Is your car on finance?
Discussion
Just wondering, following a chat I've just had with someone, how many folk here have their car on finance/car loans?
I don't have either of my two current motors on any sort of finance. Bought and paid for! (mind you, they are older motors, but that suits me fine).
If you do have finance/loan, what percentage of your monthly income does it take?
I don't have either of my two current motors on any sort of finance. Bought and paid for! (mind you, they are older motors, but that suits me fine).
If you do have finance/loan, what percentage of your monthly income does it take?
Edited by JumboBeef on Sunday 11th July 14:54
No finance here either. Never have done, although the thought has crossed my mind. Just can't bring myself to have debt! I don't even like having anything on my credit card, have to pay it off right away.
I have quite a bit of spare cash I could use to go towards finance but it's going into savings for the house! Fun!
I have quite a bit of spare cash I could use to go towards finance but it's going into savings for the house! Fun!
theironduke said:
To date, and for ever unless my outlook on life changes, all my cars are bought outright. If i can't afford what i want i'll either save up for longer or get something else.
...I have a small loan on/for my car which will be paid off next year.....it's the only loan I have.....I also have savings worth more than my car and own my own property (no mortgage)....to take out a loan for my car was a personal choice which suited me....horses for courses....I would never hock myself to the hilt to buy anything....
I think it's a personal thing really. Manageable debt is fine, it's when people live beyond their means in a serious way when things become problematic. I bought a new BMW two years ago, and was told by the sales advisor that many people choose to tag the car on to their mortgage. Insanity.
I recently sold my car to pay it off plus have money in the bank. Not because I couldn't afford it - I could have cleared it in 18 months if I'd put my mind to it - but because like the post above I too like being debt free.
I spose as the old adage goes, it's only expensive if you can't afford it.
I recently sold my car to pay it off plus have money in the bank. Not because I couldn't afford it - I could have cleared it in 18 months if I'd put my mind to it - but because like the post above I too like being debt free.
I spose as the old adage goes, it's only expensive if you can't afford it.
I wouldn't want to - at least not on any HP/PCP/CH schemes: I don't think I could live with an everyday car for more than about six months, so often does my mind change! I hate being in debt too, I always 'forget' that I've got repayments to do whenever I borrow money off the parents which gives me a nasty shock when I have about £200 less than I thought in my bank account. 
Only ever had one car on "finance" and that was £2000 towards £7150 purchase price. Up until 4 years ago used to get bank loans for cars then buy "cash", never borrowing more than 50% of car value to ensure I didnt end up owing more than the car was worth.
But since I sold the 3 series every other car has been pure cash purchase.
But since I sold the 3 series every other car has been pure cash purchase.
I had my Mondeo ST TDCi on finance, £247.52 a month for 2 years at 4% interest + £299 at the end, some sort of admin fee. Just ended a few weeks ago. The rest of the ££ for the car was paid in cash and part-ex. Was 22 when I took it out.
Edited by thebigmacmoomin on Sunday 11th July 16:28
Edited by thebigmacmoomin on Sunday 11th July 16:28
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