[Finance] Financial help needed - small car loan.

Stat Brother · Dec 29, 2019

Morning all, one of the many gaps in my knowledge centres around loans.

In this case my car is on its last wheels with the MOT looming.
Seemingly I can get another car, cheaper to run, for the price of the work needed.

So it makes sense to make the change only I've always shide away from loans, HP etc.

I only need £1,500 (maybe 2k) but other than my bank I have no idea what other options I have open to me.
(Traditionally I just bump up my mortgage but I'm getting old!)

I don't want to hire or hire to buy.
I certainly don't want a status car as I really don't care what I drive.

I just need £1,500 to buy another and despite knowing it's probably wrong I'm tempted to hand over my credit card.

Any help, for someone old enough to know better, would be much appreciated.

AmexRuislip · Dec 29, 2019

Stat Brother said:
Morning all, one of the many gaps in my knowledge centres around loans.

In this case my car is on its last wheels with the MOT looming.
Seemingly I can get another car, cheaper to run, for the price of the work needed.

So it makes sense to make the change only I've always shide away from loans, HP etc.

I only need £1,500 (maybe 2k) but other than my bank I have no idea what other options I have open to me.
(Traditionally I just bump up my mortgage but I'm getting old!)

I don't want to hire or hire to buy.
I certainly don't want a status car as I really don't care what I drive.

I just need £1,500 to buy another and despite knowing it's probably wrong I'm tempted to hand over my credit card.

Any help, for someone old enough to know better, would be much appreciated.

This is like Darth Vader returning to the dark side.

WATFORD zero · Dec 29, 2019

Stat Brother said:
Morning all, one of the many gaps in my knowledge centres around loans.

In this case my car is on its last wheels with the MOT looming.
Seemingly I can get another car, cheaper to run, for the price of the work needed.

So it makes sense to make the change only I've always shide away from loans, HP etc.

I only need £1,500 (maybe 2k) but other than my bank I have no idea what other options I have open to me.
(Traditionally I just bump up my mortgage but I'm getting old!)

I don't want to hire or hire to buy.
I certainly don't want a status car as I really don't care what I drive.

I just need £1,500 to buy another and despite knowing it's probably wrong I'm tempted to hand over my credit card.

Any help, for someone old enough to know better, would be much appreciated.

For the best free advice on anything financial, I've always found these good

https://www.moneysavingexpert.com/loans/cheap-personal-loans/

Hampster Gull · Dec 29, 2019

Use bikes, I hear they’re great

Hugo Rune · Dec 29, 2019

Don’t pay by credit card or do a deal with a garage linked loan company, the interest rates will be awful.

Find a cheap personal loan from an unbiased site such this one:

https://www.moneysavingexpert.com/loans/cheap-personal-loans/

You can get these loans online fairly quickly with very little hassle.

Then just set-up a monthly repayment you are happy with by adjusting the length of time for total repayment.

TottonSeagull · Dec 29, 2019

Hugo Rune said:
Don’t pay by credit card or do a deal with a garage linked loan company, the interest rates will be awful.

Find a cheap personal loan from an unbiased site such this one:

https://www.moneysavingexpert.com/loans/cheap-personal-loans/

You can get these loans online fairly quickly with very little hassle.

Then just set-up a monthly repayment you are happy with by adjusting the length of time for total repayment.

Don’t agree. Get a 0% credit card and pay with that. Some will give you 0% on purchases for up to 24 months. Just divide the amount owed by the number of months that you get 0% and this will give you the amount you need to pay monthly to make sure the debt is repaid with no interest paid at all.

LamieRobertson · Dec 29, 2019

Stat Brother said:
Morning all, one of the many gaps in my knowledge centres around loans.

In this case my car is on its last wheels with the MOT looming.
Seemingly I can get another car, cheaper to run, for the price of the work needed.

So it makes sense to make the change only I've always shide away from loans, HP etc.

I only need £1,500 (maybe 2k) but other than my bank I have no idea what other options I have open to me.
(Traditionally I just bump up my mortgage but I'm getting old!)

I don't want to hire or hire to buy.
I certainly don't want a status car as I really don't care what I drive.

I just need £1,500 to buy another and despite knowing it's probably wrong I'm tempted to hand over my credit card.

Any help, for someone old enough to know better, would be much appreciated.

Surely just buy a new set of wheels

LamieRobertson · Dec 29, 2019

AmexRuislip said:
This is like Darth Vader returning to the dark side.

It comes as a shock to me that he actually typed the word CA.......R

beorhthelm · Dec 29, 2019

your bank will be probably be best, cheapest option, may auto-approve. after that its one of the other banks.

at £1500 you're buying another car with potentially expensive issues, might be fine, bit of a lottery unless you know cars well. so may be worth looking at cheaper repair if you're talking to a stealership go local mechanic.

wellquickwoody · Dec 29, 2019

Stat Brother said:
Morning all, one of the many gaps in my knowledge centres around loans.

