Voluntary Termination - Bad For Credit Score?

[TW]Fox;18747639 said:
Why not purchase an approved used diesel car? This will save you a fortune on fuel and a fortune on finance/depreciation/whatever as well.

Having done several long trips in a 1 Series M Sport it isnt where I'd want to spend 26k miles a year.
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This is something I have looked at and I'm not signing anything until Tuesday so I'm continuing to look but used cars usually carry higher APR as do bank loans meaning I'll only be looking at £11000 for the same money. Plus, I don't want a diesel, I also spend lots of time sat in city centre traffic jams and even new diesel engines are quite noise intrusive while idling.
 
Bank loans do not usually have higher Apr! They are usually lower. You sure the dealer is not quoting you flat rate?

I do agree with you about diesel noise, by the way.
 
Bank loans do not usually have higher Apr! They are usually lower. You sure the dealer is not quoting you flat rate?

I do agree with you about diesel noise, by the way.
 
imb4tman said:
How could you possibly know what I can or cannot afford, I've not even included any of that information in the thread. Wanting to control how much I spend a month isn't the same as not being able to afford it. My current car is eating up £600 of fuel a month and is out of warranty which is why I want to move it on.
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so your current car is getting 22mpg? what is it?

the £12000 with nothing to show at the end of it wont help problems it would cause more in the long run, you would need to get 50mpg to save the money currently spent on finance, the 118d would be better suited for that job but even then its a long time to spend in a small car with sports suspension
 
imb4tman said:
How could you possibly know what I can or cannot afford, I've not even included any of that information in the thread. Wanting to control how much I spend a month isn't the same as not being able to afford it. My current car is eating up £600 of fuel a month and is out of warranty which is why I want to move it on.
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You are clearly out of your mind. Just my opinion.
 
[TW]Fox;18748195 said:
Bank loans do not usually have higher Apr! They are usually lower. You sure the dealer is not quoting you flat rate?

I do agree with you about diesel noise, by the way.
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It's 3% flat which I think works out 3.8 in real terms.

mattyfez said:
You are clearly out of your mind. Just my opinion.
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clearly, thanks for your input.
 
To be honest I cannot see a 118i being hugely more economical than a Bravo 1.4 Turbo.

I think your expected massive fuel savings are very unlikely to be as big as you think.
 
It will probably come out about 5mpg more which is fine. All I'm looking for is something tidy that will be hassle free driving and a finance deal within a certain price range that won't end in negative equity. I've definitely messed up with my current car but it's done now.

The best way to avoid the same problem in the future is big deposit as you said but I'm self employed so my savings really are for a rainy day, incase of injury or sickness I may need to fall back on them until such time insurance kicks in. Hire purchase, I get to claim back half the VAT but the terms are quite strict. Or, PCP, the guaranteed future value means I have the choice to give back the car without owing a single penny if I don't chose to buy it.
 
But the other issue is that once you've given the car back without owing a penny you also dont own anything either - you've got nothing at all to show for 3 years of spending £335 every month - £12,000 just gone without anything to show for it.
 
The only realistic way round that would be to buy second hand. Then I would have to factor in warranty and servicing on top. Warranty also becomes a problem once the car goes over 100000. Like I said I've not signed anything yet, i'll have a chat with my accountant on Monday and see what she thinks.
 
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