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Author Topic: So what have you done to your car today?  (Read 2982746 times)

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Doctor Gollum

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Re: So what have you done to your car today?
« Reply #17535 on: 07 January 2019, 10:16:12 »

By the good bits, I take it you mean to pay the full agreement amount in three months having borrowed to do for an extra 23 months to do so ???

Doesn't sound like the good bits of anything... Especially as you'll lose any protection offered from secured finance agreement, as opposed to an unsecured personal loan.

Still, if Swmbo likes it then I guess that's OK... ::)
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Viral_Jim

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Re: So what have you done to your car today?
« Reply #17536 on: 07 January 2019, 11:18:58 »

No, I mean the extra £1,000 off the list price that's only available if you take the PCP.  ::)

what finance protection are you referring to?  The protection afforded by UK consumer protection law is fine for me, it protects from buying a lemon and I'm more than happy to take on a dealer who doesn't abide by it.

Total interest paid over the 5yr term of the loan is less than a 3yr PCP due to the difference in interest rates so I don't see what your point is re. an extra 2yrs borrowing, other than your often expressed phobia of credit.

The car is warrantied for more than the loan term, total interest paid is less. Cashflow wise there is a slight difference (circa £30pcm) but this is more than balanced by having the asset in 5yrs time rather than nothing.
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STEMO

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Re: So what have you done to your car today?
« Reply #17537 on: 07 January 2019, 11:38:24 »

Jimmy's way makes perfect sense to me. The last car I bought, I did a money transfer from one of my credit cards to one of my current accounts, 16 months interest free with a transfer fee of 1.9%. Paid for the car with my trade in and balance in cash. Paid off the credit card within the 16 months, so 16 months credit at less than 1.9% APR.
CBA to work it out exactly but 1.9% for 16 months is about 1.5% APR.
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STEMO

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Re: So what have you done to your car today?
« Reply #17538 on: 07 January 2019, 11:41:01 »

As a representative example, £5000 over 16 months will cost you £95 up front.
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Viral_Jim

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Re: So what have you done to your car today?
« Reply #17539 on: 07 January 2019, 11:50:08 »

Jimmy's way makes perfect sense to me. The last car I bought, I did a money transfer from one of my credit cards to one of my current accounts, 16 months interest free with a transfer fee of 1.9%. Paid for the car with my trade in and balance in cash. Paid off the credit card within the 16 months, so 16 months credit at less than 1.9% APR.
CBA to work it out exactly but 1.9% for 16 months is about 1.5% APR.

This is a good point, and (probably) the most cost effective way to borrow, but it does add an extra layer of discipline in that you need to set the direct debit to pay the whole balance over the interest free term. Again, the CC company are very much hoping you don't do this, so that you can fund their profits (and my Air Miles).  :y
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Field Marshal Dr. Opti

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Re: So what have you done to your car today?
« Reply #17540 on: 07 January 2019, 11:51:09 »

I'm confused.

Little wonder I have nothing on finance apart from a mortgage. :-\
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STEMO

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Re: So what have you done to your car today?
« Reply #17541 on: 07 January 2019, 11:54:05 »

Jimmy's way makes perfect sense to me. The last car I bought, I did a money transfer from one of my credit cards to one of my current accounts, 16 months interest free with a transfer fee of 1.9%. Paid for the car with my trade in and balance in cash. Paid off the credit card within the 16 months, so 16 months credit at less than 1.9% APR.
CBA to work it out exactly but 1.9% for 16 months is about 1.5% APR.

This is a good point, and (probably) the most cost effective way to borrow, but it does add an extra layer of discipline in that you need to set the direct debit to pay the whole balance over the interest free term. Again, the CC company are very much hoping you don't do this, so that you can fund their profits (and my Air Miles).  :y
You mustn't put any further spending on the card, obviously. Just put it in a drawer and forget about it. I set the dd to pay it off in fifteen months to avoid any trailing interest, you'd be surprised how quickly it passes, then you can start looking at the trader again  ;D
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STEMO

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Re: So what have you done to your car today?
« Reply #17542 on: 07 January 2019, 11:57:14 »

I'm confused.

Little wonder I have nothing on finance apart from a mortgage. :-\
There is absolutely nothing wrong with that, Opti. I'm getting to the point where I avoid any type of credit if possible.  :y
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STEMO

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Re: So what have you done to your car today?
« Reply #17543 on: 07 January 2019, 12:09:05 »

I've even started paying my car insurance and water bill as soon as they become due. I must thank AVIVA for the car insurance. When I was last with them, a few years ago, I paid by monthly installments, and they sent me a credit agreement through the post. It made me realise that it's a debt, like any other, complete with interest (Although they didn't report to any of the CRA's).
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tunnie

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Re: So what have you done to your car today?
« Reply #17544 on: 07 January 2019, 12:13:26 »

Drove the 3.2 to work for the first time in about 4 weeks, as previously I've been using 2014 E-Class.

