credit

[AppleSei]

i dont agree on that one, i can afford to pay for my loan and insurance monthly so why shouldnt i

perhaps my rant is perhaps more aimed at the people who dont have as much money and scrimp and save and still get finance

By your admittance though im sure, with the amount of cars in your household and the types, plus the area you live in, i would say you are perhaps a bit more fortunate than many others on here

I dont know the ins and outs of finance laws/ages etc as i dont have any finance agreements so forgive my ignorance

 

[JFL]

my mum is my backup on my loan if i cant pay it, but thats not going to happen.

you see those that arent able to pay finance though and get into massive debt with it and thats when it gets nasty

 

[pickle]

Finance on cars is too easy for young people to get hold off, too much debt anyway

To me there should be some sort of age limit in regards to getting finance, perhaps also earning for a certain length of time.

I pride myself on not owning a credit card and probably never will due to fears of overspending but it is fairly easy for myself to sign up and get one and go mad

Maybe a bit old fashioned but if to me if you dont have the money in the bank to pay for something outright you should save up until you have.

The only exception to this rule though is housebuying/mortgages

I applaude you for your outlook on the whole subject of credit apple.
Its ashame not more people think like yourself!

 

[Vickster]

I probably have £25k+ of credit at my disposal across a few cards and I almost always pay off every penny I spend a month (normally around a grand) - you just have to have discipline. I'd rather use a CC and have the cash in my account that just using switch or cash However, it is too easy to get credit but you cannot blame the lenders - people have to take personal responsibility for their actions, same with being caught speeding, using a mobile phone while driving etc

 

[Big Black Stilo]

when i bought the stilo 4 years ago, it was cheaper to get a loan on 6.8% apr (which i did) than on interest free with fiat.

The reason? the loan had no set up fee or end fee like fiats 0% finance had at the time, and these fees added up to more than my loans interest on 6.8.

I only got 6.8% because

a) was under 21 and no-one would lend a decent rate
B) worked for a bank and staff loans were 6.9% so dealer wanted my business so undercut them.

I am happy with this, as it means the reduction in the cars cost i negotiated, combined with the amount i got for my shed (used as deposit) means I pay back £500 less than what the car was in the window for.

My cousins mrs bought a corsa over 5 years and it worked out as costing nearly £17500 by the end of her finance. Be careful. Do the maths.

 

[balidey]

I work for a Debt Recovery firm (repo men) and you would be amazed at the huge number of agents all over the country who are so overwhelmed with work. Our work load is too much to cope with, we just can't get enough cars off people. And we are a small agent, one of many in our area.

This is because far too may people are in far too much debt. Its too easy for young people to get into thousands of pounds of debt. Its in the news every week.

I'm not old (but going to sound it now) but when i was 19 to get a car you had to work your balls off, beg from your parents and sell a kidney to afford a £500 Fiesta. Now, walk into a main dealer, sign a form, drive out with a £10,000 car on finance. The deals all sound good, hell they even sound tempting to me.

And this is not a dig at you drunfola, its aimed at anyone thinking about getting finance. Go over the figures carefully and if you think you can just about afford it DON'T SIGN. Just about affording it is not good enough. You need a safety net, there is always something else every month that you need to spend the money on, and if you miss a finance payment, then not many people get back on track after one missed payment. Then its not long before the Repo man wants the keys back.

Saying that, hope the deal goes well for you

 

[Most Easterly Pandas]

Finance on cars is too easy for young people to get hold off, too much debt anyway

To me there should be some sort of age limit in regards to getting finance, perhaps also earning for a certain length of time.

I pride myself on not owning a credit card and probably never will due to fears of overspending but it is fairly easy for myself to sign up and get one and go mad

Maybe a bit old fashioned but if to me if you dont have the money in the bank to pay for something outright you should save up until you have.

The only exception to this rule though is housebuying/mortgages

Say you have £10,000 saved for a car. Would you a) buying it out right or b) get it on a 0% finance deal where you can earn extra interest on the money you have still in your bank until its needed to pay the finance?

This is where you can use finance to benifit you. I understand what your saying, Don't live outside our means, but I think if your means allow you to afford a load then go for it if you want to. You only live once and you never know how long you've got so enjoy life.

The moral for alot of these people in debt is not to be gready and live within your means!

