How do you afford your car's?
- Thread starter undamagedvirus
- Start date
2010 reg rs 200
About 8.5/9k?
Same as my last car, same price too.
I financed mine, was only around £280 p/m with no deposit. My current car was £17k but is only £40 p/m more.
Wish I never took out finance, I shot myself in the foot when I paid £14k for my second car but then p/x'd it for £7700 on a new BMW on finance.
I want to get out of finance as I'm looking to buy soon and declaring that you pay for a car p/m lowers the amount you can borrow by loads for me. So I'm going to get my parents to pay it off then I'll pay them the money p/m which also saves me paying the interest.
TB Rich
Paid Member
Just get a credit card with 2years interest free (longest I can see at the moment is 20months), setup a direct debit and you're all good. If you haven't paid it off in time then just balance transfer at the end of the period onto a 0% interest balance transfer card, current longest on those is about 34 months. There will be a 3% fee on moving the balance between cards but basically you're looking at close to free finance for nearly 5 years.
If you can't get a high enough credit limit to put the whole lot on CC, then you will have to do the old fashioned route of saving the difference between the credit limit and the car.....or set your sights a little lower.
If you can't get a high enough credit limit to put the whole lot on CC, then you will have to do the old fashioned route of saving the difference between the credit limit and the car.....or set your sights a little lower.
Could do didn't think of this 
Thanks!
I have to save for a bloody house, wedding and a car
Be so worth it
Thanks!
I have to save for a bloody house, wedding and a car
Be so worth it
Jimmy
Good cop
Finance can be such a minefield and it isn't something that anyone should enter into lightly. I learnt the hard way in the past and lost so much money in interest payments and depreciation. Having said that, it can be very handy, provided you are comfortable with what you're getting into.
GrumpyTwig
"the troll hunter" with added boost!
I'm a boring *******, the first piece of finance and still last piece of finance I entered into was my mortgage due to a aggressive hatred of it. I'd seriously suggest anyone thinking of financing cars if they don't have a mortgage stop.... get a cheaper car they can afford with cash and look at getting property.
But to answer the OP, cash.
But to answer the OP, cash.
Jimmy
Good cop
I think a lot of the trouble with finance is that it's thrown in your face that this is the best and only option for people. How many car adverts nowadays don't bang on about finance repayments?? It seems it is the default payment method for buying cars at the moment. Granted, that's on new cars, but it still conditions people to think that way.
Unfortunately people tend to learn the hard way that financing a car isn't the best choice. But then, I would bet that there aren't a lot of people that have the means to save and pay cash these days...
Unfortunately people tend to learn the hard way that financing a car isn't the best choice. But then, I would bet that there aren't a lot of people that have the means to save and pay cash these days...
Hmm I do suppose
Saving up money in this current economical climate is very difficult
Some people find it easier or have the means to save easier
I was intent on saving to purchase my Clio outright. It would have taken me roughly 2 years.
After 1 year of saving I got the itch and crunched some figures and worked out I could finance half of it, make the repayments and still stick to my current savings schedule.
The hit I took was on disposable income. I chose a 3 year term with pretty low monthly payments but pretty high interest.
I hated being in debt so paid it off 12 months in to the term. Ended up paying about 12% interest on what I borrowed which is high but it was only a personal loan.
Half cash, half finance with enough money month to month to pretty much maintain my lifestyle...that's the only way I'll do finance, if I can still have a similar lifestyle.
After 1 year of saving I got the itch and crunched some figures and worked out I could finance half of it, make the repayments and still stick to my current savings schedule.
The hit I took was on disposable income. I chose a 3 year term with pretty low monthly payments but pretty high interest.
I hated being in debt so paid it off 12 months in to the term. Ended up paying about 12% interest on what I borrowed which is high but it was only a personal loan.
Half cash, half finance with enough money month to month to pretty much maintain my lifestyle...that's the only way I'll do finance, if I can still have a similar lifestyle.
