loan for car

[k109]

what is the maximum amount of years you can spread payment over for a car?

for instance, i got a 10k loan and paid it over 4 years.

but i want an rs4 and they look about £35k at best. how many years can you pay over? and will the max amount of years differ if i get it from the bank or an audi dealer?

does anyone have any experience on this? cheers.

[dansansome]

you could get a general any-purpose loan for up to 7 years i think.

dont tell them its for a car. car loan terms are generally much shorter due to vehicle depreciation. when you apply, you could tell them that some is for a car, most is for home improvements etc, then they should grant you longer repayment terms.

careful tho, it could possibly be considered fraud if anything bad happens and you have signed a declaration saying what you are planning to use the money for.

try some online loan calculators, they should all include length of loan fields to fill in.

[k109]

cheers, what about if i get a deal from an audi dealership? how long would they give you. anyone know?

if i get a good audi it should last a while. my seat leon fell apart!

[ashadam]

cheers, what about if i get a deal from an audi dealership? how long would they give you. anyone know?

if i get a good audi it should last a while. my seat leon fell apart!

5 Years or 60 months maximum although not that much difference in repayments from a 48 month loan. God knows why!

[RickT]

In all honesty.. If you are looking for a loan for a RS4 on a long term period it will not be worth it as when you have paided it off with intrest the car will be worth next to nothing in the time scale you are talking.

Taking into account service cost and running costs, i would say you would be better looking for something else..

IF you really would like a RS4.. look at leasing one over 4 years..

This way you will be paying for the car via a rental agreement, yes its dead money as you will never own the car, but you will spend less short term compared to how much you would lose if you purchased the car over a long period of time including intrest,,,

Cheers

Rick

[Issac Hunt]

Buying one with a loan over 7 years would be madness IMO. It would be getting on for 10 years old by the time you paid for it! I know it still would be an RS4 but I cant imagine the value would be anything to shout about!

Imagine the cost to run one over those 7 years, if you dont have the money to buy one upfront (as I dont!) I'd seriously look at a lease agreement or buying something else.

Servicing/parts costs for the RS cars are pretty horendous. I've made the mistake of getting car loans over long periods in the past - you often get bored of the car before the loan is paid!

[mluton]

A personal loan is not secured where finance is.

[paul b]

If you really can afford the RS4, go for it. If you can't really afford it, don't.

I did a 3 year lease on a Mercedes C200 Estate brand new from Mercedes. The book price was £26,000 but on a lease my total payment was more like £16,000. Yes I didn't own the car at the end (in hindsight I wouldn't have wanted to!) but it was overall a cheaper way of getting a good car than buying it. When the lease ran out, it was still worth about £9,000 but the interest I would have had to pay would have made it a dearer car.

Also, insurance could count against you if you're still young. Bare that in mind.

Paul

[k109]

thanks a lot for your answers, what is this lease agreement rickT and paulB are on about? i have (kind of) heard of it before and may be interested in it..

could someone explain it further?


such as, what do i pay for it overall? what happens at the end of the 4 years? is it just like renting a car? they just take it back, end of?

and i have no money or part exchange at the end? (although i wouldnt want to get another car, an rs4 is something you couldnt really upgrade from - where else do you get power like that for that money! - i dont want my next car id have to be a downgrade!!

cheers for your help. getting a new car in the next months.. hopefully an rs4 (somehow!)

[Col]

My advice is simply don't commit to that much debt on a car.

As a minimum you should always look to put down at least 50% of the value of the car you are after. Do this either with saved cash or by trading in your old car. You can slowly work your way up the ladder just like with the housing market. In say 10 years you could be in a postion whereby you could be putting 50% on a new car and have an affordable loan.

5+ years is a long time and lots can happen in your life in that time. You might get married, have kids or want to buy a bigger house or all of the above.

The chances are that the value of the car will fall seriously short of the remaining balance of the loan. You will be in negative equity on the car and will find it really difficult to get yourself out of it.

However, I know exactly what it is like, if you want something, you want it and want it now. Whatever any of us lot say it is unlikely to change your mind.

If you can get through the I want, I want it now fog (which is difficult) don't do it. Look at something you can afford.

An S3 which you could tweak can be had for reasonable money and may help you get the RS4 out of your system (doubt it though).