is a loan worth it

[mags200]

i have been offered 3k but pay bk 5.4k, now i know its alot and that but im sick of scrapping together money every week to pay for stuff and sick of buying stuff for the car and then it breaks :mad:

ive found out today my head has gone and buffy can fix it for £350 with metal head gasket all in, now 1st of all i wasnt going to get the loan, but now i aint go tno car and im in the middle of paying for a new shell, no including all the other parts.... im so tempted to do it just to finish my car off once and for all... wot u reckon...

please put yourself in my shoes - no car - need it for work

cant fix it for a good 2 months = cant get back and forth to work

depressing me :(

[cardiff scum]

buy a shitter for a couple of quid run it into the ground while you fix up your 200,loans are for mugs,especially with the mark up you quoted

[mags200]

yeah i know that but coming up with money to buy a banger is also a problem

[Spesh]

If you dont have the money for your car then you certainly dont have the money to make loan repayments. Dont do it.

[mags200]

im bring in a nice wage spesh, and would be able to afford the repayments, i just come up up with the money for everything i need quick enough

[Maddog1982]

buy a car to run round in mate, will be a lot less stressfull when the sx breaks

[StuartUK]

Do what i did, borrow £25k, get a skyline, now realise your broke, sell it, and get a austin metro ! :D :D :D !
hehe

[Spesh]

If you bring in a nice wage then get down the auctions in Briton ferry tommorow night and buy a crap car to run around in for a bit, plenty of cars go through there for peanuts with mot etc on them.

Good things take time, rush your car and you'll regret it and resent it. Nothing worse than building a car on borrowed money and then, god forbid, something happening that means that you dont have the car but still have the repayments.

[Cardiff R33]

i am a loan broker and loans can/do help people but it wil lbe arounf you for about 5 years, maybe take a credit card out and pay for repairs on that. At end of day its your decision but on small loans you pay higher rates and its seems a very high rate you have been offered

[mags200]

:cry: ok, looks light mission buy a banger is under way!!!!

[ADAMB]

Bought a £100 escort 1.6 off of a mate for the same reasons, hasn`t broke yet, 140k and a caning every day (90bhp means you have to wind it up a bit:wack: )
Makes sense for work and other things you don`t want to/can`t use the 200 for. Happy Hunting:)

[runaway_robot]

Im in the same boat really mate, my PS13 is ok and running, but its getting wear and tear on it, and slowly getting damaged for day to day use. So im trying to find a micra haha tbh i dont have the money, but after sitting down and working it all out, it will be cheaper in the long run. So i can run/insure two cars, and be better off. Magic!

As said above i wouldnt get a loan, what happens if you fix it then it breaks again. You going to get another loan to fix it again, imo it will just snowball into a big debt. Just my 2p worth.

Good luck mate!:)

[Firefoot]

a bit of advice I was given years ago is to never get a loan that you will still be paying after the item you purchased with it has gone or broken.

I bought a run around to get back and forth to work to save both fuel and mileage on the SX. Worked it out that with the fuel cost saving, I could actually afford to run 2 cars, something I never thought I would afford to do living on my own. Worked out lovely until the Alfa shed its cambelt the other evening :cry: Looking for another cheapy run around now, and have to confess I am leaning towards an MR2, so it probably won't work out to be a cheap run around once I get the itch to mod it :D

[The_BULK]

without even going through the whole thread, i will say NO DONT GET A LOAN, i have had all kinds of finance and it aint good, at one point i had a 3.5k o/d, 1.5k on a credit card and a 10k loan under my belt, i dont ever want to be in that situation again, it wasnt worth it, now if i cant afford something i wait :nod: that is my advice to you mags,

p.s. you could get a bus pass for back and for work :wack:

[nitros]

ok everyone is going to shout at me here but ive just taken a loan out but not just to buy bits for the car, if your going to be thinking loans get one for a main reason not just to buy bits for a car if you have bills needing paying up doing your home up fine use whats left out of it for the car but i agree dont just get one for the car as said when it breaks or its long gone your be sat there thinking why did i do it and still paying for it,
if your still thinking of going down that road then at least have something in mind thats going to benifit your wallet of month in and out benifits and some thing and have the main reason to take it out on something thats going to more likely be around still when you have got to the end of paying it off like i said doing your home up.

[Evilchap]

Loans are bad news. I have many, and given my time again, I could be owning everything I own now, but have no debt very easily. I know where it's all gone, and it was fun, but a total waste and very stupid. I have got my C Cards down to 1.7k now from 5.5k, and switch them from interest free place to interest free place. I cut the cards up and never use them.

My loans are coming down, slowly.

DO NOT get a loan at the kinda rate that sounds like. If you cant get one around the 7.5% mark, then dont even consider the idea. If you can get one around that mark, think long and hard about comitting yourself to that burden for the next 5 years.

[Butuz]

Loans are bad news - theyre not too bad if your getting 6 or 7 % rate - but feck me that interest rate you quote was hideous!! Borrow 3 pay back 5.4 is no way worth doing :(

Butuz

[The_BULK]

getting a loan is sooooo easy these days, paying them off suck a$$:nod: :thumbs: