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Thread: Loan, What would you do?

  1. #1
    Regular Member mspvxr's Avatar
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    Default Loan, What would you do?

    Hi guys. Ive got a bit of a dillemma and not really sure what to do? I currently have a loan with tesco bank and have just over 6500 to pay until july 2013. Now im paying 358 a month which is alot of money and its for my old vec which i dont own anymore lol.Im thinking of getting a loan for about 14k so that i can pay my loan off and have about 7/8K left to get anOther car but this would be over 5 years with the chance to settle early with no charges . This is with santander . The monthly figures are 275 for 14k . Obviously its cheaper each month but id be starting up another 5 year loan and although im pretty certain i could pay it off fairly quicker then that in say about2/3 years max do you think its worth it?

    I know its my decision but just wanted some input.

    Cheers

  2. #2
    Regular Member wardy23's Avatar
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    im on a debt management plan so i would say no no no and no

  3. #3
    North West Regional Organiser paulvectrac's Avatar
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    yep dont do it mate pay the one of you have now then once thas done then get a small one for a new car
    Vectra vxr custome remaps egr deletes dpf and diagnostic work all remaps are custome bench tuning avalible all genuine equipment PM for info

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    I was in the same situation as you but not as much as that what I did was I got myself a cheater car and diesel for about £2000 and paid as much as I could to them to get the loan pay off

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    Regular Member rockafella8587's Avatar
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    Dont do it....you may think its worth it for a while but you WILL regret it in the long run.

  6. #6
    Regular Member mspvxr's Avatar
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    Yeah its just 358 a month is killing me lol. i might just get a new loan amount for 6500 over 5 years which works out at 131 a month. I dont mind spending the money but not on something i dont own anymore. Problem is my car wont hold out till 2013 so need to get something soon or im gonna be walking to work lol.

  7. #7
    Regular Member mspvxr's Avatar
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    I wouldnt be in a rush normally but i cant afford 358 and get another car. Its too much.

  8. #8
    North West Regional Organiser paulvectrac's Avatar
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    sorry mate if u dont wanna answr this but how much do u actually o now
    Vectra vxr custome remaps egr deletes dpf and diagnostic work all remaps are custome bench tuning avalible all genuine equipment PM for info

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    Full Member gibbon7000's Avatar
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    Concentrate on paying loan off first. you don't know hat the future holds and you may need some cash for more important things in the future, that will just add to your debt should you go with a bigger loan, then your really on the slippery slope. I've been in your situation mate and its not good. My debt in now under control. I'm paying about £600 off a month, and actually have a big grin every time I pay it as I know its another step closer. Never again will I have loans, or credit cards again. I've learnt my lesson the hard way, which unfortunately is sometimes the only way.

    My other car. 1972 1641cc slammed beetle. On the road finally!!

  10. #10
    Regular Member DAVIDD88's Avatar
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    If u need a car and it brings the payments down go for it

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