Did before they closed the door, and just left it in the offset account waiting for the rates to fall. Cheaper now to spend that than actual savings

Ta.

AS said don't put the car on your mortgage unless you plan to keep it for 25 years because that's how long you'll be paying for it.

7.7% is pretty good. I got 7.8% earlier on the year to pay the balloon payment on the car.

If you're careful you could play credit card roulette. Virgin have 16 months 0% and another card (I forget which) was doing 5% for as long as it took to pay the balance.

If you find a new car expensive then looking second hand might be the way. But nearly new cars right now seem to be as expensive if not more so than new ones.

AS said don't put the car on your mortgage unless you plan to keep it for 25 years because that's how long you'll be paying for it.

That depends entirely on how the mortgage company treat advances.

My previous mortgage company would advance against the mortgage but make it look like a personal loan, i.e. I could choose the amount and the number of months to repay. So, you could borrow over 25 years or 6 months.

This was with Intelligent Finance, not sure if they still do it.

If the OP has this option it's by far the cheapest he'll find.

But adding a car loan to a 25 year mortgage is, IMO, daft.

AS said don't put the car on your mortgage unless you plan to keep it for 25 years because that's how long you'll be paying for it.

7.7% is pretty good. I got 7.8% earlier on the year to pay the balloon payment on the car.

If you're careful you could play credit card roulette. Virgin have 16 months 0% and another card (I forget which) was doing 5% for as long as it took to pay the balance.

If you find a new car expensive then looking second hand might be the way. But nearly new cars right now seem to be as expensive if not more so than new ones.

Thanks for that info mate. I don't think I want to get another credit card right now lol! I'm trying to get rid of one at the moment! I have already decided i'd be taking a loan from Sainsbury's at 7.7%APR (fixed) The only problem i'm having at the moment is weather I should be buying this car as it used to be a rental car. I've done all the DVLA checks and it all came back as good news. So I hope the car is as good as it sounds. If there is anything to go by, the test drive was briliant!

That depends entirely on how the mortgage company treat advances.

My previous mortgage company would advance against the mortgage but make it look like a personal loan, i.e. I could choose the amount and the number of months to repay. So, you could borrow over 25 years or 6 months.

This was with Intelligent Finance, not sure if they still do it.

If the OP has this option it's by far the cheapest he'll find.

But adding a car loan to a 25 year mortgage is, IMO, daft.

25 years repayment for a car is really a no brainer! How much would the car actualy cost overal if someone did pay for 25 years? Let alone the car is by this time scrap metal!

25 years repayment for a car is really a no brainer! How much would the car actualy cost overal if someone did pay for 25 years? Let alone the car is by this time scrap metal!

But lots of people have been taking the equity out of their houses as prices increased to spend on holidays and stuff, never mind cars!

Agreed it is not a great plan if you then pay interest for the equity release over the remaining term (assuming its more than 5 years).

If you can get the advance I can see it makes sense if you have the discipline to pay for the car in a few years with much increased mortgage payments in the short term, but that could be a big ask for many people.

Thanks for that info mate. I don't think I want to get another credit card right now lol! I'm trying to get rid of one at the moment! I have already decided i'd be taking a loan from Sainsbury's at 7.7%APR (fixed) The only problem i'm having at the moment is weather I should be buying this car as it used to be a rental car. I've done all the DVLA checks and it all came back as good news. So I hope the car is as good as it sounds. If there is anything to go by, the test drive was briliant!

Have you tried knocking the dealer down with the non-rental one? If the difference was less than £500 would that make your mind up?

Have you tried knocking the dealer down with the non-rental one? If the difference was less than £500 would that make your mind up?

The only VRS available to me is the ex- rental one. There was another one in blue but it's near Heathrow! miles away from where I am. I did try and knock £500 off the ex-rental Skoda but salesman won't budge.

You have new-car-fever

There are few know cures, the most effective treatment is to walk away but it's not easy.

I wouldn't buy a rental and I wouldn't finance a car over 5 years, but everyone is different.

25 years repayment for a car is really a no brainer! How much would the car actualy cost overal if someone did pay for 25 years? Let alone the car is by this time scrap metal!

As a general rule over 25 years each pound you borrow costs you between £1.5 and £2 depending on the interest rate.

Example: http://www.crislis.co.uk/rept.htm