David H
Well-Known Member
- Joined
- Sep 27, 2017
- Messages
- 135
- Points
- 68
- Age
- 30
I would actually also add though that people are not very bright even when it comes to credit.
We all need some form of credit (I.e. mortgage) so I never believe it is something that should be ultimately shunned, even though over the years I have come to accept that a mortgage is really the only acceptable form of credit but that is just me, unless you come from money and your family can afford to buy you a house.
I mean, when I’ve walked past a Bright House I almost cringe when I look at the “total amount repayable” and I just think “Jesus, those sofas are ugly anyway! Go to British Heart Foundation and get a sofa for £100!” Even the mattress I’m sleeping on at the moment cost me £35 (I’m not fussy haha). People are so quick to finance everything, but you can get some amazing finds on the selling sites!
They seem to be pushing this “second hand culture” now albeit very much linked to the environment and to cut down on all of this overproduction of New things.
Really, and this is what I would do: dealer HP is always exorbitant and they do this to incentivise PCP on new cars, I would get a personal loan for a used car at 3% and if I couldn’t get it then tough! I couldn’t think of anything worse than paying more interest than I had to.
This is slightly contradictory to my previous posts haha, but really unless you can afford it: get an older car in cash (a well looked after older car, low mileage, very good MOT history) and just pay for the repairs as and when because that will likely always be cheaper over the course of owning the car than financing a newer used car on HP because once you’ve paid off the HP things on that car will need replacing anyway.
We all need some form of credit (I.e. mortgage) so I never believe it is something that should be ultimately shunned, even though over the years I have come to accept that a mortgage is really the only acceptable form of credit but that is just me, unless you come from money and your family can afford to buy you a house.
I mean, when I’ve walked past a Bright House I almost cringe when I look at the “total amount repayable” and I just think “Jesus, those sofas are ugly anyway! Go to British Heart Foundation and get a sofa for £100!” Even the mattress I’m sleeping on at the moment cost me £35 (I’m not fussy haha). People are so quick to finance everything, but you can get some amazing finds on the selling sites!
They seem to be pushing this “second hand culture” now albeit very much linked to the environment and to cut down on all of this overproduction of New things.
Really, and this is what I would do: dealer HP is always exorbitant and they do this to incentivise PCP on new cars, I would get a personal loan for a used car at 3% and if I couldn’t get it then tough! I couldn’t think of anything worse than paying more interest than I had to.
This is slightly contradictory to my previous posts haha, but really unless you can afford it: get an older car in cash (a well looked after older car, low mileage, very good MOT history) and just pay for the repairs as and when because that will likely always be cheaper over the course of owning the car than financing a newer used car on HP because once you’ve paid off the HP things on that car will need replacing anyway.