Hi, I have to pay the outstanding balance on a car finance agreement whihc is approx £5k. I have exhausted all ways to recover this through an insurance policy and now need to face up to paying it.
I'm reluctant to take out a loan to pay off a loan as I recall this is financial suicide. Sensible suggestions welcomed - many thanks. Steve
2006-10-27 20:33:53 · 15 answers · asked by Stevie 1 in Business & Finance ➔ Personal Finance
hooking
2006-10-27 20:35:50 · answer #1 · answered by meatgazer_i69 1 · 0⤊ 1⤋
£5K is a lot of money to raise just like that. It might be sensible to take out a loan, you need to compare the interest rates on a car loan versus a term loan.
I think, if it were me, I'd be inclined to take out a term loan over a year, which would mean repayments of about £450 per month, and get a second job for the year just to pay it off. That would mean you would have to earn £120 per week at the second job... which could amount to a lot of hours if it's a minimum wage.
I think it's a good idea to do a clean sweep through your stuff - you might be able to raise a lump sum, so that you could borrow a bit less.
Don't forget Christmas is coming - you might want to get over that before doing anything drastic.
The other option is to stick with the finance deal you have, and suffer on to the end of it.
2006-10-27 21:06:10 · answer #2 · answered by RM 6 · 0⤊ 0⤋
Sell the car and use the balance to pay off the loan. Then buy a cheap old reliable Ford Fiesta for £1K.
2006-10-27 23:04:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends really, car finance can have notoriously high interest...
The honest honest truth if you want 5k quickly (and legally) you should work all the hours god sends...
If your on a 9-5 get a pub shift or something something like 7-11... it may not be easy or glamourous, but its the best way to earn money.
2006-10-27 20:41:18 · answer #4 · answered by Anonymous · 2⤊ 0⤋
If it would boost my income $5K in keeping with year, i might get an implant. Hell, my spouse might probable arise with the $5K in keeping with year herself merely so i might get an implant. that question wasn't merely directed to the ladies became it?
2016-11-26 00:28:13 · answer #5 · answered by ? 4 · 0⤊ 0⤋
join a website like http://www.free-affiliate-program.co.uk
then join a few loan companys and make a site up like this one
http://www.a-home-owner-loan.co.uk
and then get £60 everytime someone applys for a loan
then make 30 more sites for every other product
it works
takes some time but it works
2006-10-27 20:37:03 · answer #6 · answered by exceem2006 2 · 1⤊ 0⤋
Easy,,stocking over the head or tights if you prefer,,armed with a trusty sawn off chequebook and then pop down to your local Nat west,,problem solved
2006-10-27 20:45:37 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Firstly you perhaps should have planned your finance better, and bought cheaper car.
Next, get some income coming in... www.simplymoney.biz while paying off what you can..
2006-10-28 02:19:58 · answer #8 · answered by k j 1 · 0⤊ 0⤋
www.surefirefinance.co.uk can help with bad credit loans and get the best rates for those with a good credit history.
2006-10-28 08:34:28 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Work!
2006-10-27 20:41:07 · answer #10 · answered by anchan 4 · 1⤊ 1⤋
just sell everything else you own, or go to a pawn shop or do a boot sale just sell it all!!
2006-10-27 20:36:16 · answer #11 · answered by Anonymous · 1⤊ 0⤋