But what about the "conversion" loan?

I've got my Octavia vRS on finance for 5 years. What I'm doing is paying the payments each month but also saving some on the side to pay the remaining balance off after 3 years.

i've got the money to pay it off , but it is in a cash ISA , so once it is taken out i can't put it back in , plus its a closed account and paying me interest at almost as much if not more than what i'm paying on the loan

Is it balls.....I keep changing my cars and restarting the loan!!

Only debt I have though and have had the same loan for over a year now so only around 3 years to go!!

Yes in both cases.

i've got the money to pay it off , but it is in a cash ISA , so once it is taken out i can't put it back in , plus its a closed account and paying me interest at almost as much if not more than what i'm paying on the loan

Good idea !

Paid for , but if I had it on finance it would have to be 0% interest though.

Im still paying the loan for the Lancer evo that I had before the Furby , and I'm not done till march 09!

Paid cash on the day I picked it up.

Im still paying the loan for the Lancer evo that I had before the Furby , and I'm not done till march 09!

:bigeyes:

Hehe , my record is paying for 2 cars that I don't own anymore , whilst driving a 3rd.....no wonder the banks love me , I pay their holidays with my interest payments.....

Octavia - part cash, part personal loan paid off after two years

Passat - personal loan still got 4.5 years to run

I always get a loan where I can make extra payments or pay it all off early just in case spare funds are available. Would never take dealer finance unless 0%

Rather worryingly, swmbo (who dislikes loans) suggested we chop the Octy in against a new Fabia RS. Not quite sure how that's going to work...

Forgot to mention that I bought my Polo with 100% real cash :eek:

Whatever you do, don't use these people...

youcancarcredit.co.uk

APR 27.9% !!!!!....Ouch

Andy

Whatever you do, don't use these people...

youcancarcredit.co.uk

APR 27.9% !!!!!....Ouch

Andy

:eek: And people are willing to pay it which amazes me

Yup my car is paid for. Paid in full when I got it I completely refuse to get loans/finance on cars. Infact, I refuse to get them altogether!! I begrudge paying extra for something. If I can't afford it, I don't buy it! I have never paid a single penny interest on either of my Credit cards, I really am Capital One's worst nightmare! Only loan I plan to have is a mortgage...or 6

Yup my car is paid for. Paid in full when I got it I completely refuse to get loans/finance on cars. Infact, I refuse to get them altogether!! I begrudge paying extra for something. If I can't afford it, I don't buy it! I have never paid a single penny interest on either of my Credit cards, I really am Capital One's worst nightmare! Only loan I plan to have is a mortgage...or 6

Totally agree, if its out of my price range then its a no no, hence the reason why I dont have store cards, or credit cards etc. Plus I like to know where my money is going and, being a bit slow in my old age, I would forget that I still had "x" to pay for Having said that I did consider a loan but that was only because I knew for definate that I would have the money within a couple of weeks.

ps, 999 post

I would like to smuggly say that there is nothing owed on the car loan/finance wise.

And officially there isn't - I just owe my mum £8,500

I would like to smuggly say that there is nothing owed on the car loan/finance wise.

And officially there isn't - I just owe my mum

Mines a company car so I just pay the tax every month. GF Fiesta is financed through the dealer over four years, so another 3 years and 7 months or so

Yup my car is paid for. Paid in full when I got it I completely refuse to get loans/finance on cars. Infact, I refuse to get them altogether!! I begrudge paying extra for something. If I can't afford it, I don't buy it! I have never paid a single penny interest on either of my Credit cards, I really am Capital One's worst nightmare! Only loan I plan to have is a mortgage...or 6

Wait till you've got that mortgage, you burned up your £20K cash pile and you need a new car. Then see what what you need to do! I try to go along with no credit principle but usually end up using credit smartly.

For my car I put down £2.5K cash and took out £10K of finance ( 65% on 0% finance and 35% on a personal loan). By loading the personal loan payments at the start and stretching the 0% finance out over 3 years it will only cost me £200 interest on £10K over 3 years. Which I reckon is pretty good. 2 years 6 months to go.

I count myself as being very lucky in the respect that i started out on the car market when i was 16 and a half, and had saved enough cash to buy my first mini, which was sold a couple of months after i had passed my test, for £200 proffit, with an extra 5000 miles on it, and i got a half decent head unit out of it too.

I continued to do this until this easter when i bought my octy.

which i dont thik is bad going considering i was still at uni, and only reallly had a weekend job. Going to have to start thinking bout a new car soonish, ive never owned one for more than a year really.

Wait till you've got that mortgage, you burned up your

No finance on my car at all. Only outstanding debt is my mortgage and it so large it doesnt bear thinking about..lol

I had to lend my parents some money for the new kitchen!! :confused: whats with that??

Its because you use it the most

Well for a start I wouldn't go and buy a brand new one if I couldn't afford it! You don't have to spend a fortune to buy a roadworthy car, if you are desperate for on. Also, if I really didn't have two pennies to rub together I would do as Emily is saying, borrow it all off parents - least I'm only paying the value of the product.

Loz, I think you'll find that for most people life is not so black and white, its shades of grey that I have to work within. Maybe I should start a new thread about peoples reasons for buying new cars? :sofahide:

I'm sad enough to have been brought up on the basis that you don't buy anything unless you can afford it. My parents never had a loan for anything apart from a mortgage. Thus neither have I. The Fabia was bought with a Debit Card!