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Should i get a new car on finance or get my dad to loan me the cash? |
Me and my hubby have seen a car we both want after months of searching its at 拢5,995 we could get it on finance at a rate of 6% or i have the option of going to my dad who is not rich but he could loan me the money of 拢4,000 over 3 yrs and ive got a grand for mine, so im hopiing the guy would knock a bit off if we pay cash.My dad is sceptical though, incase we lost our jobs ect ect normal dad worrys, My hubby is self employed but has worked since he was 16 and is now 32, so dont see why he should worry. If i got my dad how do i persuade him? Also if we go with finance is it better as we could swap the car in 2 yrs if we wanted to to? Or just give it back if worst case scenario happned? sometime i think borrowing from family can cause alot of rows. If that is all your dad's savings, then one day he might need it and will be relying on you to pay the money back quicker. If your dad is doubting you then he obviously doesn't want to say "NO", but doesn't want to part with his money. I personally wouldn't rely on other people and would get the loan, that way your not upsetting anyone, especially family!! If you took the loan from your father ,it would be a lot cheaper than getting finance. I have just loaned my grandson money to buy his first car, and he pays me back religiuosly. Your partner sounds to be safe bet, so take money from dad,if you can allay his worries Try and persuade your dad, after all it would be easier and cheeper to repay, you can set up a direct debit to his account so that he is sure to get his money, and you can pay him a little extra every now and then. That depends if you want to sponge off your parents or you want to show them that you are a responsible adult now and can take care of yourself. I would go with the finance. And probably so do they. (want you to be a responsible adult and finance it yourself) finance it to help your credit rating. you could always put the grand down and make the payments cheaper. no need to stress your dad and mum and if you are married, you should try to make it on your own. A loan would be cheaper and then the car would be yours. On finance you'll pay more money and wont actually own the car until it's paid off. Meaning, you can't sell it on if needed without permission. The worst case scenario for either choice is you can't pay. If you went for finance, that's it, the cars taken back and your credit record takes a nasty blow. If you borrowed from your dad you have more options, depending on his situation. You could end up keeping the car and delaying payments or at worst, sell the car to pay your dad off. Don't go with finance. I have worked with car salesmen in garage, my husband still does. They make it sound good. Could you not get a bank loan? You can change the car in 2 years if you don't get finance. You won't be able to do it for free with finance. Don't let them fool you. Why not get a Hyundai with a 5 year warranty, no other company offers this. Got to a big firm like Patterson, Reg Vardy, Evans Halshaw, they are big enough to drop the price & add extras free. Remember, the salesman wants this sale, it's his commission for his wage, their flat wage is crap. It is even more for them if you get finance. That is why they push it. They will tell you anything to make that sale. |
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