How do you pay for your car?

Cash for the last 2, previous to that bought a brand new one on finance, i'll ever buy brand new again, just not worth it. Ex demo/1year old at a push.
 
div0 said:
This.

My current car was paid for on a 16 month 0% credit card.

When it gets to the end of the 16 months, I'll either transfer it to a new card, if any good offers available, or pay it off.

For now, I just have to make the minimum payment each month.
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Even if you manage to avoid paying extortionate interest, each one of those months with an outstanding balance will actually marked on your credit record as a month with an outstanding balance
 
It's probably good for your credit score, stoozing? Is it called? Where you can essentially get interest free loans if you manage accounts correctly and efficiently. You have to be quite disciplined though.. Or you will be in a world of hurt.
 
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It is good for your score, shows you can manage and pay back debt which is exactly the point in your history being available.

Stoozing is making purchases on interest free cards whilst keeping the cash in the bank accruing interest, then changing cards before the interest free period ends.....I think
 
Its good for the score whilst its there too....so long as you dont have an abundance of debt vs salary and ignoring thefirst couple of months after the account is open. Even better if the card has a limit which is substantially higher than the balance
 
Cash now, only spend £500-1000 on cars these days. Cant see the point of something expensive for being stuck in traffic, speed cameras etc.

Have the bike for hooning now and pay cash for that.
 
Paid Cash for my car not that much £2,500.

Bought New R1 put 7k down 5k at 3% apr for the rest but intend on paying this off by crimbo as I hate monthly payments of any kind!

In short terms I'll use credit card offers to move about.

Any credits I try to keep under 6.9%.
 
I regret the bank loan I got on my previous 225 megane, still paying it off to date.

Having said that I wouldn't think twice about a low apr deal on a new car.
 
Matt82 said:
Even if you manage to avoid paying extortionate interest, each one of those months with an outstanding balance will actually marked on your credit record as a month with an outstanding balance
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I know you have multiple replies already but I just thought I'd point out that many companies don't actually like people who pay back in full every month because the establishment makes no money from the interest, they only make money from the card transactions. I believe there was some minor outrage by a company a few years ago that culled their books citing credit ratings and it turned out the only people they culled were people that payed back in full.

edit: 5 years ago it seems :eek: http://news.bbc.co.uk/1/hi/business/7223813.stm
 
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I think I will always stay with cash. Not sure I would want another debt on my plate, my only other debt being a mortgage.
 
My car is a NEVOS (Nissan employee vehicle ownership scheme) payment comes direct from my wages, includes insurance and servicing and I get a brand new car every 11 months
 
I've just looked into leasing and it seems bloody expensieve for even the crappy cars, anyone want to point me in the right direction?
 
If you want to lease you have to accept that financially it is likely work out a bit more expensive than buying say a 6 month / year old example of the same car.

That said, pick a budget not a car and you'll find some reasonable deals out there, what size of car do you want?
 
Bought my Cupra on finance with a £3k deposit from my trade in. I did it as its a car Ive always wanted to own and enjoy owning it. The dealer knocked a good amount off as i was taking finance.

But i do hate having it on finance, its a pain to have £200 come out every month and its affected how much I can borrow on my mortgage im applying for. I cant also mod the car.

Would I do it again? Only if its something special. I am now saving to buy my next car outright.
 
Trade / deposit / bank loan. I want to avoid it in future as as others have said it's a pain having cash come out every month, and I don't technically need a car now as the train station is five minutes drive away. I know I'll do it again though as soon as I've paid mine off. I want a Range Rover and I haven't saved enough up yet. :(
 
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