Caporegime
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- 30 Jul 2013
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Exactly this.
If the autobox or something like that goes, you are looking at silly money....not that it should after 30k miles but you never know.
Last edited:
advice needed. Financing a used car
- Thread starter mwarsame
- Start date
Exactly this.
If the autobox or something like that goes, you are looking at silly money....not that it should after 30k miles but you never know.
If he can afford the repayments then why not?
Caporegime
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- 30 Jul 2013
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Pretty much answered that in the above post 
Indeed. If you are going to be spending this much and are in the OP's position, it would be much smarter to get something new or nearly new with a heap of warranty left instead of a just out of warranty merc.
As everyone else has posted it is an utterly bonkers idea and an extremely bad APR.
If your credit rating is poor you are probably better to look at financing the car through a dealership where the money is secured against the car. You won't get the sub 4% APR figures people are talking about but it will at least be single figures.
To put it in perspective you are talking about spending £340 a month on a 2 year old car when you can have a brand new Superb (just come out and a hell of a lot more kit and an overall better car than an E-class) for £240 a month:
http://www.lingscars.com/Skoda/Supe...ess_Hatchback_5dr_1968cc-personal.html#models
You can even contract hire a brand new E-class for similar money (note: I'm not recommending you do this!!)
http://www.lingscars.com/Mercedes/E...220_SE_Saloon_4dr_2143cc-personal.html#models
In your situation though I would be looking to borrow less money and go for something practical for you and the family, e.g. a 3 year old Mondeo, Superb, Passat.
If your credit rating is poor you are probably better to look at financing the car through a dealership where the money is secured against the car. You won't get the sub 4% APR figures people are talking about but it will at least be single figures.
To put it in perspective you are talking about spending £340 a month on a 2 year old car when you can have a brand new Superb (just come out and a hell of a lot more kit and an overall better car than an E-class) for £240 a month:
http://www.lingscars.com/Skoda/Supe...ess_Hatchback_5dr_1968cc-personal.html#models
You can even contract hire a brand new E-class for similar money (note: I'm not recommending you do this!!)
http://www.lingscars.com/Mercedes/E...220_SE_Saloon_4dr_2143cc-personal.html#models
In your situation though I would be looking to borrow less money and go for something practical for you and the family, e.g. a 3 year old Mondeo, Superb, Passat.
...what on earth is that website? It's very....bling.
Associate
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- Cambridge, UK
1) 14.9% is dire.
2) If you settle early, you still pay the full amount (though you can't be charged extra, IIRC). It wont save you interest paying early.
Think about using these guys for a good deal on a new car (I used them for mine, saved £7.5k off the asking price), £340/mo is an amazing budget to have!
https://www.drivethedeal.com/
I got a brand new, Limited spec Renault Megane Sport Tourer (that spec includes panoramic sunroof, dual zone climate control, Sat Nav, BT, auto headlights/wipers/mirrors, extra tinted windows - the WORKS) for £13.5k. Comes with 4-year/100k mile warranty, with 4-year national breakdown cover.
Sure - its not a Merc, but I'm paying £280/mo over 3 years (although I plan to pay it off within 12-18 months of taking the loan out), all at 3.89% APR.
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
Wrong - you do save interest. Infact you save all the interest you'd otherwise have paid if you carried on with the exception of a small penalty which can be up to 58 days interest.
Also to those suggesting PCP or leasing - if the op still has a registered default then he will be lucky to be accepted at all. If he can get a pcp it will be very fortunate to be in single Apr figures and the total interest will be horrendous due to the borrowed sum.
I'd be inclined to buy something cheaper and arrange finance attached to the car (assuming you can get the rate down this way). The rate will still be high but acceptance chances should be higher plus the overall interest paid will be lower.
I'd be inclined to buy something cheaper and arrange finance attached to the car (assuming you can get the rate down this way). The rate will still be high but acceptance chances should be higher plus the overall interest paid will be lower.
Associate
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- 4 Mar 2013
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- Location
- Cambridge, UK
[TW]Fox;28778338 said:
Hmm... actually you're right. I was led to believe wrong - I stand corrected.
Not if you've got a bad credit history!
ok, after long hard think, I'm postponing the dream car
I'll settle with a Vauxhall Insignia 12 plate, £10k... I'll fix the credit, settle it early, save in the meanwhile and buy it out right.
That sounds like an equally terrible idea to be honest. Why not just get a £5k car and save up for the dream car?
I wanted to get an auto because the boss lady can only drive auto :/