View Full Version : Should i or shouldn't i???
Rickardo
14-11-09, 03:44 PM
Not so long ago i sold my Let Nova to pay the bank manager off.. He now says i can have a loan if i want too.
So, should i get the money? If so what should i get?
I keep looking at all the lovely Nova's on PH, especially the "Best Nova in the world", thats what he say's anyway.
Certainly don't plough any money in to that mk3 lol
Although Aamirs nova would definately be worth it bud, i wouldnt get a loan just because you can, i have one that i sooo wish i had not got in hindsight, was getting excited as im almost due to have it paid off but alas its a three year loan not a two, so skint i am for another year :cry:
Youve got your XE corsa as a plaything id stay as you are for the time being and maybe save up a bit and see whats available next year, would be miles better than getting a loan imo:thumb:
Rickardo
14-11-09, 03:54 PM
Thats just it spud, i have a wife, kid, 2 cat's, bills and a mortgage. There is NO chance of saving up.. :cry:
I'm not gonna spend any money on the Mk3, all that is to keep my head dry over winter and see what next year bring's.
Plus if i spent £5k on a Nova, my mrs would have my b@lls off. lol
I also have a loan I wish I didn't get, then I topped it up to buy car parts, I aint gonna have it paid off for about 4 years yet :cry: its not much either I just don't earn alot p/m.
if you can comfortably afford the loan id say go for it !!
although if you sold your old car to pay off a loan simply getting another loan to buy another nova puts you back at square one but meh i aint sensible so id still get the loan !!
if your not happy with the corsa put it up for swaps on piston heads. you never no some one might offer you somthing you really like
Rickardo
14-11-09, 04:15 PM
I owed the bank £2k, was living in my overdraft, selling the Nova was my only option.
Now i'm financially sound, i can get a loan. All i will be doing is topping up an existing loan, still have 2 yrs left to pay. So i'll be going back upto 5 yrs again. So 2 yrs or 5 yrs is no different really. I either get a loan now or in 2 yrs.
Dan, there is nothing wrong with the Corsa, seriously it's a good car.The only thing it lacks is another 100 bhp. lol
I could spent a few K on the Corsa, i'd need my head examining though.
Nova FTW.
If you can't save the money, you certainly can't afford a loan. Its simply spending money you don't have, no different to being in an overdraft.
I owed the bank £2k, was living in my overdraft, selling the Nova was my only option.
could you not have sold the wife?
If you can't save the money, you certainly can't afford a loan. Its simply spending money you don't have, no different to being in an overdraft.
Which is why although i am sooo tempted to look into 'topping up' my loan, i know it will be nigh on impossible to shift it, rather than just wait another year and be shot of mine completely so i can actually save pennies and think about either decent spec XE'ing my nova, or buying a car ive wanted since being little, a Cav Turbo :d
auzzy2000
14-11-09, 04:23 PM
Thats just it spud, i have a wife, kid, 2 cat's, bills and a mortgage. There is NO chance of saving up.. :cry:
I'm not gonna spend any money on the Mk3, all that is to keep my head dry over winter and see what next year bring's.
Plus if i spent £5k on a Nova, my mrs would have my b@lls off. lolif you can afford a loan then id say save that money for a while and see what happens.every now and then take some money out the bank.say £30.00 here and there and save that aswell.My mate does private jobs and tells his wife that he got £100 and really he got £300.he saved up and bought a car that was £6000 and told her it was £3000lol
Rickardo
14-11-09, 04:25 PM
If you can't save the money, you certainly can't afford a loan. Its simply spending money you don't have, no different to being in an overdraft.
I don't agree with that, paying the loan isn't a problem. But saving up "extra" cash is nigh on impossible with all the other thing's in life you have to pay for.
i bet most people have had/ got a loan of some kind.
auzzy2000
14-11-09, 04:27 PM
if you have to pay the loan each month then surely you can save that amount each month!!
^ exactly. Clear the loan first, then you will have that amount each month to save.
I don't agree with that, paying the loan isn't a problem. But saving up "extra" cash is nigh on impossible with all the other thing's in life you have to pay for.
i bet most people have had/ got a loan of some kind.
I have a loan at the moment, and what you're saying doesn't make sense. Or are you talking about just increasing the term of your loan? In which case you end up paying more in interest and spending more in the long term.
Unfortunately, debt is not the answer, especially for something you may not specifically need.
Rickardo
14-11-09, 04:30 PM
if you have to pay the loan each month then surely you can save that amount each month!!
Your right, if i wasn't paying a loan i could save up that money every month. So, still 2 yrs & 3 months to pay on the loan. So thats 2012. Then i can save up £300 a month for another 2 yrs, so by 2014 i can get a decent car. lol
auzzy2000
14-11-09, 04:35 PM
ye but you allready got an xe corsa!!dont be greedy.you got kids and bills.its all about prioritys.you aint single and living at home are you.SACRIFICE.i want loads of stuff but my son wants a new mx bike so my stuff has to wait!!
