NLC - Car Finance

[j2 lot]

Nah the loan until payday thing has to be the worst . Have you seen the % apr they have in teensy writting on the strap line on the tv ads- 2456% and the like and people must use them or they wouldn't exist. Scary

[campbell]

you win!

[jj]

Nah the loan until payday thing has to be the worst . Have you seen the % apr they have in teensy writting on the strap line on the tv ads- 2456% and the like and people must use them or they wouldn't exist. Scary

I was watching BBC news a few weeks ago, and the money guy was talking about payday loans. I can't remember the exact amounts but it was something along the lines of, borrow £100 and within 8 years the amount owed would be greater than the national debt of the USA.

I know the short terms skew it, but it's still an amusing stat and should be enough to put anyone off. Apart from people stupid enough to need payday loans I guess.

[renmure]

Nah the loan until payday thing has to be the worst . Have you seen the % apr they have in teensy writting on the strap line on the tv ads- 2456% and the like and people must use them or they wouldn't exist. Scary

To be fair tho, the payday loans are short term loans and as such the APR figure is meaningless.
Borrow £20 for a week and pay back £21.25 at the end of the week compounds up to give an APR figure of around 2500%
Not really advocating buying a car with one of these loans, but back in my student days I made worse deals for a pint or two and a curry on a Saturday night

[campbell]

What this underlines, above all in my view, is the importance of basic financial education as part of the school curriculum.

As I understand it, this is not widely taught, and is made all the worse by the fact that Accounting and Economics S-grades and H-grades have been dropped by many schools (including our otherwise excellent local high school, Linlithgow Academy).

A basic grip of Economics would help a lot of people, IMHO, but a foundation class in saving, investing, borrowing, budgeting, opportunity cost, etc etc would surely stand kids in better stead for the big bad world?

PS - don't get me wrong, I'm all for parents educating their kids too...it's not all down to schools...but you need to break the cycle somewhere and there are probably enough parents with little enough financial sense that they simply stand no hope of passing "good practices" onto their kids !

Anyway, we've drifted again. This one was about "Car Finance" - apparently Sorry!

[Stewart]

Stick it on the mortgage

The most expensive way to borrow money?????

Dom, you focused only on my first line - are you an editor with the Sun

I haven't checked recently but the last time I looked I was shocked at the rates presently payable on personal loans.15-20% APR. I know that some mortgages are presently less than 5%p.a fixed for 2-3 years.

Campbell has already explained the logic. Like you, my mortgage is for my house. My preference is to save up for the things I want if at all possible but I do realise that a lot of people like to borrow to realise their dreams - nowt wrong with that and keeps me in a job

[Dominic]

[CSK_423]

Thanks for the replies.

I decided to go with delaer finance in the end, suprisingly it worked out better than the 3/4 deals I looked at in the market.

[campbell]

Never rule out the dealer offers - but always pays to ensure that they are VFM by shopping around, which you have done. Good effort.

Er sorry, what did you buy again?!

[CSK_423]

I've ended up an Audi S5, should collect it the end of next week.

Can't recommend Perth Audi enough with the experience I've had so far and the finance offer was just another plus point.

[Skyenet]

What this underlines, above all in my view, is the importance of basic financial education as part of the school curriculum.

As I understand it, this is not widely taught, and is made all the worse by the fact that Accounting and Economics S-grades and H-grades have been dropped by many schools (including our otherwise excellent local high school, Linlithgow Academy).

A basic grip of Economics would help a lot of people, IMHO, but a foundation class in saving, investing, borrowing, budgeting, opportunity cost, etc etc would surely stand kids in better stead for the big bad world?

PS - don't get me wrong, I'm all for parents educating their kids too...it's not all down to schools...but you need to break the cycle somewhere and there are probably enough parents with little enough financial sense that they simply stand no hope of passing "good practices" onto their kids !

Anyway, we've drifted again. This one was about "Car Finance" - apparently Sorry!

While on this thread drift I totally agree with Campbell and hence why I have signed the HM Government Petition (created by Martin Lewis of Moneysavingexpert.com) to Make financial education a compulsory part of the school curriculum. I work in a school for kids with Additional Support Needs so certainly they are getting basic financial education to help them in everyday life.

http://epetitions.direct.gov.uk/petitions/8903 to sign the petition - Thanks

[campbell]

Good spot Iain.

[campbell]

I've ended up an Audi S5

Qualitee. Very classy bird, enjoy!

[CSK_423]

I've ended up an Audi S5

Qualitee. Very classy bird, enjoy!

After another failure in my Audi A4 I'm wondering if Audi is the correct route !!!!

[~ ~ Cal ~ ~]

Thread resurrection alert !

If you read Evo then you'll know Chris Harris ( funny to follow on Twitter incidentally) bought a GT3 RS 4.0 on his journo salary.

The resultant ( and on topic thread ) below is quite a read

http://www.pistonheads.com/gassing/topi ... 5#19371448

Look out for when Harris posts a pic of himself with a tin of custard to prove he owns the RS - legend !

Cheers, Cal