Raising the Finances

[Chili Red]

I'm much better at paying back than I am saving! As long as you know your limits and don't borrow more than you can afford then I don't see the problem.

Yeah, I agree. My loan is over 4 years, and it's very affordable. I'd rather do it this way than get the bus for 4 years while saving up.

 

[Batman]

it just seems some people have the money around them in the first place to go out and buy the car then can save up coz they dont have car payments, my parents dont have cash to lend me, my gf has 4k in an isa but i'd never borrow it i'd rather pay a little interest and know i have some money for if anything goes wrong.

it is true alot of young people dont know their limits these days but it is a consumerisy society so people can get stuff thats thought to be hard to earn by just filling in a form, its their fault for not having common sense and also a little of the companies for just keep giving people the credit!

i'd would never dare spend more then 1/5 of my income on repayments for stuff its just daft!

 

[Shindig]

thinking about getting a 2nd job to fund the car budget. I wont be spending either. Can increase the saving amount per month

 

[kully]

private loan via through AA finanance , quite competitive 6.6% rate 3 yrs ago , goes as a personal loan rather than used as loan for buying a car

 

[gazcaddy]

sale of the clio - 2k
girlfriend's student loan which was kept in ISAs - 5k
money saved - 2k

That's how I'm funding my next car. The student loan is paid back at a very low rate, so better than any loan out there

The problem with student loans is that yes the interest rate is 2.5% but you pay it back over a long period meaning higher interest payments

 

[Gumby]

You can actually pay it off as fast or as slow as you like...