How did you pay for your car?

stoke1863 said:
So it seems quite a mixture of cash and loans.

I dont see the problem with a personal loan if you get good rates.

A friend of mine has a MINI copper S on a 2 year lease thing. What are peoples thoughts on that? I think he is paying over £200 a month for two years and then has nothing by the end of it
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All depends on situation, if he is self employed leasing often makes a lot of sense.

I have always paid cash but the most expensive car i have ever owned was £2600.
 
Gaijin said:
You can pay in cash from money you received as part of a loan :p
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I think its fairly obvious that we mean no loan.

Not that properly arranged loans for non-stupid percentages are a bad idea. Some of my future car ideas will require a bank loan to pay for part of them :)

What I will do if I have to do that though is argue until I am blue in the face that the reason I did so was because I wanted to leverage syngergies to ensure availability of streamlined capital, not simply because I didnt have enough savings :p
 
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Bank Loan for last car, and will be again for a CTR I'm buying later this year. I have a secure source of income so it's just like saving in reverse, with a premium (in the form of the interest) to pay for the privilege of getting the car when you want it.
 
[TW]Fox;16465767 said:
I think its fairly obvious that we mean no loan.

Not that properly arranged loans for non-stupid percentages are a bad idea. Some of my future car ideas will require a bank loan to pay for part of them :)

What I will do if I have to do that though is argue until I am blue in the face that the reason I did so was because I wanted to leverage syngergies to ensure availability of streamlined capital, not simply because I didnt have enough savings :p
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Did you not get a loan off your dad ?
 
OP
you are doing it right

also you will probably own your own home when they are still living with mommy
then who's going to be jealous
 
Is getting a loan when you have the cash a silly idea? I know it doesn't make much sense in terms of interest, but the idea of having spare 'spare' cash makes me feel better.
 
Clown said:
Is getting a loan when you have the cash a silly idea? I know it doesn't make much sense in terms of interest, but the idea of having spare 'spare' cash makes me feel better.
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If the cost of taking out the loan is 'worth paying for' having the cash accessible and in your bank account, then yes it is.

However, if we're talking about a regular unsecured bank loan, then you could just pay be cash and if you needed cash in future, take the loan out then
 
Clown said:
Is getting a loan when you have the cash a silly idea? I know it doesn't make much sense in terms of interest, but the idea of having spare 'spare' cash makes me feel better.
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Its a bit silly, but no more so than getting a loan full stop.

You should really hold a decent "float" of cash for if things go belly up, a couple of months wages or enough to cover your essential financial outgoings is generally considered prudent.

once you have that float you shouldn't really tap into it for any non-emergency reason so it shouldn't really be considered 'available' funds - ie not cash you can buy a car with :)

But then its a bit silly to pay interest on something when you don't really need to... keep the float and keep saving till you can afford the car outright (or buy cheaper)
 
Always cash (or card with money transfered on to it) for me but I've never spent more than a couple of grand on buying a car.
 
The beauty of a direct bank tranfer.

Quite happy to do this for the time being until I'm settled, earning a far better wage and ready to dip into the world of borrowing for a car, as lets face it, you can't always pay outright.
 
I bought my first car (mk6 fiesta) off my mum with savings, then used it as a part ex on my leon with the rest of my savings.

I'm constantly paying back into my various bank accounts/ISAs to replace the money spent on cars (including insurance, servicing etc) so as a result haven't completely run out of money...yet!

Once I get a job after uni I'll be paying in cash again unless I get some ridiculous deal on a lease (and it makes sense at the time for me to do so, obviously)
 
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