Cars on finance

[Starburst..x]

Just wondering how many people on here have their car on finance?
Only because I'm looking to buy a new car towards the end of this year and was hoping to put it on finance. Ideally Im hoping to save up the bulk of the cost of the cars I'm looking at but will perhaps need to put the last little bit on finance.
So yeah for those that do have finance I was just wondering how much you pay for it (if you dont mind saying) and whether it's worth it at all.

[Metric1]

I did, but it's paid off now.

[Martin]

My car is on finance, was 5 grand over a 5 year contract.

I guess it depends where you go etc, but the interest can be quite high- I pay around £130 a month, and will do so for the 5 years to pay for my car.

I would say it's worth it though if you are going to need to use it a lot (I use mine daily) and for comfort reasons etc its just nice to have a modern car rather than an old banger (which was horrible)

[danzooo]

mine is on finance, £100 a month for 3 years roughly.

[Metric1]

My car is on finance, was 5 grand over a 5 year contract.

I guess it depends where you go etc, but the interest can be quite high- I pay around £130 a month, and will do so for the 5 years to pay for my car.

I would say it's worth it though if you are going to need to use it a lot (I use mine daily) and for comfort reasons etc its just nice to have a modern car rather than an old banger (which was horrible)

:O what kind of interest rate did you get.. thats horrible!

[tdi]

never have and hopefully never will get a car on finance. I'm on to my 4th car now and I've paid for them all with hard earned wages. I can't stand it when people who have no interest in cars whatsoever get a brand new car off mummy and daddy either.

[Martin]

:O what kind of interest rate did you get.. thats horrible!

It's quite high! :D I got a load of extras too though, like I had to take out these safety policy things for peace of mind (can't remember what they're called)- but that bumped it up a bit too.

It's a good job I work :D

[GommeInc]

Mine is on finance, like £226 a month for 3 years. I fell in love with the new Fiesta when it was coming out so I put it on finance to save myself from imploding waiting to save up for one. If you've got the money to pay for most of it in one go, then you may as well put it on finance so when it comes to the end of the agreement (where you usually have to pay a lump sum to pay off the rest of the car), you can pay it off with the money you've acquired within the number of years you've had the finance.

[Starburst..x]

never have and hopefully never will get a car on finance. I'm on to my 4th car now and I've paid for them all with hard earned wages. I can't stand it when people who have no interest in cars whatsoever get a brand new car off mummy and daddy either.
That's one of the reasons I want a new car because I do hold a high interest in cars and I've been driving now for three years so something a bit more powerful than what I've got is perfect. Obviously I'd love to pay it all off in one go but Im at uni as well so it's just not possible, however trust me Ive been working my arse off to get some savings.

Thanks guys though for your opinions :) Im hoping to get a new car soon otherwise I genuinely might implode ahaa

[Swearwolf]

bit of advice... get a loan instead and buy the car outright. miss a payment on loan you get an extra charge, miss a payment on car finance = lose the car usually

[danzooo]

never have and hopefully never will get a car on finance. I'm on to my 4th car now and I've paid for them all with hard earned wages. I can't stand it when people who have no interest in cars whatsoever get a brand new car off mummy and daddy either.

this annoys me to the point of absolute rage! people who get bought brand new cars for learning to drive too, most ridiculous thing in the world - parents have more money than sense, obviously.

[Robbie]

loan > finance.

also someone i know got a brand new astra on finance and wrote it off 3 days later. pretty funny stuff. (18)

[Metric1]

I had my 2003 Honda Accord on finance and it cost me $625 a month and my mom paid my insurance. I worked like 40 hours a week and went to high school and never missed a payment. After that, the transmission died and my brother bought it off me and I bought the same car just 2 years newer.. The way it worked out was I was getting a killer deal on the new Accord already and I was going to finance the remaining 3 grand or something small like that for 2 years (smallest term they would give me) and I was like that's such a hassle paying off that little bit of money over 2 years so I just asked my mom for the money and she gave it to me. I was supposed to pay it back but I never physically gave her the $3000, but I've done a lot of work for her that I never was paid for so I think it evens out and she told me not to worry about it.

