Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Please note that it is not permitted to have referral links posted in your signature. Keep these links contained in the appropriate forum. Thank you.

https://www.boards.ie/discussion/2055940817/signature-rules

Finance on a secondhand car

Options
  • 15-04-2004 10:59am
    #1
    Quigs Snr
    Registered Users Posts: 4,154 ✭✭✭


    Looking at finance on a secondhand car. Ideally, say about 300 quid a month for 4 years followed by a balloon of about 10k on a car valued at 20k. The car is 7 years old. Anyone know if this is do-able ?


Comments

  • Options
    #2
    tinofapples
    Registered Users Posts: 2,958 ✭✭✭tinofapples


    Does the dealer not offer finance ? Or is it a private sale ?

    I wouldn't recommend the baloon payment avenue . You've got to be saving money for it while you're paying back the car.

    Did you try your credit union ? It has been said to be since I was young you won't beat them and at last I realise this to be true .

    I have a Motorloan with BOI and the statement is a joke , I got charged almost £1000 for Insurance on the loan !!

    Rip-off shower of w@nkers .


  • Options
    #3
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    What kind of 2nd hand car is worth €20K ?


  • Options
    #4
    Quigs Snr
    Registered Users Posts: 4,154 ✭✭✭Quigs Snr


    The car may be a private deal so I would need to sort my own finance. I specifically want the ballon payment as this helps keep my monthly outgoings down, albeit with a large payment at the end. This does not worry me though, the car will retain easily enough value to cover the balloon and leave me hopefully with a bit spare which I can use to go again with.

    The car is a merc SLK230.


  • Options
    #5
    loyatemu
    Registered Users Posts: 14,920 ✭✭✭✭loyatemu


    i think those balloon payment deals that dealers offer are effectively a form of hire-purchase and as such not do-able if its a private sale.


  • Options
    #6
    unkel
    Registered Users Posts: 65,377 ✭✭✭✭unkel
    Chauffe, Marcel, chauffe!


    Originally posted by Quigs Snr
    The car is a merc SLK230.

    Ah, your post didn't make sense until I saw this :)

    That's a good private deal presuming the car is mint (most of them are) and has leather. You're right, depreciation should be well less than €10k over 4 years if you keep it well :)

    You don't strictly need car finance, a personal loan might cover it. Best is probably to talk to your bank manager. If you own a house, have a permanent job and a perfect credit history, you'll be surprised what they can do for you. I managed to get a massive temporary overdraft a couple of months ago which suited me in my situation


  • Advertisement
Advertisement