Tyson Posted March 21, 2012 Share Posted March 21, 2012 Worst thing i did was get a 10k loan to by a car. Still paying £275 a month and its crippling me Guilty here too 10K aswell but I opted to pay it over 2 years so that's 480 a month !! Quote Link to comment Share on other sites More sharing options...
chazuk Posted March 21, 2012 Share Posted March 21, 2012 If it was me Id take a drop on your car and get it sold get the cash in hand Quote Link to comment Share on other sites More sharing options...
Benjy Posted March 21, 2012 Share Posted March 21, 2012 Worst thing i did was get a 10k loan to by a car. Still paying £275 a month and its crippling me Feel your pain! £290 a month to pay for the privilidge of owning not just a Supra, but an NA Supra!! Anybody got a length of rope, a rafter and a stool I can borrow?? Quote Link to comment Share on other sites More sharing options...
Jamesy Posted March 21, 2012 Author Share Posted March 21, 2012 IF you got a deposit on the car, would they hold it for long enough for you to get yours sold? i reckon if i secured a deposit on mine i would be able to give him a deposit until mine sells yes mate - its abroad anyway so would give me a short time to arrange paperwork etc. Credit cards get my vote here 0% for 12mnths but with a 3-5% fee. I have plenty want to borrow one? Good plan mate but 1. i dont know if i'll get a 17k limit, and 2. im not sure if i can buy a private car on a credit card Cant you just wait? Yeah i could wait, but i know full well this car wont hang about too long another car will come up, as said wait. things can go wrong fast and the banks and what not are still in major trouble with the recession the way it is. but could you not add it to your morgage (if you have one) and then pay that off once you sell the car , just and idea not what i would do at all, if you still use you car then anyone could smash into you at any point and you would be stuffed if they had no insurance Yeah "other" cars may do but this is a car unlike the rest plus if i got it i would tuck my silver one away until it was sold - it wouldnt go anywhere near general bad public drivers!! The frustrating thing is i have 2 people interested and i genuinely believe at least one of them will come good, its just a matter of timeframes.... if i dont end up getting this car i dont think i will want to sell mine at all - and the whole point of changing is that in end i will have a few quid left over to put into my bank! Quote Link to comment Share on other sites More sharing options...
johnny g Posted March 21, 2012 Share Posted March 21, 2012 Get the Titan box on yours and sell it as a true 825bhp car. It'll be MUCH easier. I know if I bought an 825bhp car that was 500-550 when I picked it up, I'd not be happy. Quote Link to comment Share on other sites More sharing options...
Jamesy Posted March 21, 2012 Author Share Posted March 21, 2012 Get the Titan box on yours and sell it as a true 825bhp car. It'll be MUCH easier. I know if I bought an 825bhp car that was 500-550 when I picked it up, I'd not be happy. lol im not really talking about that again mate - the car is what it is and has been advertsied accordingly - im not "tricking" anyione into buying a different car I have 2 people interested who know all about the car, as mentioned its more a timeframe issue i have and whether its a good move to borrow money in the interim Quote Link to comment Share on other sites More sharing options...
Jamesy Posted March 21, 2012 Author Share Posted March 21, 2012 Best loan i could find were offering early settlement fee of 1 months interest, approx £56 so not THAT bad if i wanted to pay off early... best monthyl package was £290 a month over 6 years (as im only planning ion paying for 6-9 months i wanted the longest term to provide the cheapest monthly rates) hmmmm Quote Link to comment Share on other sites More sharing options...
Robzki Posted March 21, 2012 Share Posted March 21, 2012 On the credit card thing I think you'd be surprised, I won't tell you what I do for a living or what I earn on a public forum but I have approx 100k available on credit cards and the last one(barclaycard) gave me a 17k limit and this was on a second barclaycard. with several offering 12-22mnths 0% with a 3-5% fee for cash advances/balance transfers. you can pay outright with cash. the fee is added to the total credit and is the first part that is paid so no interest on the fee if you pay it quickly. I guess its all down to credit ratings. I've even had cards in the past that give 0% interest and £0 fee and given me £100 as an incentive. I guess that is why the country is in such a mess. But every card I use is a 3% fee for 12-24mnths interest fee so works out at 1.5%-3% interest, I then transfer them to a new one at the end of the 0%. Don't know where you'd get a personal loan that cheap. Also with no early repayment. Quote Link to comment Share on other sites More sharing options...