My mom doesn't finance cars anymore because she has the money to pay for them or she finds alternative methods to finance the vehicle she wants that allows her to pay cash at the dealer. You're getting raped as it is with interest charges through dealer financing companies and most dealers will go a few hundred dollars above invoice if you pay cash. With the Range Rover she actually paid below invoice for it, meaning the dealer actually lost money because it was the end of the year and they needed to get rid of it before it devalued anymore.

[GommeInc]

bit of advice... get a loan instead and buy the car outright. miss a payment on loan you get an extra charge, miss a payment on car finance = lose the car usually
Varies, some have you pay an extra charge like you would a loan on the next standing payment. You only lose the car if you continue to miss payments :P


this annoys me to the point of absolute rage! people who get bought brand new cars for learning to drive too, most ridiculous thing in the world - parents have more money than sense, obviously.
So true! If you have a car to have after you pass, have one that is a decent price but isn't old enough to lack safety, technology and possible spare parts. So by todays standards the model before, so the previous Fiesta, Corsa, Polo etc. New cars are only a realistic idea if you are definitely a good driver and the car you're getting isn't a stupidly powerful or over-sized vehicle, or you've been driving for 3 or so years.

[Joe!]

Thinking about getting an Audi a1 on finance actually, they look really nice for a small car. Think i'd get a loan instead of finance though, just seems a bit better in my eyes.

[Alexx..]

What types of car do you guys have on finance? :o I may look at getting one on it.

[danzooo]

What types of car do you guys have on finance? :o I may look at getting one on it.

2010 '59 plate Renault Clio 1.2 TCE Dynamique 100bhp

[J0SH]

Not yet but when my credit rating starts ticking over I'll get a Range Rover on finance, only something like £650 a month.

[danzooo]

Not yet but when my credit rating starts ticking over I'll get a Range Rover on finance, only something like £650 a month.


only?!

[GommeInc]

Not yet but when my credit rating starts ticking over I'll get a Range Rover on finance, only something like £650 a month.
That seems kinda average :P How many months/years is that in that for in total?

[danzooo]

That seems kinda average :P How many months/years is that in that for in total?

well considering they're about £55k, about 7 years...

[Starburst..x]

For £650 a month you better hope your job is pretty damn stable!

[benjamin]

i got my car on finance. 2008 black corsa, £165 a month for 4 years. all in all the interest is like £1.2k?
i've had it nearly a year.

[AgnesIO]

never have and hopefully never will get a car on finance. I'm on to my 4th car now and I've paid for them all with hard earned wages. I can't stand it when people who have no interest in cars whatsoever get a brand new car off mummy and daddy either.

So.. jealousy?

---------- Post added 26-01-2011 at 10:18 PM ----------

Before I get slaughtered..

I am not saying I agree with parents spoiling their kids with things like cars - my parents would never contribute unless I went half. However, at the end of the day it is jealousy!

[Jin]

Not yet but when my credit rating starts ticking over I'll get a Range Rover on finance, only something like £650 a month.

Good luck with getting that insured in east london.

I never looked into getting a car on finance with my first 3 cars I always assumed that I would never have passed credit checks . I am surprised to see so many people who have cars on finance. If you are a new driver I wouldn't recommend getting a brand new car.

[GommeInc]

Good luck with getting that insured in east london.

I never looked into getting a car on finance with my first 3 cars I always assumed that I would never have passed credit checks . I am surprised to see so many people who have cars on finance. If you are a new driver I wouldn't recommend getting a brand new car.
Why not, out of interest?

[danzooo]

Why not, out of interest?


Make a lot of daft mistakes when you first pass, night after I passed i kerbed **** out of one of my alloys parking when dropping a mate off... don't want to ruin a brand new car doing stuff like that

[tdi]

So.. jealousy?

---------- Post added 26-01-2011 at 10:18 PM ----------

Before I get slaughtered..

I am not saying I agree with parents spoiling their kids with things like cars - my parents would never contribute unless I went half. However, at the end of the day it is jealousy!

