Ok to keep you posted.

I still owe

Very True, It could hurt your credit history for the long run.

The problem is sometimes they offer you a low rate, then at the last second before you accept they say something like "Your personalised APR is 15.9%". Just be careful of that.

If you're a student get a student bank account and student loan from the bank

Still think you should ditch the car though.

Found this good, it does a credit check without it going on your credit history.

http://www.moneysupermarket.com/loans/

Select "Smart search using an authentic scorecard"

BUT, its not guaranteed . Its based on averages of age, amount, area living, etc.

£9305 is the amount i need to pay if i want to pay it all off now, settlement fee if you will.

I know i did bite of a little more than i can chew, but my passion is cars. LEts just see how the job i applyed for today as full time bar staff at a local hotel goes.

Best of luck with the job applications.

Just ran a loan calculator off themoneysupermarket, to borrow what i owe, and to pay back over 3 years, its far far higher than what im paying at the moment.

So as things stand, its looking like the car will have to go unless I get a substantial increase in my earnings within the next month.

Which brings me onto my next question.

Got myself a vRS for the power and build quility..

So what could i replace it with, giving myself a budget of £5k.

Thats money for the car, or for a car and money to make it tidy, I'm only 19 so anything above insurance group 11 is out of the question. 205 gti 1.6 are cheap as chips, thats an idea.

So what could i replace it with, giving myself a budget of

I also must add, thanks everyone for your imput, it really has been helpfull and peoples own experiances (alot more wiser than i am) and advice are priceless.

Thankyou xXx

It would have been better over 5 years or 7 to get you on track.

Also the repayments on £5,000 for your new motor might be simular to £9,000 that you owe APR depending.

Small loan, higher APR, bigger loan, smaller APR.

How old are you ?

Dont buy a new car unless you can either a)afford the payments b)have the cash to have less than 60% on finance c)dont mind a slower can because thats all you can afford.

If you look at 205's dont be tempted by the 1.9 Extra insurance and likelyhood of failure isnt worth it for the small performance gain.

http://www.briskoda.net/forums/general-car-chat/pugeot-205-1-9-gti-what-do-you-know/51120/?highlight=205+gti

should help you.

My bank loan of £6k costs me £146 a month over 4 years if that helps your figures?

That allowed me to buy my car and stop paying so much each month to the finance company at 13.2%. It means now my finances are getting sorted, my savings are increasing and soon, the loan will be no more. But I had to extend it for my own reasons.

My Last Loan to buy my MR2 Roadster was, £11,000 @ 6.1% @ £213.04 per month over 5 years (60 months). Aged 24 at the time.

But.......

Previous Loan was for £7,000 @ 17.9ish% @ £190ish per month over 5 years (60 months). Aged 19ish at the time.

Not much more monthly repayment for alot more borrowed money. Just age and

Credit history was on my side for the bigger loan, more earnigs, etc.

Well i just phoned the car company, and in no uncertain terms the person on the phone said the terms are fixed, it is not possible to 'rejigg' the finiances or extend my term of loan.

He said 'try taking out a bank loan.. anything else i can help you with?'

Thats 'carselect' by the way, the car finance company who will give car finiance to a 18year old male without proof of earnings, and without a guarantor.

What APR is the current finance agreement at and for how long if you dont mind me asking.

Well i just phoned the car company' date=' and in no uncertain terms the person on the phone said the terms are fixed, it is not possible to 'rejigg' the finiances or extend my term of loan.

He said 'try taking out a bank loan.. anything else i can help you with?'

Thats [b']'carselect'[/b] by the way, the car finance company who will give car finiance to a 18year old male without proof of earnings, and without a guarantor.

Lloyds TSB have been in hot water over this lately, so you're not alone

(Lloyds TSB own Carselect btw)

It's somthing like 6% APR, maybe slightly less (5.5% cant remember off the top of my head) Its over 36months and with a balloon payment at the end of around £3k. I also made a deposit of over £1k too.

Try talking to your own bank, they may lend you the money at a rate lower than the published one. For example the loan I currently have has a published rate of 6.9% APR, but after speaking in person they agreed on 4.5%APR, not a big difference but it can shave a lot off the monthly payments of a 10K loan.

It's somthing like 6% APR, maybe slightly less (5.5% cant remember off the top of my head) Its over 36months and with a balloon payment at the end of around £3k. I also made a deposit of over £1k too.

So its a PCP agreement, if it had been a standard HP agreement or loan then the outstanding balance would have been less. The balloon payment is the problem here with regard to getting a loan as you need to pay the balloon incorporated into any new loan rather than at the end.

Yeah i think your right, a borrowing of less will still have the same monthly costs as i have to incorperate the balloon payment.

I will speak to my dad tonight, and see what he suggests, else the car will have to go, i imagine i will break even on it and then take a v.small loan and buy a 205 1.6 gti. That way i will have alot of spare cash every week, and be able to afford a good stardard of living and be able to spend money on doing up the 205 into a nice little project.

It's somthing like 6% APR, maybe slightly less (5.5% cant remember off the top of my head) Its over 36months and with a balloon payment at the end of around

Update..

Well for those who followed this thread, It was crunch time.

Since my last post ive been offered a full time job as deputy bar manager in a private hotel locally.

The cars staying.

Woohoo!!

Brilliant mate, hope it all goes well, keep enjoying the vRS.