Right guys and gals I'm looking at getting my new car in 6 months the car is around £2,000 and the insurance is around £1,000 (1years ncb, I'd be 20, male, witch is cheep if say)
But anyways if I pay for my insurance up front it's going to be around £1,000 if I pay monthly I'd pay around £2,000 (£190 a month or so) in total the cars I want are priced around £1,500-£2,000 and I was thinking how to get this cheeper? So I started thinking and thought what about a loan? I have semi good credit,
If I took a loan out for £3,000 for 1 year at 17.9%APR I'd be paying around £290 a month but with that I could get the car and pay my insurance straight up saving me a lot on insurance yeah I'd be paying £100 a month more then what I would on monthly insurance but in my eyes I'm paying £100 extra for the car? So to me that seams like a really clever idea? As all in all I'd be paying around £1,200 more then what my insurance would be if I paid monthly but that means I can then get the car for £1,200 and the insurance!
I mean I don't have the money to pay both upfront I could afford one or the other in 6 months but no point having a car with no insurance? And no point having insurance for a car I don't own?
So my plan is take a loan out for £3,000 pay £290 a month for a year then it's all paid off, yeah £100 more then what monthly insurance is but in the long run surly it is cheeper? Has anyone els done this? How did it go? Would you guys say it's cheeper in the long run or a better option?
Don't say save up as I cant but if I get the car after 6 months I'd have 3 months with no car meaning I can't get to work meaning I can't afford to save up for insurances?
I have a permanent job, family member owns the company so never ending work as the buissnes is very successful so deffo a permanent job! I have £500 a month spear after bills!
So what do you guys think is best?
Cheers!
But anyways if I pay for my insurance up front it's going to be around £1,000 if I pay monthly I'd pay around £2,000 (£190 a month or so) in total the cars I want are priced around £1,500-£2,000 and I was thinking how to get this cheeper? So I started thinking and thought what about a loan? I have semi good credit,
If I took a loan out for £3,000 for 1 year at 17.9%APR I'd be paying around £290 a month but with that I could get the car and pay my insurance straight up saving me a lot on insurance yeah I'd be paying £100 a month more then what I would on monthly insurance but in my eyes I'm paying £100 extra for the car? So to me that seams like a really clever idea? As all in all I'd be paying around £1,200 more then what my insurance would be if I paid monthly but that means I can then get the car for £1,200 and the insurance!
I mean I don't have the money to pay both upfront I could afford one or the other in 6 months but no point having a car with no insurance? And no point having insurance for a car I don't own?
So my plan is take a loan out for £3,000 pay £290 a month for a year then it's all paid off, yeah £100 more then what monthly insurance is but in the long run surly it is cheeper? Has anyone els done this? How did it go? Would you guys say it's cheeper in the long run or a better option?
Don't say save up as I cant but if I get the car after 6 months I'd have 3 months with no car meaning I can't get to work meaning I can't afford to save up for insurances?
I have a permanent job, family member owns the company so never ending work as the buissnes is very successful so deffo a permanent job! I have £500 a month spear after bills!
So what do you guys think is best?
Cheers!