No, it's not jealousy. I've been brought up to earn my way in life. Yes, my parents have money but I don't get things handed to me on a plate. I work for a living and thus have money to buy what I want. I get annoyed when 'Little Miss I have no interest in cars, drive on my phone, still attempt to drive after a drink and have no care in the world other than how much my clothes cost and spray tans' gets literally given a car by mummy and daddy, which of course is brand new because 'only the best for my little girl' when in reality she'd only go and drive it into kerbs and reverse into things, thus ruining the car.
Think about it, £11k for a brand new poncey little city car, when you could buy a 6 year old car for a fraction of that price, yet still retaining the same safety features. It's not like she'll care, anyway.

[Jin]

Why not, out of interest?

Because the majority of newly passed drivers are crap, I mean granted you only get better from experience but most new drivers mindsets is that they are the greatest driver in the world.

Here is a list of damages that occurred in my year alone at 6th form (77 students).



Scratched alloys (I think gouged would be a better term as these wouldn't go unnoticed, usually from kerbs)
Scratched paintwork (Brickwalls, branches, bollards, lamp posts, other cars, gates)
Busted suspension, wishbones, bearings, axles (Reckless driving on speed bumps)
Dents (Brickwalls, trees, bollards, lamp posts, other cars and buildings)
Broken exhaust systems (too many people in a car combined with speed bumps)
Broken wing mirrors (drive ways, car parks, parallel parking, width restrictions especially at fast food drive-thrus)
Damaged interiors (Transporting too many people, drunk people, stupid people)
Write offs (Roundabouts, traffic lights, give ways, corners, one kid managed to write off 4 cars in the last 3 years of which 2 in year 13).

I was always a careful driver as I relied on my car for commuting 100's of miles to work but even so I wouldn't recommend a new car. Frankly even if I had a new car I wouldn't have taken it to school or college as you can trust your own ability to drive but you can't trust other peoples.

[GommeInc]

Make a lot of daft mistakes when you first pass, night after I passed i kerbed **** out of one of my alloys parking when dropping a mate off... don't want to ruin a brand new car doing stuff like that
So basically it's unwise to drive to have a new car when you've passed? It's hard to say what I think when looking into it. If you damage the car, it is your fault and no one elses but that only really works if you pay for the car, rather than your parents. If the parents have the money to spend then on their head(s) be it, if their son or daughter smash up the car then it's probably their fault for paying for it :P

I wouldn't call it jealousy, when a newly passed driver gets a new car, it's just potentially unwise for those with forward thinking. I'm sceptical when people get brand new cars because if there is an accident it seems wasteful, especially when a new car means you're more likely to own it longer (an older car tends to stay the first 3 years, assuming you're 17 or 18).


Because the majority of newly passed drivers are crap, I mean granted you only get better from experience but most new drivers mindsets is that they are the greatest driver in the world.

Here is a list of damages that occurred in my year alone at 6th form (77 students).



Scratched alloys (I think gouged would be a better term as these wouldn't go unnoticed, usually from kerbs)
Scratched paintwork (Brickwalls, branches, bollards, lamp posts, other cars, gates)
Busted suspension, wishbones, bearings, axles (Reckless driving on speed bumps)
Dents (Brickwalls, trees, bollards, lamp posts, other cars and buildings)
Broken exhaust systems (too many people in a car combined with speed bumps)
Broken wing mirrors (drive ways, car parks, parallel parking, width restrictions especially at fast food drive-thrus)
Damaged interiors (Transporting too many people, drunk people, stupid people)
Write offs (Roundabouts, traffic lights, give ways, corners, one kid managed to write off 4 cars in the last 3 years of which 2 in year 13).

I was always a careful driver as I relied on my car for commuting 100's of miles to work but even so I wouldn't recommend a new car. Frankly even if I had a new car I wouldn't have taken it to school or college as you can trust your own ability to drive but you can't trust other peoples.
That's quite a lot of damage for 77 people, although scratched paintwork is a norm for anyone really, assuming you live in the country :P

[Jin]

I live in a suburb of Reading though their is countryside not too far unless you specifically wanted to go there you wouldn't drive on country lanes.

