Where to go for a car loan

fasttalkerchat

I was looking to borrow around 5000k for a car. Credit union want 1% interest per month on the outstanding balance. Problem with this is that on the first month, if I pay 100, half of that is only the interest for that month!

I am short of cash now but will have more later in the loan term (I'm a final year student) so it would suit to have fixed repayments.

Where else can I go? Are the banks even worse listening to? Is there anyone doing good hire purchase deals in this part of the world?

Lord Bafford

fasttalkerchat wrote: »

I was looking to borrow around 5000k for a car. Credit union want 1% interest per month on the outstanding balance. Problem with this is that on the first month, if I pay 100, half of that is only the interest for that month!

I am short of cash now but will have more later in the loan term (I'm a final year student) so it would suit to have fixed repayments.

Where else can I go? Are the banks even worse listening to? Is there anyone doing good hire purchase deals in this part of the world?

You'd be much better off saving up for a car than borrowing at high interest rates.

I've never understood why people borrow to obtain an asset that hemorrhages its value so drastically.

Just fling 45 euros into a savings account every week for a couple of years.

lennyloulou

Run from the credit union.... they are horrorendously expensive and not as nice to deal with as they advertise should you have to re-jig/miss a payment.... def go with the bank... WAY better to deal with

fasttalkerchat

Lord Bafford wrote: »

You'd be much better off saving up for a car than borrowing at high interest rates.

I've never understood why people borrow to obtain an asset that hemorrhages its value so drastically.

Just fling 45 euros into a savings account every week for a couple of years.

Car I'm driving now is unreliable. Don't want to throw money away buying another cheap car that will be gone in a few months.

Jimbob 83

Lord Bafford wrote: »

You'd be much better off saving up for a car than borrowing at high interest rates.

I've never understood why people borrow to obtain an asset that hemorrhages its value so drastically.

Just fling 45 euros into a savings account every week for a couple of years.

How is he suppossed to get to work for those few years ? :pac:

Loans are a form of budgeting

fasttalkerchat

lennyloulou wrote: »

Run from the credit union.... they are horrorendously expensive and not as nice to deal with as they advertise should you have to re-jig/miss a payment.... def go with the bank... WAY better to deal with

Credit Union is the best deal so far in terms of total cost. I know they can be incompetent but I will talk them through everything and double check before I sign up.
Unless I find something better I will go to them on Tuesday.

Jimbob 83

Best thing about credit union loan is you can pay it off early with no penalty.

Im headed in tomorrow or tuesday for take 2 of trying to get an €8k car loan, have 2 perfectly paid off previous loans and a 3rd of what im looking for in shares and a guaranteed job for the next year.

I still have that sinking feeling though

fasttalkerchat

Jimbob 83 wrote: »

Best thing about credit union loan is you can pay it off early with no penalty.

Im headed in tomorrow or tuesday for take 2 of trying to get an €8k car loan, have 2 perfectly paid off previous loans and a 3rd of what im looking for in shares and a guaranteed job for the next year.

I still have that sinking feeling though

I'll be in on tuesday myself. Apparently they take ages to make a decision so I will just ask for £3k and hope its accepted first time around.

Jimbob 83

My first car loan i went in to enquire about a €6000 car loan with €700 in my savings to see how much i would need in account to be eligable and i got it on the spot.

Needless to say times have changed, i haven't though in fairness and i don't see why the regular joe should suffer because of someone elses mistakes.