Most finance you've ever had against a car?
Discussion
Many years ago I took out a £5k loan to buy a small dream of mine - a Lotus Elise. Interest rates were low, so the £5k bank loan cost me about £400 interest over 3 years. However, it seemed like a huge risk to me at the time, even though I had plenty of disposable income and the repayments were low.
I was looking at RS4's earlier, thinking I could probably buy one with a big enough loan, it'd have to be pretty big though!
Whats the biggest loan/dealer finance you've ever had against a car??
I work on the basis that whatever I finance/buy I need a get out stratergy, in other words if I need to drop the car quickly (if things go tits up) can I afford to take a big hit financially sell the car settle the finance and still have money in my pocket to move forward with. If the interest rate is favourable and all the above issues fall in line the amount is not how much but what proportion of equity I have in the car.
If you buy a car you will lose money and as long as you remember that only borrow what you can afford to pay back.
Mind you if the interest rate lifting up a few percent on your mortgage is going to take you to the limit of your finance you couldn't afford it in the first place.
Just my humble
If you buy a car you will lose money and as long as you remember that only borrow what you can afford to pay back.
Mind you if the interest rate lifting up a few percent on your mortgage is going to take you to the limit of your finance you couldn't afford it in the first place.
Just my humble
MattyB_ said:
Many years ago I took out a £5k loan to buy a small dream of mine - a Lotus Elise. Interest rates were low, so the £5k bank loan cost me about £400 interest over 3 years. However, it seemed like a huge risk to me at the time, even though I had plenty of disposable income and the repayments were low.
I was looking at RS4's earlier, thinking I could probably buy one with a big enough loan, it'd have to be pretty big though!
Whats the biggest loan/dealer finance you've ever had against a car??
Obviously don't know your finances, but wouldn't these also cost alot to run & maintain..I was looking at RS4's earlier, thinking I could probably buy one with a big enough loan, it'd have to be pretty big though!
Whats the biggest loan/dealer finance you've ever had against a car??
Lifes to short, the way I see it I'm going to leave a s
t load of money to my loved ones one day. So as long as you can comfortably finance something and you realise that it's you that is responsible for settling the finance then no harm done.
We all owe money whether it be a mortgage, electric bill, council tax. So being out of debt is an impossibility until the day you leave this world, may as well enjoy it in the meantime.
I suppose my opinion is affected by my best mate a few years ago who was a director of a succesful company at the age of 23. His sole aim in life was to be mortgage free by the time he was 35. He saved hard and at 30 all was well his pension mortgage etc, all stacking up nicely. When a truck went over him on the m40 early one morning and left him dead I did change my opinion on debt and living for the day. Mind you his Mrs has got a right few bob.
I say don't borrow beyond your limits but don't be scared of cheap finance.
t load of money to my loved ones one day. So as long as you can comfortably finance something and you realise that it's you that is responsible for settling the finance then no harm done. We all owe money whether it be a mortgage, electric bill, council tax. So being out of debt is an impossibility until the day you leave this world, may as well enjoy it in the meantime.
I suppose my opinion is affected by my best mate a few years ago who was a director of a succesful company at the age of 23. His sole aim in life was to be mortgage free by the time he was 35. He saved hard and at 30 all was well his pension mortgage etc, all stacking up nicely. When a truck went over him on the m40 early one morning and left him dead I did change my opinion on debt and living for the day. Mind you his Mrs has got a right few bob.
I say don't borrow beyond your limits but don't be scared of cheap finance.
£27k for my 911. £680 per month over 4 years - got about 18 months to go.
With hindsight, a huge commitment that has been a bit scary because a year ago the car plummeted in value with the recession and was in some serious negative equity for a while. If i'd had to panic sell, I would have been in schtuk.
Have to say as a side issue, it's nice to have such a good credit rating to be able to get that. The dealer coughed over his coffe when I said it was going on finance, and it was to his surprise when the application sailed through with Barclaycard motor loans. He said finance applications of that size usually get refused.
With hindsight, a huge commitment that has been a bit scary because a year ago the car plummeted in value with the recession and was in some serious negative equity for a while. If i'd had to panic sell, I would have been in schtuk.
Have to say as a side issue, it's nice to have such a good credit rating to be able to get that. The dealer coughed over his coffe when I said it was going on finance, and it was to his surprise when the application sailed through with Barclaycard motor loans. He said finance applications of that size usually get refused.
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