Right, so say I wanted to buy a user car (Vauxhall Corsa SXI 1.2 or something) on monthly finance.. pay a 25% deposit and then a monthly fee for 12-24 months.. where would be the best place to look? I have never financed a car before and was wondering what way to go about it? Would it be best to look around online or go to different garages around my area?
Car Financing
- Thread starter Nitrojan
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Why not? It'd be around £5k.
What a silly thing to say?
He hasn't said how much he wants to spend or anything.
For all you know he might want to buy an £8k Corsa and has £2k cash.
Finance is a good way to fund / purchase a car, providing you get a good deal and don't pay over the odds for A) the car. B) the finance.
Don't listen to these n00bs who know nothing about finance and spout off rubbish that they think is cool to recite.
Some finance deals out there are cheaper than bank loans, you just need to wise when shopping as there are a lot of businesses out there who are more than happy to sell you an expensive deal.
Ignore these 'If you can't afford blah blah blah tubbish'
They all drive N Reg Mondeos and live in council houses.
Much better cars in its class. Much better cars for £5k.
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Yeah, but I have to weigh in the insurance costs for an 18 year old with 0 NCB and only 7 months driving experience.
Yeah, but I have to weigh in the insurance costs for an 18 year old with 0 NCB and only 7 months driving experience.
Then you follow the much better cars in class.
1.25 Fiesta, 1.2 Grande Punto, 1.2 Polo and, 1.2 Jazz are all miles better than a Corsa.
Do you mean.. olddddd cars? Or newer models?
Yeah, but I have to weigh in the insurance costs for an 18 year old with 0 NCB and only 7 months driving experience.
Why spend £5k on a car then?
Buy a cheap Fiesta for a grand, get a years NCB, then spend your £5k on something half decent?
I'm talking about the new models of these cars, as they are what would be in compitition for a £5k Corsa.
Personally I wouldn't spend £5k financing a car at 18, nothing wrong with a cheap car at this age.
A good £1k-£2k Fiesta, Punto or Focus will last 2-3 years without costing much to run and then when you hit 21 you'll have an extra wad saved, 3 years NCB and be able to get something more fun.
You wont want to keep the sort of car an 18 year old with no NCB can insure any longer than you have to.
Buy something crap, get NCB, then get your nice car.
Soldato
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Whoa mr car dealer! doesnt really make sense to finance low end cars as the deals tend not to be as good.Finance per se isnt bad, but the deal has to be right, and tieing yourself up for many years with a dull 1st car is gonna depress you after year one when the new car novelty has worn off.
He wants to borrow over 12-24 months. Hardly tieing himself up.
The rates are there, which means he's likely to be able to get a better rate of HP than he would a bank loan as small bank loans are high rates!
Bank loan, ideally with you having about a third of the cash already so the car will always be worth more than you owe.
I put 11k out of my own pocket and borrowed 24k from the bank when I bought my car so it will always be worth more than I owe the bank.
I put 11k out of my own pocket and borrowed 24k from the bank when I bought my car so it will always be worth more than I owe the bank.
Yeah, but I have to weigh in the insurance costs for an 18 year old with 0 NCB and only 7 months driving experience.
Given that most idiots I see out & about are in Corsa's, I'd imaging the insurance loading on these cars reflects this....
Get a better car.