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Loans

Kelly_CaitKelly_Cait
posted 1 decade 9 months ago
I'm not sure if I want to get a loan for my first car. I was going to get a fairly cheap car, but speaking to Caits nan on her dads side changed my mine, she said theres no point spending £2000 on a car thats 10 years old at the most because of depreciation + the car might not last that long, don't want to waste the money LOL. I know I've got to consider the insurance but if I get a loan then hopefully that will come out of that or I can save some money till I have passed my test.

So I am puzzled about how much I should spend & the loan considering I am only working 20.5 hours. HELP!!!!!LOL I want a Corsa and they don't cost that much.


Hayley_KevHayley_Kev
posted 1 decade 9 months ago
as i learnt hun your a lot beter off and a lot safer in an old car then newer car. yes the cars of today look alot nicer and their shiiny paint and curved body - but they are made to crumple if you have a smash - its known as the more impact to the car the less of an impact on the people inside.but the car is then a right off.

an old car will stand alot more - need alot less work done.i recently sold my L reg (93-94) peugeot 106.it was an absolutely fantastic car and other than new tires (and a new windscreen from when a brick flicked up at me) it never needed anything doing!! the girl who had it off me is a neighbour of my mum and its still going strong for her and not been a problem!

i think its personal preference - some people think old cars are - well - old... others love em! i prefer old!

Kelly_CaitKelly_Cait
posted 1 decade 9 months ago
I don't like the look of new cars LOL look all beasty LOL

Hayley_KevHayley_Kev
posted 1 decade 9 months ago
i also forgot to say back when i brort my car i took out a £5000 loan... the installments were £140 a month - with that i got my car, payed outright on the insurance, treated myself to new things and me and kev had a amazing holiday!

Kelly_CaitKelly_Cait
posted 1 decade 9 months ago
Thats good, who was that with? I bank with Lloyds and looked at their loans and they seem to be more pricey than other places

Hayley_KevHayley_Kev
posted 1 decade 9 months ago
mine was a while ago now but it was with barclays - i think they apr was only 7% or something like that (but i did bank with them at the time! another idea would be to get a capital 1 loan or credit card - i have a capital 1 credit card and i pay no interest so long as i pay the minimum a month.i dont use my credit card now tho so i dropped it down to the minimum amount (£250) so i cant get myself in too much trouble with it.

or instead of taking a loan you could always takethe car outon finiance from who you buy it off - they let u have the car n u pay in installments - only prob with this is they tend to charge whoping interest and you will also have no spare cashe to pay the insurance or treat yourself - so personally i wouldnt go for the finance option.

Kelly_CaitKelly_Cait
posted 1 decade 9 months ago
I looked at the finance too and think it would be a waste of time. O a credit card I would go mad haha!!!

catgirl_872catgirl_872
posted 1 decade 9 months ago
well i bought richs car for £200 off ebay, £80 on insurence for first month then £50 every month. it already had tax and mot, so far we have payed £100 to the the water pump fixed but they did two oters things to it so the price was worth it. so its not all bad for a little run about its a rover metro and im gonna have it when i pass my test Smile as for gettin a loan i wouldnt know but rich took a loan out for his first car when he was 17 and it was a nightmare to pay it back as i got with him when he was 21,i helped him pay it back when i didnt even get to see the car as when i got with him his dad had taken the car off him and has never given it back no reason for him not havin it his dad is just a dick LOL hope u do the right thing Smile xx

Kelly_CaitKelly_Cait
posted 1 decade 9 months ago
I've spoke to a family member and he is gonna lend me the money after I've passed my test. Was going to borrow 2k off him but might see if I can get anymore & try to get a car as new as I can, this way it will hopefully last a good few years LOL. I've looked at Fiat Panda and like them but not sure LOL

orc30orc30
posted 1 decade 9 months ago
Hi

Old cars are built harder, but I saw an episode of 5th gear recently where they did a crash test between an old Volvo estate (one of the big ones) and a new renault (one of the smallish ones with 4 doors). In the test each car was doing 40 mph. Put it this way in a crash I would want to be in the Renault. The Volvo ended up with the engine where the drivers should have been sat and the driver would have been lucky to survive. You could still open the doors on the Renault. If you're insured then the insurance will cover the cost of repairing/replacing the car. The Volvo was definitely a right off, and the Renault was border line as it would have needed a lot of work, but most importantly you would have been in one piece.

Cars lose the most value in the first 2 to 3 years, so probably aiming around the 3 year old mark if your budget can stretch that far is a good place to start. Alternatively with enough money saved up you may be able to get a 0% finance deal on a new car.

Kelly_CaitKelly_Cait
posted 1 decade 9 months ago
I've seen a new Fiat Panda for 5k. But think you've got to pay for the extras and stuff. Corsas new are abit too expensive LOL

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