Rickardo
14-11-09, 04:55 PM
ye but you allready got an xe corsa!!dont be greedy.you got kids and bills.its all about prioritys.you aint single and living at home are you.SACRIFICE.i want loads of stuff but my son wants a new mx bike so my stuff has to wait!!
Listen, you have got the wrong idea about me. Greedy, all i asked was should i get a loan or not.
Priorities,my priorities are my daughter and my Mrs. My 10 yr old daughter does dancing at £30 a week, she needed a costume for dancing, she competes all over the Uk, £400 for a costume.:eek:
What ever she wants or requires she get's. Within reason.
Sacrifice, trust me, i know all about them.
So now you know where all my extra cash goes. I never realised there were so many financial expert's on here.
auzzy2000
14-11-09, 05:02 PM
Listen, you have got the wrong idea about me. Greedy, all i asked was should i get a loan or not.
Priorities,my priorities are my daughter and my Mrs. My 10 yr old daughter does dancing at £30 a week, she needed a costume for dancing, she competes all over the Uk, £400 for a costume.:eek:
What ever she wants or requires she get's. Within reason.
Sacrifice, trust me, i know all about them.
So now you know where all my extra cash goes. I never realised there were so many financial expert's on here.Calm down mate you asked the questions.Aint no expert but id save up if i was you.Credit is just a pain in the ar4e.Wasnt being funny!!But ive obviously hit a nerve.Sorry if i offended you:cry:
How much were you repaying per month of your last loan? Just save that amount each month for a year, then you've got some sort of interest free lona, one you don't have to repay, just don't touch it, unless you really really need to, and it'll build up
auzzy2000
14-11-09, 05:31 PM
How much were you repaying per month of your last loan? Just save that amount each month for a year, then you've got some sort of interest free lona, one you don't have to repay, just don't touch it, unless you really really need to, and it'll build upyep put the money in a 90 day access account then you cant just get it willy nilly:thumb:
yep put the money in a 90 day access account then you cant just get it willy nilly:thumb:
Whats one of those then?
auzzy2000
14-11-09, 05:44 PM
Post office.Put the money in and you have to give 90 day notice to get it out.Great way of saving as once its in there you cant get it when your will power of saving drops.Used it for years
i would definitely so no to the loan. I have never had one and refuse to even entertain one. as regards where your money goes alas it would fall on deaf ears with myself as like yourself i have the wife and 2 kids with all the extra activities they do after schoo blah blah blahl. One wage to cover it all but saving can still be done, not easily but it is possible. When every single cost is laid out and sorted through it can be amazing where money can be saved with a few adjustments.
A loan will be regretted. It took me a couple of years to save up the last bit to start and get my last project built, and that was with help and a few strings pulled.
Rickardo
14-11-09, 05:49 PM
In an ideal world, i would save up as much as i can, but at the minute it is not possible. Far too many thing's to spend it on.
Auzzy 2000, i wasn't being ar$ey, if it sounded like i was, i apologise. I just know what my priorities are. :)
Anyway, back on topic, i'm going to leave the loan for the future, you never know i might win the lotto later on. :thumb:
not read all the replies, but just DO IT!!!!!!! :D
not read all the replies, but just DO IT!!!!!!! :D
lol
I used to be a credit monkey when I first started to get the letters through the door when I turned 17, and I was a complete fool with it and ended up nearly 30K in debt because I was one of those people who had to have it now. Im 6 months away from clearing it all via an IVA and I can tell you i wont be going near any form of credit for as long as i live. I suppose its taught me the value of money the hard way. What have I got to show for that 30K? Absolutely fook all.
Loans are all very nice until your circumstances change. You may be financially sound now, but will you be in the next 5 years? Not a question anyone on the planet can confidently answer, hense the state of the economy as it is now.
Only you can make the decision, but you've obviously been in difficulty before as you said. Would you have got into the original debt if you knew it would end up like that? Will you be cursing yourself in a few years?
All perfectly reasonable questions to ask yourself IMO.
TBH i wouldnt get a loan/get in a debt for a nova.
Id be lookign towards the future etc..
But maybe thats just me
I'm in the 'no' camp. Camping it up. :gay:
jimbob-mcgrew
15-11-09, 09:19 PM
not worth it dood, raid your possessions for unwanted stuff to sell, you can get a nova for like £300 with mot.
He wants a let, i doubt he will find one for £300 lol
I can see where your coming from on the loan, top it up and keep paying the same as you are now. Ill be happy when my loans cleared (9months left i think) but i dont regret getting it. I was an apprentice on a crap wage and it got my car finished with a few extra bits that would have taken a long time to save for. If your comfortable with the payments now then i dont see why not, can always sell the corsa to pay some back quicker.
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