Finance

[sja]

The talk of rates and payment options last few days has got me curious. Can any of you finance wizards point me in the direction of a calculator that can work out details of a loan. (its on the M&S Web Site, car buying plan). Is there a way to work out how much of the loan will be paid off monthly / yearly?

Loan amount £25000
Period 60 Months
Apr 9.4 (gulp)
Final balloon £7500 (30%)

I.e after 14 months there will be £21000 remaining, 22 months £18000. etc..

Cheers

Edited by sja on Thursday 15th February 13:56

[paracetamol]

what are your monthly payments?

[sja]

Sorry approx £419 Per Month.

[kayc]

sja said:

The talk of rates and payment options last few days has got me curious. Can any of you finance wizards point me in the direction of a calculator that can work out details of a loan. (its on the M&S Web Site, car buying plan). Is there a way to work out how much of the loan will be paid off monthly / yearly?

Loan amount £25000
Period 60 Months
Apr 9.4 (gulp)
Final balloon £7500 (30%)

I.e after 14 months there will be £21000 remaining, 22 months £18000. etc..

Cheers

Edited by sja on Thursday 15th February 13:56

Just pay cash and stop buggering about?.

[paracetamol]

month amount interest payment balance
1 25000 166.6666667 419 25166.66667
2 25166.66667 167.7777778 419 24915.44444
3 24915.44444 166.102963 419 24662.54741
4 24662.54741 164.4169827 419 24407.96439
5 24407.96439 162.7197626 419 24151.68415
6 24151.68415 161.0112277 419 23893.69538
7 23893.69538 159.2913025 419 23633.98668
8 23633.98668 157.5599112 419 23372.54659
9 23372.54659 155.8169773 419 23109.36357
10 23109.36357 154.0624238 419 22844.426
11 22844.426 152.2961733 419 22577.72217
12 22577.72217 150.5181478 419 22309.24032
13 22309.24032 148.7282688 419 22038.96859
14 22038.96859 146.9264572 419 21766.89504
15 21766.89504 145.1126336 419 21493.00768
16 21493.00768 143.2867178 419 21217.29439
17 21217.29439 141.4486293 419 20939.74302
18 20939.74302 139.5982868 419 20660.34131
19 20660.34131 137.7356087 419 20379.07692
20 20379.07692 135.8605128 419 20095.93743
21 20095.93743 133.9729162 419 19810.91035
22 19810.91035 132.0727357 419 19523.98308
23 19523.98308 130.1598872 419 19235.14297
24 19235.14297 128.2342865 419 18944.37726
25 18944.37726 126.2958484 419 18651.67311
26 18651.67311 124.3444874 419 18357.01759
27 18357.01759 122.3801173 419 18060.39771
28 18060.39771 120.4026514 419 17761.80036
29 17761.80036 118.4120024 419 17461.21236
30 17461.21236 116.4080824 419 17158.62045
31 17158.62045 114.390803 419 16854.01125
32 16854.01125 112.360075 419 16547.37132
33 16547.37132 110.3158088 419 16238.68713
34 16238.68713 108.2579142 419 15927.94505
35 15927.94505 106.1863003 419 15615.13135
36 15615.13135 104.1008757 419 15300.23222
37 15300.23222 102.0015482 419 14983.23377
38 14983.23377 99.88822514 419 14664.122
39 14664.122 97.76081331 419 14342.88281
40 14342.88281 95.61921873 419 14019.50203
41 14019.50203 93.46334686 419 13693.96538
42 13693.96538 91.2931025 419 13366.25848
43 13366.25848 89.10838985 419 13036.36687
44 13036.36687 86.90911245 419 12704.27598
45 12704.27598 84.6951732 419 12369.97115
46 12369.97115 82.46647436 419 12033.43763
47 12033.43763 80.22291752 419 11694.66055
48 11694.66055 77.96440364 419 11353.62495
49 11353.62495 75.69083299 419 11010.31578
50 11010.31578 73.40210521 419 10664.71789
51 10664.71789 71.09811925 419 10316.81601
52 10316.81601 68.77877338 419 9966.59478
53 9966.59478 66.4439652 419 9614.038745
54 9614.038745 64.09359163 419 9259.132337
55 9259.132337 61.72754891 419 8901.859886
56 8901.859886 59.34573257 419 8542.205618
57 8542.205618 56.94803745 419 8180.153656
58 8180.153656 54.5343577 419 7815.688013
59 7815.688013 52.10458676 419 7448.7926
60 7448.7926 49.65861733 419 7079.451217

[paracetamol]

Its a bit approximate but within a couple of quid...also you will find that M&S charge anout 1 months interest as penalty.

[sja]

Thaks for that. Spot on. Basically not a good deal unless keep the car until end of term. Thanks again. M&S dont realy explain this and now see why..

[paracetamol]

Just had a look at it. The rate is slightly high but the deal is very flexible-you are not tied to a particular vehicle and you can buy a car privately as the finance is not secured on the car (its a personal loan). You can also easily sell the car as having no finance outstanding. Disadvatages are that you do not have a guaranteed residual.

[thegoose]

paracetamol said:

Just had a look at it. The rate is slightly high but the deal is very flexible-you are not tied to a particular vehicle and you can buy a car privately as the finance is not secured on the car (its a personal loan). You can also easily sell the car as having no finance outstanding. Disadvatages are that you do not have a guaranteed residual.

If that's the case it sounds like a good deal with a low APR. I have just done a friend a favour and got him car finance (i.e. secured, and has to be a car sold through a dealer) and at a base rate of 4.25% but with the usual fees of £175 documentation fee and £50 end of term fee, both of which are added to the loan up front, over 36 months the APR is 9.9%.

[magic torch]

You could always live in a box, no need for finance then...

[triple7]

All well and good at the moment while the finance is still relatively cheap, but if the base rate was at 8-9%, I don't think anywhere near as many people would be buying new Porsches and residuals would firm up big time.

So I guess buy it while you can 'afford' it.

G