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 Post subject: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 13:33 
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Location: Shropshire, UK
Followers of the "Guess what I bought today?" thread will be aware that I put a deposit down on a Toyota Celica on Sunday, with the rest either going through a car finance company or on my credit card, depending on which would be cheaper.

The finance company called me back today to give me their quotes and figures. They wanted to charge me a whopping 36% interest on the loan! THIRTY-SIX PERCENT!

I told 'em to stick it up their arse, I'll just go on the credit card instead. Sure it'll still charge interest, but at a damn sight less than 36 fucking percent!

How can they get away with this? My credit score is fine, I'm a home-owner with a well-paid job... how the hell does any of that deserve 36%?


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 13:35 
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Isn't that lovely?

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GazChap wrote:
Followers of the "Guess what I bought today?" thread will be aware that I put a deposit down on a Toyota Celica on Sunday, with the rest either going through a car finance company or on my credit card, depending on which would be cheaper.

The finance company called me back today to give me their quotes and figures. They wanted to charge me a whopping 36% interest on the loan! THIRTY-SIX PERCENT!

I told 'em to stick it up their arse, I'll just go on the credit card instead. Sure it'll still charge interest, but at a damn sight less than 36 fucking percent!

How can they get away with this? My credit score is fine, I'm a home-owner with a well-paid job... how the hell does any of that deserve 36%?



Because there are a lot of people who will just use the finance people that the dealer recommends. I would look for a secured loan for the cheapest way of buying the car. Talk to the people who your mortgage is with.

Malc

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 13:36 
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Hibernating Druid

Joined: 27th Mar, 2008
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Wouldn't you be better off with a personal loan from a Bank?

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 13:40 
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Skillmeister

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I remember Direct Line wanted 19% off me for my loan. I told them pretty much the same.

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:01 
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Location: Shropshire, UK
I'm unfortunately time-restricted because I'm basically without a car at the moment, which I cannot afford to be, hence the urgency. I wouldn't normally consider going through the credit card, but there's little other option as with a bank loan it takes quite some time for the money to come through.

My parents will be selling their old house at some point in the very near future and splitting the proceeds between my brothers and I, so I can use that to pay off the loan anyway.


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:04 
SupaMod
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I know I'm stating the obvious - but why not buy a cheaper car?

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:07 
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Heavy Metal Tough Guy

Joined: 31st Mar, 2008
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In that case, getting it on the card and sorting out a lower rate later on is probably the best bet ( especially if you can wrangle a 0% rate on a purchase or a balance transfer or something ). If not, then get a decent personal loan to pay of the card.

36% is bloody usurious. Burn down the dealership.


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:10 
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Legendary Boogeyman

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Squirt wrote:
usurious


74 bananas for the use of a word I haven't seen before.

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:12 
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baron of techno

Joined: 30th Mar, 2008
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36% of £5000 is £1800. Which is more than I've ever spent on a car in the first place.

They can probably get away with it because nobody can get a personal loan now.


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:13 
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baron of techno

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ComicalGnomes wrote:
Squirt wrote:
usurious


74 bananas for the use of a word I haven't seen before.


You mean to say you haven't read the bible?


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:16 
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Legendary Boogeyman

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I skimmed it, but the story didn't seem credible. Also, no pictures.

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:20 
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Grim... wrote:
I know I'm stating the obvious - but why not buy a cheaper car?

Why buy a cheaper car when I know I can afford this one, when I'm not being charged extortionate interest rates?


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:21 
SupaMod
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Why get credit at all if you can afford it?
I'm properly lost.

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:24 
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I assume he means afford the repayments.


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:29 

Joined: 31st Mar, 2008
Posts: 6093
Plus: Toyota Celica. Not quite as exclusive as your Bentley, Grim... but I can see why he'd want one. Who wouldn't?


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:29 
SupaMod
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Oh right, gotcha.
I'm firmly with the 'put it on your card then change cards to a 0% one' school.

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:30 
SupaMod
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Zio wrote:
Plus: Toyota Celica. Not quite as exclusive as your Bentley, Grim... but I can see why he'd want one. Who wouldn't?

I've never spent more than £1,800 (£1,750 actually) on a car either.

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:32 
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I'm considering spending £1500 just on car parts :oops:


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:33 
SupaMod
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andyb wrote:
I'm considering spending £1500 just on car parts :oops:

Parts or parts and labor?
I sent my Mazda to Mazdaspeed to get the suspension to at least attempt to act 'sporty' and it cost me about that much :shock:

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:35 
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Joined: 30th Mar, 2008
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so you built your Bentley from spare parts! :idea:


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:36 
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Heavy Metal Tough Guy

Joined: 31st Mar, 2008
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Don't be silly - Grim... didn't buy his Bently - that's far too vulgar. He inherited it, of course.


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:38 
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Commander-in-Cheese

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Squirt wrote:
Don't be silly - Grim... didn't buy his Bently - that's far too vulgar. He inherited it, of course.


I believe he actually shits Bentleys.

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:39 
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Grim... wrote:
andyb wrote:
I'm considering spending £1500 just on car parts :oops:

Parts or parts and labor?
I sent my Mazda to Mazdaspeed to get the suspension to at least attempt to act 'sporty' and it cost me about that much :shock:

What sort of Mazda do you have Grim...?


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:41 
SupaMod
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A Mazda 6 MPS. It's very nice, although the handling was a bit sloppy for me (and it blew up after six months, but that's a different story).

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I wish Craster had left some girls for the rest of us.


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:43 
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Ah, I've got one of the boring normal ones, I like it though.


edit: hang-the-fuck-on, where did you get a Mazda 6 MPS for less than £1,750?


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 14:45 
Excellent Member

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Posts: 489
Grim... wrote:
andyb wrote:
I'm considering spending £1500 just on car parts :oops:

Parts or parts and labor?
I sent my Mazda to Mazdaspeed to get the suspension to at least attempt to act 'sporty' and it cost me about that much :shock:


Parts, I'm happy to have a stab and bolting it all on myself. Most of it is for a set of wheels, and a couple of tyres. Other than a few service items (exhaust, ball joints etc.) the rest is really just cosmetic stuff to chav it up.


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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 15:10 
SupaMod
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markg wrote:
Ah, I've got one of the boring normal ones, I like it though.
edit: hang-the-fuck-on, where did you get a Mazda 6 MPS for less than £1,750?

It's a long and complicated story, but the ending goes along the line of "Mrs. Grim... gets a new car of her choice every few years for free".

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 15:10 
SupaMod
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Commander-in-Cheese

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markg wrote:
Ah, I've got one of the boring normal ones, I like it though.


Me too. Lovely car.

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 Post subject: Re: How much??? Car credit woes.
PostPosted: Mon Apr 07, 2008 15:23 
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Location: Shropshire, UK
Grim... wrote:
Oh right, gotcha.
I'm firmly with the 'put it on your card then change cards to a 0% one' school.

That's what I plan to do, assuming that my parents' house sale doesn't go as planned and I don't get the ~£20,000 I should receive from that ;)


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