Getting a Loan for a car? seen a Really nice

Lew

Lew

Lew

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Joined
12 Mar 2004
Posts
1,737
Location
East Sussex
X-reg seat Ibiza cupra R for £5000 Looks mint, has done 71k. Is this quite a good price? I have had a look on pistonheads and they seem to be around that price.

What companys offer good rates for loans or on specifically for cars? And has anyone else got a loan out for their car?
 
Lew said:
X-reg seat Ibiza cupra R for £5000 Looks mint, has done 71k. Is this quite a good price? I have had a look on pistonheads and they seem to be around that price.

What companys offer good rates for loans or on specifically for cars? And has anyone else got a loan out for their car?
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5k for a cupra r is good going, as long as its had its timing belt and possibly the waterpump replaced with a metal impellored version. If it has, that is usually a sign that the car has been cared for.
As for a loan, go to your bank, I bought my Leon Cupra with one, it meant I got a reasonablwe interest rate and was able to offer cash for a slight discount on it (new) rather than use one of the dealers finance companies which rip the arse out of the rates.
 
Yup low interest bank loans are better in my little opinion as cars can be sold on easier if they are hp clear so even if you dont want the car after a year, sell it on and repay as much of your loan as possible with the proceeds.
 
paradigm said:
Why?

I paid for my car with a low interest personal loan. So long as you can manage debt, its not a bad thing.
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I know, I bought a car back along with a loan and you just get a little peeved still paying for it 4.5yrs down the line!

Agreed - finance is a wonderful thing.
 
Dave L said:
I know, I bought a car back along with a loan and you just get a little peeved still paying for it 4.5yrs down the line!

Agreed - finance is a wonderful thing.
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I'm only paying mine off over 2 years, wouldn't have tied myself down for any longer.
 
Dave L said:
I know, I bought a car back along with a loan and you just get a little peeved still paying for it 4.5yrs down the line!
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The problem there is not the fact you got a loan but the fact the repayment term is so long.
 
Lew said:
What companys offer good rates for loans or on specifically for cars? And has anyone else got a loan out for their car?
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http://www.moneysupermarket.com/loans/

compare loans / interest rates there.

and yes lots of people do it. and remember with Loans, the shorter the loan period = the less interest you pay.

pay off 9k in 2 years, and you'll only pay £9500 total. pay it off in 5 and you pay £10400 total.
 
[TW]Fox said:
The problem there is not the fact you got a loan but the fact the repayment term is so long.
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Yep, but when I was 19 and young/carefree 5 yr loans for a *dream* car was very attractive! :lol:
 
Dave L said:
Yep, but when I was 19 and young/carefree 5 yr loans for a *dream* car was very attractive! :lol:
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Exactly and this is generally why people on here advise to such people that its a stupid idea. Only some insist they know better and won't find out its a daft idea for years to come. Shame they have to be soo obnoxious about it in the meantime :D
 
3 years max is a good time scale for a personal loan. After 3 years the interest starts getting quite high. Unless you intend to pay it off within a year; if this is the case then I would possibly use a 0% purchases credit card from a bank such as Halifax. I used this method to buy my mountain bike a couple of years ago. Put a couple of grands worth on the card, paid it off within the year and paid no interest at all.
 
Thanks for the replys, If i was going to get the loan I would have £1000 already saved.

Northern Rock
Loan amount
£4,000
APR
7.8 %
term
18 months
with loanprotect gold
£256.29

which is really Achievable at the moment.

Just the car in Question is £5000 abit steep ?
 
I wouldnt take loan protection myself, as in the event that I cannot repay my loan (which is highly unlikely) then I will just sell the asset for which I am using the loan to pay for.
 
FrannoBaz said:
dont bother getting a loan dude; by the time you pay it off, the car will have Halved in price.
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Yeah, that makes sense :confused:

Car - £9995
Deposit (in form of part ex) - £3000
Loan - £7000

Loan repaid so far £4000~

Loan Left to repay £3000~

Current Car Value £9500~

I can see the negative equity there.
 
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