![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
And Boy! do they make you pay again @ Divorce time!
Best you be nice to them then!
Car Loan?
- Thread starter TurboMonkey
- Start date
Best you be nice to them then!
Soldato
I'm paying 5% for the finance on mine. Yes I know its not the cool thing to do but hey, my money and my life 
, I'll waste it how I see fit.
, I'll waste it how I see fit.
I think the risk of that is over-rated.
Situation: Buy Car A, 2 years old, for market value of £10,000. Finance 100%.
1 year later, owing £8000, you crash Car A when it is 3 years old. It is written off and worth £7000. You are paid £7000 by the insurer after haggling, and still owe £1000.
You then go out and buy a 3 year old Car A for £7000.
Situation before accident: You owed £8000 and owned a 3 year old Car A.
Situation after accident: You owe £8000 and own a 3 year old Car A, just a different example.
- Joined
- 1 Sep 2008
- Posts
- 86
I'm paying 5% for the finance on mine. Yes I know its not the cool thing to do but hey, my money and my life
What period was that over?
This is going to sound crazy, but I've got lots of money tied up in finishing off my house, which does not leave me enough to save for another car.
I could on the other hand afford around £250 pm.
[TW]Fox;12417156 said:
And potentially a cash flow issue iro the £1,000 you need to find to clear the old finance.
Remember the insurers will clear £7,000 off the o/s balance and the finance company will be on you like a ton of bricks for the £1k shortfall.
Anyway, that's just to plug a hole in your scenario, I agree GAP has limited appeal.
Associate
This is almost exactly the same as me, I had £11,000 of my own money and then I borrowed £24,000 over 4 years to fund the rest of the cost and I pay back £572 a month, but did not get as good an apr rate as you as mine is 6.9%.
In effect I own my vRS (parent loan).
However I've still taken out GAP for three years.
It was a pretty minimal charge for the three years of cover and I just see it as an added piece of protection.
It should mean I never suffer a shortfall should the worst case happen.
However I've still taken out GAP for three years.
It was a pretty minimal charge for the three years of cover and I just see it as an added piece of protection.
It should mean I never suffer a shortfall should the worst case happen.
Has the GAP Insurance been assigned to your parents then?
If you dont even have finance secured on the vehicle you wont have a shortfall!
Exactly - it's from important nor even neccesary, it's simply an additional luxury.
I wonder what the fraud rates are on it? Buy brand new car, crash it 2 years later when its worth £10k less than you paid..
Soldato
[TW]Fox;12416726 said:Most University courses now include a 3rd year where you are not an 'average student' you become an 'average worker' for a year. This means you earn money which you can spend on things other than getting hammered every night, given you need to be at work again for 9am the next morning.
And whilst I'm sure you need to pay for a shag, not all of us do
This is what a few friends that have gone to Uni have done and worked out well for them. Its how you set your priorities. If you want a BMW, then save for it. I cant understand how people have a go at other people for having some cash when they are young. Most people get a job and earn it like the rest of us
You paid £130 a month over 3 years, or you took a loan/finance of £130 and paid it off over 3 years?
What do you think? I mean honestly, do you really think he financed £130 for a car over 3 years?!