In this case my car is on its last wheels with the MOT looming.
Seemingly I can get another car, cheaper to run, for the price of the work needed.

So it makes sense to make the change only I've always shide away from loans, HP etc.

I only need £1,500 (maybe 2k) but other than my bank I have no idea what other options I have open to me.
(Traditionally I just bump up my mortgage but I'm getting old!)

I don't want to hire or hire to buy.
I certainly don't want a status car as I really don't care what I drive.

I just need £1,500 to buy another and despite knowing it's probably wrong I'm tempted to hand over my credit card.

Any help, for someone old enough to know better, would be much appreciated.

Credit card is the worst option pretty much full stop, unless you can pay it off within a month or two?

Bank, probably ,yes.

£1,500 on a car, you are walking into a minefield. @£3k minimum to get something that ‘should’ be reliable. Surely you would buy an e-bike? If you are getting old, why do you not know these things? :lol:

Good Luck!

maffew · Dec 29, 2019

Hampster Gull said:
Use bikes, I hear they’re great

TottonSeagull · Dec 29, 2019

wellquickwoody said:
Credit card is the worst option pretty much full stop, unless you can pay it off within a month or two?

Bank, probably ,yes.

£1,500 on a car, you are walking into a minefield. @£3k minimum to get something that ‘should’ be reliable. Surely you would buy an e-bike? If you are getting old, why do you not know these things?

Good Luck!

How is a credit card at 0% for 24 months a worse option than a loan at say 8%? All Stat has to do is repay the credit card in the 0% period and he then gets the money for no interest at all.
Credit cards can be a good thing if they are used correctly.

Icy Gull · Dec 29, 2019

£1500 car? You’d better borrow 3k to fund the inevitable repairs/new tyres, clutch, cambelt, brake discs and pads and exhaust. You will have done very well not to need a few of those done quite urgently. People don’t sell cars cheaply that don’t need things doing in my experience.

Sorry can’t help with how you fund it though :smile:

LamieRobertson · Dec 29, 2019

wellquickwoody said:
Credit card is the worst option pretty much full stop, unless you can pay it off within a month or two?

Bank, probably ,yes.

£1,500 on a car, you are walking into a minefield. @£3k minimum to get something that ‘should’ be reliable. Surely you would buy an e-bike? If you are getting old, why do you not know these things?

Good Luck!

Not if you get one with zero interest on purchases for say two years?

Agree with the £1500...I can see a few more threads on vehicle breakdown if he goes that route :moo:

WATFORD zero · Dec 29, 2019

I bought each of my kids their first cars for between £1200 - £1500. 7-8 years old, 50K miles(ish).

They both kept them for 2 years put 15K(ish) on the clock and then sold them for over £1,000, both had 1 bog standard service in that time. There are some good deals out there on small cars, you just need to be a bit careful.

*edit* Just remembered, one of them had to have a new coil fitted, but still bargains.

nwgull · Dec 29, 2019

If you’ve got a mortgage and a credit card that you usually pay off in full then you’ll have a decent credit rating, in which case you’ll be able to get a bank loan for 5%, possibly even less, which is a repayment of £66 per month over 2 years.

Chicken Run · Dec 29, 2019

Stat Brother said:
Morning all, one of the many gaps in my knowledge centres around loans.

In this case my car is on its last wheels with the MOT looming.
Seemingly I can get another car, cheaper to run, for the price of the work needed.

So it makes sense to make the change only I've always shide away from loans, HP etc.

I only need £1,500 (maybe 2k) but other than my bank I have no idea what other options I have open to me.
(Traditionally I just bump up my mortgage but I'm getting old!)

I don't want to hire or hire to buy.
I certainly don't want a status car as I really don't care what I drive.

I just need £1,500 to buy another and despite knowing it's probably wrong I'm tempted to hand over my credit card.

Any help, for someone old enough to know better, would be much appreciated.

By yourself a decent electric bike fam, you don’t need a car. Evil things dem.

Triggaaar · Dec 29, 2019

Stat Brother said:
I've always shide away from loans

Shied. Jesus, if you can't be bothered to make an effort, why should we?

Justice · Dec 29, 2019

Do what I do grow a nice healthy weed crop in the attic and use the profit, downside is my **** neighbour started to complain about the smell and threatened to call the OB.

Bold Seagull · Dec 29, 2019

Stat Brother said:
Morning all, one of the many gaps in my knowledge centres around loans.

In this case my car is on its last wheels with the MOT looming.
Seemingly I can get another car, cheaper to run, for the price of the work needed.

So it makes sense to make the change only I've always shide away from loans, HP etc.

I only need £1,500 (maybe 2k) but other than my bank I have no idea what other options I have open to me.
(Traditionally I just bump up my mortgage but I'm getting old!)

I don't want to hire or hire to buy.
I certainly don't want a status car as I really don't care what I drive.

I just need £1,500 to buy another and despite knowing it's probably wrong I'm tempted to hand over my credit card.

Any help, for someone old enough to know better, would be much appreciated.

Might be worth a read Stat.

https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/

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