My New Car Finance Idea!

[C.A.R.]

I agree about the debt thing - the sole reason we are currently living with my parents is so that we can pay off the £4k of debt we had (which wasn't interest-free!). However since doing that I have been given a payrise and the Mrs and I are keen to move back out asap. A new family car would be nice, but I was looking at various ways of funding it and this seems the cheapest.

I have a good credit history, despite not paying it off at the end of every month (which would be great!) but the fact that I have borrowed in the past and repaid eventually has given me a good credit rating, so I can easily borrow the amount shown above.

It's got to be better than a bank loan or car finance though. The garage I looked at the other day offered finance, if I put down a grand (car was overpriced, say it was £4k) and financed the remaining £3k through them they would "only" be £113/month. Bur for 36 months. Wait a minute...36 x 113 = £4068!! That's some expensive credit right there.

Amazing the amount of people who use it though, looking only at the monthly repayment and not the 'bigger picture'. I wonder what the percentage of people driving about are actually in negative equity against their car without even knowing it...