I'm considering spending £1500 just on car parts
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| How much??? Car credit woes. https://www.beexcellenttoeachother.com/forum/viewtopic.php?f=3&t=243 |
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| Author: | GazChap [ Mon Apr 07, 2008 13:33 ] |
| Post subject: | How much??? Car credit woes. |
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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| Author: | Malc [ Mon Apr 07, 2008 13:35 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | Zardoz [ Mon Apr 07, 2008 13:36 ] |
| Post subject: | Re: How much??? Car credit woes. |
Wouldn't you be better off with a personal loan from a Bank? |
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| Author: | Dimrill [ Mon Apr 07, 2008 13:40 ] |
| Post subject: | Re: How much??? Car credit woes. |
I remember Direct Line wanted 19% off me for my loan. I told them pretty much the same. |
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| Author: | GazChap [ Mon Apr 07, 2008 14:01 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | Grim... [ Mon Apr 07, 2008 14:04 ] |
| Post subject: | Re: How much??? Car credit woes. |
I know I'm stating the obvious - but why not buy a cheaper car? |
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| Author: | Squirt [ Mon Apr 07, 2008 14:07 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | ElephantBanjoGnome [ Mon Apr 07, 2008 14:10 ] |
| Post subject: | Re: How much??? Car credit woes. |
Squirt wrote: usurious 74 bananas for the use of a word I haven't seen before. |
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| Author: | kalmar [ Mon Apr 07, 2008 14:12 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | kalmar [ Mon Apr 07, 2008 14:13 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | ElephantBanjoGnome [ Mon Apr 07, 2008 14:16 ] |
| Post subject: | Re: How much??? Car credit woes. |
I skimmed it, but the story didn't seem credible. Also, no pictures. |
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| Author: | GazChap [ Mon Apr 07, 2008 14:20 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | Grim... [ Mon Apr 07, 2008 14:21 ] |
| Post subject: | Re: How much??? Car credit woes. |
Why get credit at all if you can afford it? I'm properly lost. |
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| Author: | markg [ Mon Apr 07, 2008 14:24 ] |
| Post subject: | Re: How much??? Car credit woes. |
I assume he means afford the repayments. |
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| Author: | Zio [ Mon Apr 07, 2008 14:29 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | Grim... [ Mon Apr 07, 2008 14:29 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | Grim... [ Mon Apr 07, 2008 14:30 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | andyb [ Mon Apr 07, 2008 14:32 ] |
| Post subject: | Re: How much??? Car credit woes. |
I'm considering spending £1500 just on car parts
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| Author: | Grim... [ Mon Apr 07, 2008 14:33 ] |
| Post subject: | Re: How much??? Car credit woes. |
andyb wrote: I'm considering spending £1500 just on car parts 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 
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| Author: | andyb [ Mon Apr 07, 2008 14:35 ] |
| Post subject: | Re: How much??? Car credit woes. |
so you built your Bentley from spare parts! 
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| Author: | Squirt [ Mon Apr 07, 2008 14:36 ] |
| Post subject: | Re: How much??? Car credit woes. |
Don't be silly - Grim... didn't buy his Bently - that's far too vulgar. He inherited it, of course. |
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| Author: | Cras [ Mon Apr 07, 2008 14:38 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | markg [ Mon Apr 07, 2008 14:39 ] |
| Post subject: | Re: How much??? Car credit woes. |
Grim... wrote: andyb wrote: I'm considering spending £1500 just on car parts 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 What sort of Mazda do you have Grim...? |
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| Author: | Grim... [ Mon Apr 07, 2008 14:41 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | markg [ Mon Apr 07, 2008 14:43 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | andyb [ Mon Apr 07, 2008 14:45 ] |
| Post subject: | Re: How much??? Car credit woes. |
Grim... wrote: andyb wrote: I'm considering spending £1500 just on car parts 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 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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| Author: | Grim... [ Mon Apr 07, 2008 15:10 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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| Author: | Cras [ Mon Apr 07, 2008 15:10 ] |
| Post subject: | Re: How much??? Car credit woes. |
markg wrote: Ah, I've got one of the boring normal ones, I like it though. Me too. Lovely car. |
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| Author: | GazChap [ Mon Apr 07, 2008 15:23 ] |
| Post subject: | Re: How much??? Car credit woes. |
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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