I actually did some coursework for stats on these things and apart from the busted suspension, wishbones, bearings, axles and the broken exhaust systems which I stated as an anomaly everything else was quite common when compared with 3 schools (which were my 6th form, my former school where I did my GCSE's and my former grammar school).

According to my small study it is very likely that at least 1 new driver in 6th form/college who has their own car is likely to write it off within a year of obtaining their full driving license but not necessarily have any serious injuries. Somebody took my wing mirror off at 6th form when I had parked on the side of the road.

[danzooo]

So basically it's unwise to drive to have a new car when you've passed?

Yes


No, it's not jealousy. I've been brought up to earn my way in life. Yes, my parents have money but I don't get things handed to me on a plate. I work for a living and thus have money to buy what I want. I get annoyed when 'Little Miss I have no interest in cars, drive on my phone, still attempt to drive after a drink and have no care in the world other than how much my clothes cost and spray tans' gets literally given a car by mummy and daddy, which of course is brand new because 'only the best for my little girl' when in reality she'd only go and drive it into kerbs and reverse into things, thus ruining the car.
Think about it, £11k for a brand new poncey little city car, when you could buy a 6 year old car for a fraction of that price, yet still retaining the same safety features. It's not like she'll care, anyway.

It's scary how accurately this describes a girl in my year, daddy just bought her a brand new white Ford Ka with red bits on it...

[Starburst..x]

No, it's not jealousy. I've been brought up to earn my way in life. Yes, my parents have money but I don't get things handed to me on a plate. I work for a living and thus have money to buy what I want. I get annoyed when 'Little Miss I have no interest in cars, drive on my phone, still attempt to drive after a drink and have no care in the world other than how much my clothes cost and spray tans' gets literally given a car by mummy and daddy, which of course is brand new because 'only the best for my little girl' when in reality she'd only go and drive it into kerbs and reverse into things, thus ruining the car.
Think about it, £11k for a brand new poncey little city car, when you could buy a 6 year old car for a fraction of that price, yet still retaining the same safety features. It's not like she'll care, anyway.

Sorry 'Little Miss'!?? If you don't mind the majority of people that **** about in brand new cars are young lads who rag them beyond belief and pretty much show now respect for the brand new car mummy and daddy have bought their precious little prince who drives with his ego and not his brain... (hello high insurance!)
Not only that your sex doesn't determine how interested you are in cars it all comes down to personal interests.

Just wanted to put that out there.

[Catchy]

I've never understood the point of buying a brand new car on finance because as soon as you drive that car it will dramatically go down in value? You can get decent used cars at good prices? That's just me though and no I never will get a car on finance.

[danzooo]

I've never understood the point of buying a brand new car on finance because as soon as you drive that car it will dramatically go down in value? You can get decent used cars at good prices? That's just me though and no I never will get a car on finance.


And the decent used cars at good prices don't go down in value?

[AgnesIO]

Love how some people wouldn't take a free new car if their parents offered them one.

Don't lie xx

[tdi]

Sorry 'Little Miss'!?? If you don't mind the majority of people that **** about in brand new cars are young lads who rag them beyond belief and pretty much show now respect for the brand new car mummy and daddy have bought their precious little prince who drives with his ego and not his brain... (hello high insurance!)
Not only that your sex doesn't determine how interested you are in cars it all comes down to personal interests.

Just wanted to put that out there.

I'm not saying that the whole female sex isn't interested in cars, as I know girls who are, I'm just saying that generally girls aren't that into cars, much like most blokes aren't into makeup and handbags. Again, a bit of a stereotype but you get where I'm coming from. And don't get me wrong, I have no respect for the lads who get given a car and rag it about despite them just passing their test, and it being something very slow. It all goes to my point which I believe it's wrong for people to get given a car on a plate, I was just using 'little miss whatever i used' as an example.

And milestone, I'll admit it, if my parents offered me a car, then yes; I would take it, if they were so generous to offer me this, but I have respect for cars.