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Thread: Personal Loans

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    Personal Loans

    Can anyone direct me to a good company for taking out a personal loan to buy a car.
    thanks in advance

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    joost's Avatar
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    Try looking on www.moneysupermarket.com - there's usually a good rate to be had on there somewhere.
    Justin

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    Mate i used the AA and there repayments are brilliant i borrowed 5000 over 3 years and paying back 152.20 a month and at the end of the 3 years the final amount will be 5585.90 but i was told that if i was to have had the cover/ insureance on the loan the final amount would have been 7834.76, so give them a call or on www.theaa.co.uk/loan

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    Can I Borrow 1.4 Bhp off anyone please

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    yeah mine was with cahoot and it was about 5.8% apr which was very good, £8800 over four yrs for £207 per month
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    Northern Rock usually have very good terms... have used them in the past
    JohnyT

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    thanks so far,
    northern rock's minimum age requirement is 21

    forgot to mention im 18 years old, looking to burrow around 15k unsecured over 3-4 years. annual income of about 17k on general increase.

    if anyone can direct me to specialists i would appreciate it greatly.

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  9. #8
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    Quote Originally Posted by Ferno
    thanks so far,
    northern rock's minimum age requirement is 21

    forgot to mention im 18 years old, looking to burrow around 15k unsecured over 3-4 years. annual income of about 17k on general increase.

    if anyone can direct me to specialists i would appreciate it greatly.
    That's pretty crazy really, far better off spending the money you have saved, than paying out what must be a significant proportion of your wages. Chances are you'll be bored of the car long before you pay it off...

    Just promise one thing, never ever miss a payment, if you are 18 and miss a payment on a loan, your credit rating will take a very very long time to recover....

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    i got an £11,000 loan from halifax. ending up paying about 14,500 back i have sum kind of cover included in that.

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    whenever you get a good loan deal, take it to another lender! They will most def. beat it!

  12. #11
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    15,000 over four years is going to cost about 450 per month (with payment protectors etc which I'm sure the lender will require for someone of your age) and you will end up paying back over 21,500. I assume your 17,000 is top-line pay?

    If that is the case you will be paying getting on for half you wages on a car for the next four years.

    I just seems crazy to me to give them over 6000 to borrow the money.

    When I was young (17) I ran around in old bangers and saved every penny I could muster. In three years I had saved enough money to (about 12k and that was in 1987) which I used to buy my first decent car. I have since that time put aside an amount each month which I used every two or three years to purchase my next car. The money I save is obviously also earning me money while I save. I have never used finance to purchase cars as my money is to hard to earn to give away to others.

    Remember, you are are not only paying the interest on the money you borrow but you also take the depreciation on the car. After 4 years how much is the car going to be worth?

    The big problem here is that you want a unsecured loan so the interest rates are always going to be higher.

    All I'm saying here is that I wouldn't want to spend 450 a month on a 15k car and whilst I don't want to divulge my income on here, it is a fair bit more than you are currently quoting.

    Good luck in what ever you decide to do. I guess I'm old fashioned in these matter as I really do not like credit. I think a lot of people end up in serious trouble by borrowing. It is very easy to borrow but can be very difficult to pay it all back.

    I hope this doesn't come across as preaching, it is not meant to. In the end it's your money to do with as you please. Just spend it wisely and enjoy!
    Last edited by marms; 18th October 2007 at 02:50.
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