. I am still trying to decide whether I should put in loads of overtime at work and buy one 6-12 months when I would have saved most of the money (Hopefully).
What are your suggestions?
I want to borrow the amount over the largest amount of months but paying the least amount of interest.
I know it’s not going to work like that but I can dream.A mate of my brother-in-law bought a Pug 306 Diesel a few months back from a company similar to Direct Car Finance and the interest is something like 49.5 %!!! BLOODY HELL. That’s what you get when you don’t read the small print.
Cheers
Darren
17 January 2002, 02:47 PM
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Unsecured loan of 15K over 4 years - was putting all my spare cash aside at the time to save deposit for a house, which I bought 6 months later. Don't like being in debt, but then, I didn't want to wait two years to save up for a decent car either.
EMD.
EMD.
17 January 2002, 02:50 PM
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Personally I prefer bank loans over finance. With a bank loan, the car is yours, with finance, the car belongs to them until you've paid (most of) it off. I'm not that bothered about paying a bit more with a bank loan so that the car belongs to me (and is easier to sell). Also, if your own bank won't give you the loan, you probably a) can't afford it or b) run your finances so badly, it's a bad idea anyway.
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17 January 2002, 02:53 PM
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I'm the same as EMD. Finance over 4 years for about 15k. Worked out on paper that I can afford the car, with insurance, petrol, servicing, etc.
As long as you think through all the costs, go for what you can afford
When I can't afford mine, I'll get rid of it (thought it might be soon but should be able to afford new house and keep the car 
)
As long as you think through all the costs, go for what you can afford
When I can't afford mine, I'll get rid of it (thought it might be soon but should be able to afford new house and keep the car )
17 January 2002, 02:56 PM
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Hard Work, Even if you work in IT Currently saving for a P1 or STI the big problem is once you've saved all that money it's a lot more difficult to spend it. Also things like new (insert room in house) pop up and holidays.
Have a look at cahoot, 8% and no early repayment penalties. At such a low rate of interest spread over 4-5 years.
I know a few people who have got these One accounts and shoved it on the Mortgage.
Si
Currently saving for a P1 or STI the big problem is once you've saved all that money it's a lot more difficult to spend it. Also things like new (insert room in house) pop up and holidays.Have a look at cahoot, 8% and no early repayment penalties. At such a low rate of interest spread over 4-5 years.
I know a few people who have got these One accounts and shoved it on the Mortgage.
Si
17 January 2002, 02:59 PM
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I paid for my first expensive car with a bank loan, easier to change cars, etc... got a better deal than the finance were offerring..
Then added some hard earned cash to that car to buy the next decent car (a scoob).... cost me lots of overtime that car..
wrote it off in a month (doh....)...
Found another Scooby in a dealers and put it on the credit card..
that was funny... then paniced that the insurance wouldn't pay out before the credit card bill.... arrggghhh.... I was right to panic... bit interest payment but the insurance cheque was in time for the following bill..
Then added some hard earned cash to that car to buy the next decent car (a scoob).... cost me lots of overtime that car..
wrote it off in a month (doh....)...
Found another Scooby in a dealers and put it on the credit card..
that was funny... then paniced that the insurance wouldn't pay out before the credit card bill.... arrggghhh.... I was right to panic...
bit interest payment but the insurance cheque was in time for the following bill..
17 January 2002, 03:30 PM
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Hey I work in IT and I get bolloxs all money!!!! Am I the only one. I am only 21 but have been programming for 2 1/2 years and I only earn £12,500 pa! I can't afford a scooby on this wage so I may have to get an integra type r.
Off to get a new job!
mark
Off to get a new job!
mark
17 January 2002, 03:43 PM
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We paid a £3000 deposit on credit card, this money then transfered to another credit card with low interest rates.....
The rest £7000 is on finance for 5 years, paying only £157.00 a month (i know we are over paying about £2400).
This was the only way we could afford a Scooby......
The rest £7000 is on finance for 5 years, paying only £157.00 a month (i know we are over paying about £2400).
This was the only way we could afford a Scooby......
17 January 2002, 03:44 PM
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I agree with JoeyDeacon on this one, that is really crap money.....I was even on more than that after two years in IT and that was 10+ years ago.......
I think you need to find another job....
Back on to the original subject, just get the bigest finace deal you can afford and then go and blow the lot on the car, don't worry about anything else as you always find the money from somewhere......
I think you need to find another job....
Back on to the original subject, just get the bigest finace deal you can afford and then go and blow the lot on the car, don't worry about anything else as you always find the money from somewhere......
17 January 2002, 03:48 PM
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markquinton,
As JoeyDeacon said, that is appalling money for someone in IT - even for Norwich. We've had graduate candidates who've got 1 years experience come for interview at our place asking for £30k plus. I know we are in the City, but even so...
As JoeyDeacon said, that is appalling money for someone in IT - even for Norwich. We've had graduate candidates who've got 1 years experience come for interview at our place asking for £30k plus. I know we are in the City, but even so...
17 January 2002, 03:51 PM
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Milkman sounds good! Get home from work early and rip round the streets in the new scooby now I can afford one having got a highly skilled well paided job!
Time to ask for more money and drop hints about leaving. Trouble is I only work in an office with two other people and we have a great laugh and I like working here - but I only go to work for money so I better get as much as I can!
Mark
Time to ask for more money and drop hints about leaving. Trouble is I only work in an office with two other people and we have a great laugh and I like working here - but I only go to work for money so I better get as much as I can!
Mark
17 January 2002, 04:12 PM
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How did I pay for my car? well, got 9k for my mondeo, extended my credit card limit and purchased it via barclaycard cheque. Wish I'd have got a bank loan though, as APR was a tad cheaper, but hey, you live and learn.
17 January 2002, 05:02 PM
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Ill add to the list that IT requires the least effort. I keep thinking of moving to a better paid IT job but then I realise I dont actually do anything other than browse the net and chat online.
Bank loan is the easiest way to get a car these days - Im taking out £18k over 4 years (plus £6k p/ex on my current motor) to get my P1 and with low interest rates (typically 8% APR or lower) and no early repayment charges there has never been a better time to borrow money.
If your looking for a loan this link will sort you out - enter ur details and it will find the cheapest loan for you:
http://www.thisismoney.com/moneyshop...hop_loans.html
[Edited by P1Fanatic - 1/17/2002 5:05:03 PM]
Bank loan is the easiest way to get a car these days - Im taking out £18k over 4 years (plus £6k p/ex on my current motor) to get my P1 and with low interest rates (typically 8% APR or lower) and no early repayment charges there has never been a better time to borrow money.
If your looking for a loan this link will sort you out - enter ur details and it will find the cheapest loan for you:
http://www.thisismoney.com/moneyshop...hop_loans.html
[Edited by P1Fanatic - 1/17/2002 5:05:03 PM]