Verdict? I prefer the 3.2 in every way, apart from MPG reading at the end.  ;D
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Viral_Jim

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Re: So what have you done to your car today?
« Reply #17545 on: 07 January 2019, 12:16:36 »

I've even started paying my car insurance and water bill as soon as they become due. I must thank AVIVA for the car insurance. When I was last with them, a few years ago, I paid by monthly installments, and they sent me a credit agreement through the post. It made me realise that it's a debt, like any other, complete with interest (Although they didn't report to any of the CRA's).

The interest on some of the insurance monthly payment plans (loans) is extortionate. Same if you have an iphone or similar on contract (probably doesn't apply to many here), the difference between buying the handset and going sim only can be hundreds of pounds over an 18m term.  :o

We always pay up front or pay on credit card and do a balance transfer. I've found that both Barclaycard and MBNA will give you a permanent "offer" of 0% if you just keep the card with nothing on it.  :y
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STEMO

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Re: So what have you done to your car today?
« Reply #17546 on: 07 January 2019, 12:19:13 »

I've even started paying my car insurance and water bill as soon as they become due. I must thank AVIVA for the car insurance. When I was last with them, a few years ago, I paid by monthly installments, and they sent me a credit agreement through the post. It made me realise that it's a debt, like any other, complete with interest (Although they didn't report to any of the CRA's).

The interest on some of the insurance monthly payment plans (loans) is extortionate. Same if you have an iphone or similar on contract (probably doesn't apply to many here), the difference between buying the handset and going sim only can be hundreds of pounds over an 18m term.  :o

We always pay up front or pay on credit card and do a balance transfer. I've found that both Barclaycard and MBNA will give you a permanent "offer" of 0% if you just keep the card with nothing on it.  :y
Yep, we have an MBNA card too. Unfortunately now owned by Lloyds.
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tunnie

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Re: So what have you done to your car today?
« Reply #17547 on: 07 January 2019, 12:20:44 »

I've even started paying my car insurance and water bill as soon as they become due. I must thank AVIVA for the car insurance. When I was last with them, a few years ago, I paid by monthly installments, and they sent me a credit agreement through the post. It made me realise that it's a debt, like any other, complete with interest (Although they didn't report to any of the CRA's).

The interest on some of the insurance monthly payment plans (loans) is extortionate. Same if you have an iphone or similar on contract (probably doesn't apply to many here), the difference between buying the handset and going sim only can be hundreds of pounds over an 18m term.  :o

We always pay up front or pay on credit card and do a balance transfer. I've found that both Barclaycard and MBNA will give you a permanent "offer" of 0% if you just keep the card with nothing on it.  :y
Yep, we have an MBNA card too. Unfortunately now owned by Lloyds.

I had MBNA when it was Virgin Atlantic, but they dropped in favour of a worse scheme.

Now have Virgin's own Money/Mastercard for air miles.
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STEMO

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Re: So what have you done to your car today?
« Reply #17548 on: 07 January 2019, 12:22:52 »

I've even started paying my car insurance and water bill as soon as they become due. I must thank AVIVA for the car insurance. When I was last with them, a few years ago, I paid by monthly installments, and they sent me a credit agreement through the post. It made me realise that it's a debt, like any other, complete with interest (Although they didn't report to any of the CRA's).

The interest on some of the insurance monthly payment plans (loans) is extortionate. Same if you have an iphone or similar on contract (probably doesn't apply to many here), the difference between buying the handset and going sim only can be hundreds of pounds over an 18m term.  :o

We always pay up front or pay on credit card and do a balance transfer. I've found that both Barclaycard and MBNA will give you a permanent "offer" of 0% if you just keep the card with nothing on it.  :y
Yep, we have an MBNA card too. Unfortunately now owned by Lloyds.

I had MBNA when it was Virgin Atlantic, but they dropped in favour of a worse scheme.

Now have Virgin's own Money/Mastercard for air miles.
Not sure, but I think ours started as EGG, then went to Virgin, then MBNA.
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Viral_Jim

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Re: So what have you done to your car today?
« Reply #17549 on: 07 January 2019, 12:26:28 »


Now have Virgin's own Money/Mastercard for air miles.

Are they about the best of the schemes left now? I am on the look for a new one as my MBNA Miles & More account folded up in November (same time as your Virgin one I guess) and the new cashback scheme is bobbins. I had looked at AMEX gold, but its complicated to transfer the points and the fees are really high  :o
« Last Edit: 07 January 2019, 12:28:02 by jimmy944 »
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