Jamesy Posted March 21, 2012 Author Share Posted March 21, 2012 On the credit card thing I think you'd be surprised, I won't tell you what I do for a living or what I earn on a public forum but I have approx 100k available on credit cards and the last one(barclaycard) gave me a 17k limit and this was on a second barclaycard. with several offering 12-22mnths 0% with a 3-5% fee for cash advances/balance transfers. you can pay outright with cash. the fee is added to the total credit and is the first part that is paid so no interest on the fee if you pay it quickly. I guess its all down to credit ratings. I've even had cards in the past that give 0% interest and £0 fee and given me £100 as an incentive. I guess that is why the country is in such a mess. But every card I use is a 3% fee for 12-24mnths interest fee so works out at 1.5%-3% interest, I then transfer them to a new one at the end of the 0%. Don't know where you'd get a personal loan that cheap. Also with no early repayment. cheers mate, interesting - although the 5% fee for cash is like £800 !! If i do it i think i'll stick to a bank loan.... Quote Link to comment Share on other sites More sharing options...
nige-rz Posted March 22, 2012 Share Posted March 22, 2012 Just out of interest, what car are you thinking of going for Jamesy? Quote Link to comment Share on other sites More sharing options...
abtin90 Posted March 22, 2012 Share Posted March 22, 2012 Just out of interest, what car are you thinking of going for Jamesy? As above interested in seeing what your replacing the supe with. Quote Link to comment Share on other sites More sharing options...
Brazil Posted March 22, 2012 Share Posted March 22, 2012 Delayed post mods please delete...! Quote Link to comment Share on other sites More sharing options...
Brazil Posted March 22, 2012 Share Posted March 22, 2012 As above interested in seeing what your replacing the supe with. Please tell us or at least give us a clue....! Is possibly a, UGR Gallardo? Quote Link to comment Share on other sites More sharing options...
Jamesy Posted March 22, 2012 Author Share Posted March 22, 2012 Just a car off someone i know - its not on the forum. Quote Link to comment Share on other sites More sharing options...
johnny g Posted March 22, 2012 Share Posted March 22, 2012 Is possibly a, UGR Gallardo? If he could afford a UGR Gallardo, he'd not need to borrow £17k lol Quote Link to comment Share on other sites More sharing options...
Jamesy Posted March 22, 2012 Author Share Posted March 22, 2012 if he could afford a ugr gallardo, he'd not need to borrow £17k lol Quote Link to comment Share on other sites More sharing options...
Brazil Posted March 22, 2012 Share Posted March 22, 2012 What kind of power are you aiming to have in your next car? Quote Link to comment Share on other sites More sharing options...
Jamesy Posted March 22, 2012 Author Share Posted March 22, 2012 What kind of power are you aiming to have in your next car? 165 bhp - something more manageable Quote Link to comment Share on other sites More sharing options...
Chris Wilson Posted March 22, 2012 Share Posted March 22, 2012 Just drop the price of your car enough for it to sell NOW and borrow the shortfall, should be cheaper long term than borrowing the lot. Quote Link to comment Share on other sites More sharing options...
Jamesy Posted March 22, 2012 Author Share Posted March 22, 2012 can i ask a question about loans: if i borrow say £19k over 7 years and the total payable is say £25k @ £300 pm.... i know they front load the interest, so if i managed to sell my car after 5 months, i would want to settle early. Most companies only charge 2 months interest which is around £100 fee which is fine - my question is...when they do the settle fee, after 5 months id have paid £1500 - so will my settle fee be less than £19k, or will it still be over £19k despite paying £1500 as my tital amount borrwed if fuull term is £25k? im not sure how they work out the settlement figure but i dont wanna be paying for months and end up paying back MORE than the inital loan amount! Quote Link to comment Share on other sites More sharing options...
Kopite Posted March 22, 2012 Share Posted March 22, 2012 Can you settle that early with all loans? I had one where it wasn't an option or i was lied to! Quote Link to comment Share on other sites More sharing options...
AndrewOW Posted March 22, 2012 Share Posted March 22, 2012 Just drop the price of your car enough for it to sell NOW and borrow the shortfall, should be cheaper long term than borrowing the lot. Even though I'm totally against borrowing money in this way. And that's speaking from someone with a LOT of experience in these matters Quote Link to comment Share on other sites More sharing options...
Jamesy Posted March 22, 2012 Author Share Posted March 22, 2012 i know - im awful with money - but im sure mine will sell within the next few months...well...hopeful. worst case i could always sell the new one!! Quote Link to comment Share on other sites More sharing options...
CJ Posted March 22, 2012 Share Posted March 22, 2012 i know - im awful with money - but im sure mine will sell within the next few months...well...hopeful. worst case i could always sell the new one!! And if they both don't sell? Quote Link to comment Share on other sites More sharing options...
Josh Posted March 22, 2012 Share Posted March 22, 2012 i know - im awful with money - but im sure mine will sell within the next few months...well...hopeful. worst case i could always sell the new one!! I'd hate to be your financial advisor Quote Link to comment Share on other sites More sharing options...
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