 

[Big Black Stilo]

as long as you dont pay a fee for the 0% finance.

 

[jug]

getting car credit aged 19! i guess you failed GCSE maths?

It has nothing to do with a "clean Address" - It's about a "clean individual".

i disagree from past experience.

 

[Big Black Stilo]

Your address can cause problems

Last summer i went to buy a house that was a repossesion, and was tld it could cause me problems in the future like even though my credit file is excellent, I could get declined in store for a storecard, just because the muppet who had it before like putting money on the ponies and buggering off to thailand for months on end and coming back with women(?)

 

[ChrisUK]

Your address can cause problems

Last summer i went to buy a house that was a repossesion, and was tld it could cause me problems in the future like even though my credit file is excellent, I could get declined in store for a storecard, just because the muppet who had it before like putting money on the ponies and buggering off to thailand for months on end and coming back with women(?)

Hahaha excellent :worship:. Would I live like that? No.

 

[ChrisUK]

getting car credit aged 19! i guess you failed GCSE maths?


i disagree from past experience.

Whats wrong with that?. I got car finance at 18 and paid it off in 18months?. Whats the big deal?.

 

[JFL]

i got car finance as well on my micra (it wa sunder my mums name as when i bought it i was only 17 and 9 months ), but we agreed with the company and switched it over when i turned 18

then 8 months later we cut the 3 year finance short and payed it off in one go so i could get the stilo as the mira just wasnt for me

 

[drunfola]

getting car credit aged 19! i guess you failed GCSE maths?


i disagree from past experience.

actually passed all my gcse's and proceeded to do A levels and passed all those to thankyou

one reason why im doing it is cus ill never really get another chance where i have no real responsibility best chance to do things i really want to do, IE get a brand new carm, better yet at 0% would be rude to refuse!!!!

 

[ChrisUK]

i got car finance as well on my micra (it wa sunder my mums name as when i bought it i was only 17 and 9 months ), but we agreed with the company and switched it over when i turned 18

then 8 months later we cut the 3 year finance short and payed it off in one go so i could get the stilo as the mira just wasnt for me

Great when you got parents to sponge off.

 

[JFL]

Great when you got parents to sponge off.

i havent sponged off them, i had a direct debit from my account to theres when it was in finance under my name, then it came out off my account after that

every single thing on my cars:- tax, fuel, insurance, service, etc etc is all bought and paid for by me

i wish that people would stop saying that i sponge of my parents because i dont :bang:

 

[ChrisUK]

You say (we paid it off in full) implying you and someone else sorry if I misunderstood you.

Yes, you might pay for your car but you live with your parents do you also pay? :-

Rent / Mortgage
Council Tax
Water Rates
Gas
Electric
TV license
Home Phone / Broadband
Sky / Entertainment

If not your sponging. Not having a dig but its obvious, thats the reason your 50% more likely to get credit when your young when your 'Living with Parents' as they know you will have far more 'expendable' income. Don't blame you at all, hell if I got the chance I'd do the same.

 

[Vickster]

Amen to that...

 

[jug]

Whats wrong with that?. I got car finance at 18 and paid it off in 18months?. Whats the big deal?.

you paid more. you should have saved up for 12 months instead. then you would have saved the interest.

better yet at 0% would be rude to refuse!!!!

it would be silly to believe that 0% figure before you do the maths.



people often get credit when they live at home with parents, which is crazy because thats the one time in your life you really dont need to do it. if you cant afford to save your money when you live at home then you are doomed to a life of credit when you leave home. the net long term effect on your life is you get less for your money. very few people get enough money that they can satisfy every want and need, so increasing your spending efficency is a good way to increase what you get for your money. its like getting a 10% wage increase for free, all you need is self control and a calculator.

 

[Munkul]

Yes, you might pay for your car but you live with your parents do you also pay? :-

Rent / Mortgage
Council Tax
Water Rates
Gas
Electric
TV license
Home Phone / Broadband
Sky / Entertainment

If not your sponging. Not having a dig but its obvious, thats the reason your 50% more likely to get credit when your young when your 'Living with Parents' as they know you will have far more 'expendable' income. Don't blame you at all, hell if I got the chance I'd do the same.

yup, its the life in return for working on sundays for my father, i get to live completely rent free :slayer: