Looking for some advice on a first car on finance
Discussion
Hey all
I got my license at 30 and now looking for a car. I was considering leasing but the leads times of 6 months plus and beyond is not really viable and by then i will have forgotten how to drive haha.
I am looking at second hand cars from dealerships for around £5k-6k mark. I was wondering as have no car buying experience. I would buy it on finance and use for lets say a year with then look to sell it and pay of the remaining balance. Would like to hear from other peoples experience of this and recommended cars. I have driven car sizes like the Hyundai i10.
Thanks in advance
.
I got my license at 30 and now looking for a car. I was considering leasing but the leads times of 6 months plus and beyond is not really viable and by then i will have forgotten how to drive haha.
I am looking at second hand cars from dealerships for around £5k-6k mark. I was wondering as have no car buying experience. I would buy it on finance and use for lets say a year with then look to sell it and pay of the remaining balance. Would like to hear from other peoples experience of this and recommended cars. I have driven car sizes like the Hyundai i10.
Thanks in advance
.
Need more information on your usage for the car?
What will your annual mileage be?
What do you want from the car?
Do you have any must haves?
Why are looking to spend 6k on a car you're only keeping a year?
The simplest way to get finance sorted is to get a personal loan as in most cases the APR will be lower than taking out finance on a car.
What will your annual mileage be?
What do you want from the car?
Do you have any must haves?
Why are looking to spend 6k on a car you're only keeping a year?
The simplest way to get finance sorted is to get a personal loan as in most cases the APR will be lower than taking out finance on a car.
As ZX says above, the cheapest finance will be from a bank. Sainsbury's were doing the cheapest loans at 2.8% but not sure if that's changed on the back of BoE interest rate announcement last week.
Alternatively you could look at a 0% balance transfer credit card and bounce the purchase from another card to the 0% one.
If this is your first car you'll probably have relatively high insurance costs so bear that in mind - although your age will help and it should drop off quite quickly after a couple of years no claims.
In terms of the car no-one can really help you without more info. Start by going to Autotrader and work your way down the filters choosing your limits and see what comes up. You'll have your pick of just about anything if you just have a price bracket in mind
Alternatively you could look at a 0% balance transfer credit card and bounce the purchase from another card to the 0% one.
If this is your first car you'll probably have relatively high insurance costs so bear that in mind - although your age will help and it should drop off quite quickly after a couple of years no claims.
In terms of the car no-one can really help you without more info. Start by going to Autotrader and work your way down the filters choosing your limits and see what comes up. You'll have your pick of just about anything if you just have a price bracket in mind
ilikejam said:
Alternatively you could look at a 0% balance transfer credit card and bounce the purchase from another card to the 0% one.
I very much doubt a car dealer would accept a credit card as payment. I have an MBNA card and they are offering a cash advance at 0% for 24 months with a 4% fee.So you could borrow £5K for two years for £200 which is crazy cheap.
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