I know what I'm having next.
Discussion
Polarbert said:
Pistolvip said:
I think there is some bullsh1t going on here.
Some people will have a right shock when they get into the real world.
Some people will have a right shock when they get into the real world.
Not really. Got any other non-constructive comments to add?
You would never get financed!! A finance company or the bank will ask how long you have been working. If you are fresh out of university or even if you have been working for a year, they will see you as a risk as you don’t have longevity in the work place.
What’s your credit score like?
Lets base this on a £23K M3. Firstly you will need to put about £5.5K down as a deposit. Then for three years the repayment will be about £400 per month. Then after the three years, you have to pay a £10K balloon payment or give the car back.
Lets say you get a loan and put £3.5k down as a deposit. Will the bank really lend you £19.5K? A former student with a minimal work record? What have you got to secure the loan on? Mummy and Daddy?
You stand more chance getting the finance as the finance is secured against the car. If you don’t pay they will come and take it away.
Lets run with that other chaps plan of selling it in six months. Lets assume they only way you could by the car was a finance agreement. Who is going to buy a car that has finance outstanding? I know you can clear the finance within 7 days of selling the car, but you still have to find someone to buy the car that will trust you to do that!
So your only option then is to sell it back to the dealer. The dealer will only clear the finance if they can make a profit on the car after the finance has been settled.
I am only 23, but have been working for 7 years. I have been through the whole getting into debt routine and have come out the other side. And believe me, from experience, You will not get financed for an M3 or Z4M.
Pistolvip said:
Polarbert said:
Pistolvip said:
I think there is some bullsh1t going on here.
Some people will have a right shock when they get into the real world.
Some people will have a right shock when they get into the real world.
Not really. Got any other non-constructive comments to add?
You would never get financed!! A finance company or the bank will ask how long you have been working. If you are fresh out of university or even if you have been working for a year, they will see you as a risk as you don’t have longevity in the work place.
What’s your credit score like?
Lets base this on a £23K M3. Firstly you will need to put about £5.5K down as a deposit. Then for three years the repayment will be about £400 per month. Then after the three years, you have to pay a £10K balloon payment or give the car back.
Lets say you get a loan and put £3.5k down as a deposit. Will the bank really lend you £19.5K? A former student with a minimal work record? What have you got to secure the loan on? Mummy and Daddy?
You stand more chance getting the finance as the finance is secured against the car. If you don’t pay they will come and take it away.
Lets run with that other chaps plan of selling it in six months. Lets assume they only way you could by the car was a finance agreement. Who is going to buy a car that has finance outstanding? I know you can clear the finance within 7 days of selling the car, but you still have to find someone to buy the car that will trust you to do that!
So your only option then is to sell it back to the dealer. The dealer will only clear the finance if they can make a profit on the car after the finance has been settled.
I am only 23, but have been working for 7 years. I have been through the whole getting into debt routine and have come out the other side. And believe me, from experience, You will not get financed for an M3 or Z4M.
Couldnt he take it out on finance, pay for half the term then hand it back?
emicen said:
Pistolvip said:
Polarbert said:
Pistolvip said:
I think there is some bullsh1t going on here.
Some people will have a right shock when they get into the real world.
Some people will have a right shock when they get into the real world.
Not really. Got any other non-constructive comments to add?
You would never get financed!! A finance company or the bank will ask how long you have been working. If you are fresh out of university or even if you have been working for a year, they will see you as a risk as you don’t have longevity in the work place.
What’s your credit score like?
Lets base this on a £23K M3. Firstly you will need to put about £5.5K down as a deposit. Then for three years the repayment will be about £400 per month. Then after the three years, you have to pay a £10K balloon payment or give the car back.
Lets say you get a loan and put £3.5k down as a deposit. Will the bank really lend you £19.5K? A former student with a minimal work record? What have you got to secure the loan on? Mummy and Daddy?
You stand more chance getting the finance as the finance is secured against the car. If you don’t pay they will come and take it away.
Lets run with that other chaps plan of selling it in six months. Lets assume they only way you could by the car was a finance agreement. Who is going to buy a car that has finance outstanding? I know you can clear the finance within 7 days of selling the car, but you still have to find someone to buy the car that will trust you to do that!
So your only option then is to sell it back to the dealer. The dealer will only clear the finance if they can make a profit on the car after the finance has been settled.
I am only 23, but have been working for 7 years. I have been through the whole getting into debt routine and have come out the other side. And believe me, from experience, You will not get financed for an M3 or Z4M.
Couldnt he take it out on finance, pay for half the term then hand it back?
I am 99% confident he wont get finance. It not as easy jst to "sell" a car that has finance. Its totally different if there is a loan on the car as the car is not secured against the loan.
Like I said earlier, he would have to clear the fiance before selling the car. The finance company will let you sell the car as long as the finance is cleared within 7 days after sale. But you have to find someone willing to buy the car with outstanding finance whom is also willing to trust him to clear it with the sale money.
taffyracer said:
Do you not think that buying a house should be 1st priority rather than an M3? Saddling yourself with a debt for a depreciating asset that will not benefit you in later life is somewhat short sighted and pretty stupid in reality, no offence meant, M3's are nice but they're not worth getting into debt for, no car is
Houses are just too expensive these days, i bet most people under 25 unless they have a great job havent even considered buying a house. Choice is renting or living with parents and if you do the latter and are earning 16+k a year then its not out of the question. In this case Rob has a 182 which would cover at least a 3rd of the cost of the M3 anyway.
