Car on Finance Question

buckeejit · 28 Mar 2009 at 23:43

I recently posted a thread about Driving Lessons and how many people have had. I'm hopefully going to start taking some soon but I was just wondering, me and a mate were discussing cars... I'll hopefully be buying a second hand car. My mate asked if someone were to get a car on finance, would they be allowed to fit a new speaker system etc.? I said no because technically, the person who pays finance on that car doesn't own it.

Views?

Lord-Jaffa · 28 Mar 2009 at 23:46

buckeejit said:
I recently posted a thread about Driving Lessons and how many people have had. I'm hopefully going to start taking some soon but I was just wondering, me and a mate were discussing cars... I'll hopefully be buying a second hand car. My mate asked if someone were to get a car on finance, would they be allowed to fit a new speaker system etc.? I said no because technically, the person who pays finance on that car doesn't own it.

Views?

Is this a joke?

buckeejit · 28 Mar 2009 at 23:47

Lord-Jaffa said:
Is this a joke?

no, would I have posted it otherwise?

bobert50 · 28 Mar 2009 at 23:48

Nah i think you can do that without any probs, they aint that fussy surely?

Worth noting btw is if your due to pass soon, you'll get shafted on the insurance and if you take a car out with finance, i "think" you have to have it insured fully comp which could cost a small fortune, so i'd be wary of that.

Clarkey · 28 Mar 2009 at 23:50

LOL, so people who have a mortgage on their house better not decorate it then

buckeejit · 28 Mar 2009 at 23:51

Clarkey said:
LOL, so people who have a mortgage on their house better not decorate it then

haha, good point mate

malfunkshun · 29 Mar 2009 at 11:17

It usually (not always) works out cheaper to get a personal loan than finance

Illusion · 29 Mar 2009 at 11:31

bobert50 said:
i "think" you have to have it insured fully comp which could cost a small fortune, so i'd be wary of that.

I bought my first car two years ago and financed part of it then insured it TPFT due to the cost, I don't think there is anything forcing you to go fully comp (I certainly wasn't made aware of it anyway).

It is a bit risky though incase you were to write it off and then have to continue paying the finance off. As soon as I had my first years NCB fully comp insurance was cheaper than TPFT anyway.

apatia77 · 29 Mar 2009 at 11:34

Remember you cant change the tyres too.

LOL

iaind · 29 Mar 2009 at 11:59

Finance will often appear cheaper on newer cars, a lot of dealers will offer 0%, but in reality you're paying more for the car in the first place anyway.

Given that its your first car and you're already talking about changing speakers in it, I would suggest you might be better off with a cheap second hand car anyway.

Your costs are going to be pretty huge in the first few years anyway, the last thing you want is a few 100 quid extra per month paying for a new car.