Hi,
All my finance information has already been provided in a previous post so no need to repeat same.
What I am asking is if there is a risk of buying a car before entering formal discussions with the banks. The position is that our second car is causing a lot of trouble (2003 Corsa) and it is becoming a situation where we are throwing good money after bad so we are thinking about replacing it (especially given we have three kids and cars is way too small)
A friend said they will give us a loan of a few grand to get a car and I would be worried about doing so if the bank were to take it. Can they take it off us leaving the friend high and dry? The deal would be to take the money from our friend and repay them when the car is sold or something like that.
I have around €5k plus trade in but to buy and estate for the that money means you are buying a pre-2008 and the cost of tax can be horrendous (if a diesel) and cost of petrol can be horrendous given it is an estate. All that considered I came across a 2007 Mondeo for €7k which costs €200 in motor tax per annum and has 55 MPG so when you look at that over 8 years the Mondeo would be cheaper than say a €4k Astra because the motor tax is €400 per annum cheaper and fuel is around €1,200 per annum.
In summary the more expensive car is cheaper in the long run and while €7k isn't a lot to some people when buying cars I am the cautious type.
Comments appreciated
All my finance information has already been provided in a previous post so no need to repeat same.
What I am asking is if there is a risk of buying a car before entering formal discussions with the banks. The position is that our second car is causing a lot of trouble (2003 Corsa) and it is becoming a situation where we are throwing good money after bad so we are thinking about replacing it (especially given we have three kids and cars is way too small)
A friend said they will give us a loan of a few grand to get a car and I would be worried about doing so if the bank were to take it. Can they take it off us leaving the friend high and dry? The deal would be to take the money from our friend and repay them when the car is sold or something like that.
I have around €5k plus trade in but to buy and estate for the that money means you are buying a pre-2008 and the cost of tax can be horrendous (if a diesel) and cost of petrol can be horrendous given it is an estate. All that considered I came across a 2007 Mondeo for €7k which costs €200 in motor tax per annum and has 55 MPG so when you look at that over 8 years the Mondeo would be cheaper than say a €4k Astra because the motor tax is €400 per annum cheaper and fuel is around €1,200 per annum.
In summary the more expensive car is cheaper in the long run and while €7k isn't a lot to some people when buying cars I am the cautious type.
Comments appreciated