Edited by tomtvr on Tuesday 16th January 12:41
john_p said:
DasChin said:
i would love to see your insurance bill at 22!
almost as much as the value of the car....if anyone would touch you that is!
almost as much as the value of the car....if anyone would touch you that is!
About £2k depending on location - this is with 3-4 yrs NCB
Well I am 23 with full NCB and mine is £2K in a really good area (for insurance)
I bet a £20K M3 is more than that for me.
tomtvr said:
Very similar situation to me - going into full time work soon and like to plan ahead. I would prefer an E39 M5 - as cheap as 12k now. You can afford these things if its all you spend you money on.
A word of caution. Although the E39 M5 is an absolute steal at these prices it's not the sort of car that should be bought with your last few £'s or even worse on borrowed money. There is a reason for them being so cheap and that is the risk of expensive maintainance and/or repairs etc.
DAZ
(Still a big fan of the E39 M5 despite the chance of occasional large bills)
Pistolvip said:
Polarbert said:
Pistolvip said:
I think there is some bullsh1t going on here.
Some people will have a right shock when they get into the real world.
Some people will have a right shock when they get into the real world.
Not really. Got any other non-constructive comments to add?
You would never get financed!! A finance company or the bank will ask how long you have been working. If you are fresh out of university or even if you have been working for a year, they will see you as a risk as you don’t have longevity in the work place.
What’s your credit score like?
Lets run with that other chaps plan of selling it in six months. Lets assume they only way you could by the car was a finance agreement. Who is going to buy a car that has finance outstanding? I know you can clear the finance within 7 days of selling the car, but you still have to find someone to buy the car that will trust you to do that!
So your only option then is to sell it back to the dealer. The dealer will only clear the finance if they can make a profit on the car after the finance has been settled.
There is nothing intrinsically challenging associated with selling a car with outstanding finance. It is quite simple. The purchaser pays the finance company at the point of purchase and the remainder to the seller.
As for the finance issue- you could get 15 credit cards together and job done- pretty much interest free if you're sharp!
As a bank employee of 6yrs I have a fair idea of how the game works. Anyway, unlike most of my mates I didn't piss away 3yrs at uni and pretty much had a full-time job throughout (was only a mickey mouse 4hr a week geography degree). Result- no student debt and actual savings accrued.
Polarbert said:
Pistolvip said:
I think there is some bullsh1t going on here.
Some people will have a right shock when they get into the real world.
Some people will have a right shock when they get into the real world.
Not really. Got any other non-constructive comments to add?
I think hes correct but only going through this will you see it; well, unless you land a job paying 50k+ or get given a load of money. Have they abolished student loans now? Im still owing several friking 1000
polus said:
Polarbert said:
Pistolvip said:
I think there is some bullsh1t going on here.
Some people will have a right shock when they get into the real world.
Some people will have a right shock when they get into the real world.
Not really. Got any other non-constructive comments to add?
I think hes correct but only going through this will you see it; well, unless you land a job paying 50k+ or get given a load of money. Have they abolished student loans now? Im still owing several friking 1000
Look I never said that I would be getting one as soon as I got a job, just that it would be my next car.
Houses are just too expensive these days, i bet most people under 25 unless they have a great job havent even considered buying a house. Choice is renting or living with parents and if you do the latter and are earning 16+k a year then its not out of the question. In this case Rob has a 182 which would cover at least a 3rd of the cost of the M3 anyway.
Agreed, which is why it's stupid to spend that sort of money on a car when you have no home, those with sense would put it into property, get on the ladder, and buy the car later on, I have had lads working for me that have done similar, earning great money and driving boxster's etc, but when times get really tough tough and they have to sell, lose a packet and are left with no money, no car and no property, so in effect broke, that's not life as I see it. But hey, it's his life and i'm not a guru!
Edited by tomtvr on Tuesday 16th January 12:41
[/quote] Agreed, which is why it's stupid to spend that sort of money on a car when you have no home, those with sense would put it into property, get on the ladder, and buy the car later on, I have had lads working for me that have done similar, earning great money and driving boxster's etc, but when times get really tough tough and they have to sell, lose a packet and are left with no money, no car and no property, so in effect broke, that's not life as I see it. But hey, it's his life and i'm not a guru!
get a nice car, pull a top bird....
then take her home to yr parents. nice touch
just hope she is not a screamer ;-)
save your pennies and get a house. cars depreciate, houses always go up. they double their price every 6.5 years. cars don't.
only bonus is with my CSL is that it has hardly lost any value in the last 6 months. unreal for a car. my old 996 C2 was dropping like a stone which is why I got out of it!
then take her home to yr parents. nice touch
just hope she is not a screamer ;-)
save your pennies and get a house. cars depreciate, houses always go up. they double their price every 6.5 years. cars don't.
only bonus is with my CSL is that it has hardly lost any value in the last 6 months. unreal for a car. my old 996 C2 was dropping like a stone which is why I got out of it!
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