dubpolo1 0 Posted February 9, 2007 hi, im in the need of some advice. Basically after i sold my mk2 golf gti instead of using the money to put towards a corrado vr6 i stupidly went on holiday lol, and now have no car but that doesnt really bother me as walking to work is good for you apparently So ive got a full time job and just finished paying of credit cards etc and i was thinking about taking out a £4 or £5k loan so i can buy a vr6, would it be worth going into debt for a 12-15 year old car?? or should i just save up for about 6 months or so (which should take into the summer where car prices go up slightly) and until i can afford one? not sure if a loan is worth it for a older car anyone had the same dilemma? Quote Share this post Link to post Share on other sites
ben16v 0 Posted February 9, 2007 always better to own your car rather than HP. if the car costs 5k a loan of 3k would be ok provided you are prepeared to pay your debts back. DO NOT take a loan on a car 100% then have to pay bills etc and struggle also how old are you have you checked your insurance? Quote Share this post Link to post Share on other sites
samm_cvr6 0 Posted February 9, 2007 Personally I would look at just walking for another year and then getting a really nice motor outright as tempting as it is to take the loan. Quote Share this post Link to post Share on other sites
Son of a Beesting 0 Posted February 9, 2007 There was a thread on this not so long ago. Dont take out the whole amount. Only borrow what you can afford to lose!! Quote Share this post Link to post Share on other sites
dubpolo1 0 Posted February 9, 2007 always better to own your car rather than HP. if the car costs 5k a loan of 3k would be ok provided you are prepeared to pay your debts back. DO NOT take a loan on a car 100% then have to pay bills etc and struggle also how old are you have you checked your insurance? Im 21, yeh i suppose your right i would rather buy the car with my own money and know its mine....the good thing is im 22 in june so hopefully that will decrease the insurance quote a little. ill just need to learn to have patience, save up for the car and cover most of the insurance so i can pay that off at the same time lol by the way if it was a few years back i would probably take the loan through temptation, buy the car and no-one would of insured me Quote Share this post Link to post Share on other sites
Slimg60 0 Posted February 10, 2007 It's better to own the car outright. A lad I work with took a 9k loan to buy a Skyline and pay his insurance, 5weeks later it was part of the Lincolnshire scenary. He's now 9k out of pocket. Quote Share this post Link to post Share on other sites
G60Jet 1 Posted February 10, 2007 its all depends on what you can afford insurance wise too. remember a 5k loan you will end up paying more than that back due to interest. so if something happens to you or the car, the car is worth less than the loan. Save a deposit that is less than the interest on the you want, and a bare min of 10% of the car too. for example 5k loan repayment is 6k, so save 1k plus 10% of the cars value, so you could pay the loan of early and not be paying for a car you've sold. Check you the terms of your loan, HSBC for example do a cash back on the last payment of the loan, but you cant over pay it. egg loans you can over pay then at any time and take payment breaks(at cost). Personally I wouldnt take out a loan for a Corrado, but thats me, I'd buy a much newer car, ideally less than a year old and still under warrenty. thats way you should be cover for the little things that go wrong. I'm presently thinking of buying an R32, but im not taking a loan out. im saving the 2k or so i need extra on the value of me car Quote Share this post Link to post Share on other sites
blackcat 0 Posted February 10, 2007 Myself and the other half took out loans to buy the VR and paid half each. There is always the risk that the car will be written off and we will be stuck still paying the loan back but what is the difference between paying outright and then losing the money or still having to pay a loan for a car you haven't got anymore? (besides the interest on the loan) We didn't have any extra money to buy a car, we could have saved up a little and got a crappy little runabout but we really wanted a VR, so we got one!! It's all up to you in the end. Loans aren't bad things necessarily. It all depends if you can afford to pay it back or not. Quote Share this post Link to post Share on other sites
g60greeny 0 Posted February 10, 2007 i've been gettin loans out for years :lol: i'm to impatient to save up,but last year i took out a mortgage so that plus the loan payments adds upto a far bit,but once the loans paid off i will be in a position to buy a newer car as well as keep the rado :D the thing is me an the g/f are both in full time employment so we still earn enough between us to cover both loan an mortgage payments with spare cash for other things if needed.tbh i've never really thought aqbout what would happen if i wrote the g60 off and was without a car and still payin a loan off,its just the gamble you take,could try an get an agreed value policy maybe with the ins? Quote Share this post Link to post Share on other sites
KieranM 0 Posted February 10, 2007 I was tempted to get a loan out for my corrado but instead i saved up the extra cash, sold my car first and in the end got a cheaper one. Don't forget costs of maintenance and things going wrong, after all, they are 12 odd years old and silly things like coilpacks give up and then you have a £100 bill for the part alone. But i'm 22 and even though i'm paying quite a bit, i could get insured by quite a few people. And it's defo worth it, they're awesome cars!!! Quote Share this post Link to post Share on other sites
mattosmond 0 Posted February 10, 2007 if your desperate for it go and get a 0% credit card (or more) and then just payback what you can and shift the ammount to a new card when the 0% is up! this would be your cheapest option imho... Quote Share this post Link to post Share on other sites
mtc R32 0 Posted February 10, 2007 Live for today and enjoy yourself..... Get the loan and haggle for a bargain of a Vr from someone who is desperate to sell... Be carefull how you mod the car so if need be you can sell it and get your money back! If anything happens to the car, claim off your insurance and pay the loan off... I you can afford the monthly payments then why not!!! You only live once matey :lol: Quote Share this post Link to post Share on other sites
Andy665 0 Posted February 10, 2007 Money is cheap at the moment, as above, if you have seen a car that appeals borrow the money and buy it, if you wait until you have saved up enough you might not be able to find the right car Quote Share this post Link to post Share on other sites
herisites 0 Posted February 10, 2007 I got a £1k loan so i could get my vr6 quicker, i paid the rest myself and pay insurance monthly. It didnt bother me at all and i LOVE my corrado more and more each day! Quote Share this post Link to post Share on other sites
bcstudent 0 Posted February 11, 2007 for example 5k loan repayment is 6k, so save 1k plus 10% of the cars value, so you could pay the loan of early and not be paying for a car you've sold. That's not strictly true. Barclays offer loans at about 6%, which means £6k over three years costs £400 in interest. Quote Share this post Link to post Share on other sites
