Consolidating Debt

Minusorange · 12 Dec 2018 at 18:02

[FnG]MUGnolia said:
Sell both cars and your missus for between 48 and 56 camels and then run a camel race in your back garden every day?

More money to be made in the Goat industry

Jonnybmac · 12 Dec 2018 at 18:07

SaintJimmy said:
My advice would be to sell the cars and gets cheaper ones, don't want to be paying them off for 5 years.

This really. Don't live beyond your means. It may drop a few hundred a month but how much more do you pay for the privilege?

The_Abyss · 12 Dec 2018 at 18:39

iamtheoneneo said:
People use this forum for PC stuff? LUL

lol - someone will be along soon to say that they sell electronic equipment through a shop on here too.

asim18 · 12 Dec 2018 at 23:42

SioNeoN said:
At the moment I have a loan for a car and a financed car too (one car is mine is the Mrs).

The car finance has 18 months to go on a 3 year agreement and my plan is to buy it outright at the end of the term, this would be a loan too.

What's the difference between a car bought on a loan, and a financed car?

Do you mean the one on a 3yr agreement is a lease car?

Freakbro · 12 Dec 2018 at 23:44

asim18 said:
What's the difference between a car bought on a loan, and a financed car?

Do you mean the one on a 3yr agreement is a lease car?

Saying he is looking to buy it out at end of term sounds like it's been financed on a pcp deal with a residual balloon payment at the end to own it.

Thekwango · 12 Dec 2018 at 23:54

Avenged7Fold said:
I always assume posters like this are spam or market researchers

My moneys on this being an existing member using an alt account to maintain a degree of anonymity.

Maybe it’s crinkleshoes!!

asim18 · 12 Dec 2018 at 23:56

Thekwango said:
My moneys on this being an existing member using an alt account to maintain a degree of anonymity.

Maybe it’s crinkleshoes!!

I wouldn't be surprised. The amount of people who roll around in borrowed/leased cars they will never own, trying to pretend they're rich is just astonishing.

btw not saying it's crinkleshoes i'm sure he actually owns his things, I'm just talking generally.

Kutter · 13 Dec 2018 at 02:08

OP, Dave ramsey is your friend, watch his videos.

Rroff · 13 Dec 2018 at 03:55

DXP55 said:
The yuth of today is certainly different to mine - we put every penny on the house and used grannies wishey washey hand ringer washing machine for years - my car was LHD 2CV import because it was cheap - we had been married 15 yrs before we could afford a new car - Most of all we never had loans if we could help it - Before I got married I had a loan for £450 for my car and my Dad had to act as guarantor for the loan and I paid it off as quick as possible.

It is a funny world in this respect at the moment - scraping and saving often doesn't go as far towards a house as it would have done back in the day while if you can forgo trying to afford a house you can live a lifestyle people in the otherwise similar income position 3-5 decades ago couldn't have dreamed of affording even without saving for a house. While if you are living with parents or have cheap rent i.e. house share then cars are ridiculously affordable via finance even for someone on minimum wage.

bainbridge · 13 Dec 2018 at 04:32

OP I'd just up the voltage slightly and keep an eye on temps.

SPG · 13 Dec 2018 at 10:34

I am surprised no one has suggested you sell both cars via webuyanycar.com then put all the proceeds on Red, then from the winnings upgrade the cars on a longer HP term.

VincentHanna · 13 Dec 2018 at 11:12

asim18 said:
I wouldn't be surprised. The amount of people who roll around in borrowed/leased cars they will never own, trying to pretend they're rich is just astonishing.

Or rather, it makes sense not to spend loads of money on a new car that will lose a fortune in residual value in the first 3 years? I bought a new car once, never again...

With contract hire cars for instance. Anything less than 25% of the full value of the car is good, anything less than 20% is amazing. The idea being that if you bought a £50,000 car yourself it would lose more than 25% in value in the first two years of ownership.

thegreysquirrel · 13 Dec 2018 at 13:14

You could buy (and actually own) 3 of my cars ('06 Yaris) every year for what you're paying to rent yours. Unless cars are your passion I truly don't understand the NEED to rent a new car but then I'm very much an A to B person.

dowie · 13 Dec 2018 at 14:18

^^^ this, I think if money is tight to the point where you now have to think about refinancing then perhaps you should be selling the cars when possible and simply buying cheaper options. It seems like you're wasting thousands of pounds that you can't really afford.