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What is the best option for my girl friend finance or a loan from the bank ?

she just passed her driving test, she wants to get a brand new car I have always had second hand cars and paid for cars right out.

What is the best option for her finance loan from the garage or a loan from the bank?

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13 Responses to “What is the best option for my girl friend finance or a loan from the bank ?”

  1. danceswithwolves said :

    dont get a loan from the garage is my advice, they are a con

  2. jaypauldini said :

    the bank is better, as they are more understanding when there is a problem. another way is to use a credit card, as oyu can vary the payment amounts depending on your circumstances.

  3. mrHoppy said :

    The cheaper one.
    usually the bank.

  4. Worldly25 said :

    If she has a good rapport with her bank then borrow from them. If the payment is automatically deducted from her checking account the bank usually shaves off a point

  5. probablygraham said :

    To be honest – neither.
    New cars are worth a stack of money less the second you sign the contract.

    It’s people buying things they don’t have money for that got us all in this mess in the first place.

  6. bluecow said :

    well done…you need ppl like your GF to keep the economy rolling…

  7. COLIN T said :

    To be honest her best option is to buy a one grand car to cut her teeth on, get 6 months on the road experience and then buy her new car. Quite a number of new drivers have a minor prang in the first few months of driving.

  8. Kayla said :

    i hope u two have good jobs….around here it is hard to pay the electric bill—-let alone a new car—but i would def. get a cheap car first—-sure…it doesn’tt make u look cool….but neither does getting 1/2 the value for it when it gets totalled

  9. X X said :

    Never heard of a garage that sells new cars and offers finance.

    The bank, most likely. Depends upon credit, as well.
    Still. . .
    -Always shop around!
    -Dealers should have a list of rates, available.
    -Always do the math, include all costs, down to the last payment, rebate, even estimate the insurance based on vehicle. Then compare the rates and options.
    -Look to see what the policy is on late or missed payments.
    -Figure out the cost of the loan vs cost of financing.
    -Be wary of 0% financing!

    I found HSBC Auto was good!

    Does she realize a new car loses 15 to 20% a year in value.

  10. Goonhilda said :

    First of all, if she can’t afford to buy a brand new car with cash, she can’t afford a new car. She should not buy a new car.

    She should buy a cheaper secondhand car. Even then, a loan is a bad idea. You should not use loans to buy cars, because cars go down in value. So even if you sell the car, it won’t cover the debt. Not financially smart.

    If she insists on getting a loan, she should go to a broker before she goes to the car dealership. She should arrange the finance prior to going to the dealership, so she knows how much she can afford. Go to a broker in your local phone directory. They can give you a choice f several loans, not the one loan you might get from a bank. She will get a lower rate doing this.

    Your girlfriend is making a huge financial mistake by borrowing for a car. She is throwing money away on something that will gradually become worthless. You are right to always have secondhand cars and pay for them outright. Please do the right thing by her and try to dissuade her from her foolish course of action.

    Best wishes

  11. WelshLad said :

    It’s best to have read of both and then decide:

    I don’t want to personally recommend which one.

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