Jump to content
The mkiv Supra Owners Club

Need to borrow money for short term..


Jamesy

Recommended Posts

  • Replies 63
  • Created
  • Last Reply

Top Posters In This Topic

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!

 

Regardless of how long it takes you to pay it you will still pay back more than 19K as the you will pay interest on the payments you have made. Then you have your cancellation fee plus more than likely some kind of admin fee too. Depending on what interest rate you get and how long you have it for will dictate the overall cost of the loan, if you have it for say 5 months like you mentioned earlier it will probably be a bit less than 20k

Link to comment
Share on other sites

yeah thanks mate - thats what i meant - although i would pay off say £2000, maybe only £800 of that will be capital - so instead of having £1700 left it'll be more like £18200 - meaning i'd have paid £20200 in total? :)

 

It all depends on how the interest is applied, on my loan it is spread equally amoung the payments so each payment I make has an equal amount of interest applied to it if you get what I mean :blink:

Link to comment
Share on other sites

yeah i know what you mean mate - i think this one was front loaded :rolleyes:

 

as much as i REALLY want this car this is all very stressful and i know its not the right way to go about it when i stop and think...just wish i could get someone to confirm genuine interest with a deposit on mine....

Link to comment
Share on other sites

you could get someone to invest in your salon,once you got the money get the car,then bankrupt the business.

 

then get a new company name and trade as the original business name,bingo

 

i know this works for a local business man i know who has done this to a few people over the years.

 

not really ethical and not what i would do,but if you want it that bad it does seem to work for people out there

 

Did I really just read that :blink:

 

No wonder this countries economy is going down the pan with a business model like that ....

Link to comment
Share on other sites

Did I really just read that :blink:

 

No wonder this countries economy is going down the pan with a business model like that ....

 

yes you did,i don't condone this at all,but it is something that is done by someone i know of

 

i really was ment as a joke,so dont do it jamesy

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue. You might also be interested in our Guidelines, Privacy Policy and Terms of Use.