Would you get a loan for this?

[Moanaorviana]

It would be 5 grand, €90 per month over 7 years

The money would be to do up the garden-fences, grass etc, plus some on the kitchen. We would also use a little over July & August as I start a new job in September and need a stop gap. The rest would be on a treat holiday to Disney Paris (we’ve had a traumatic year) and a little on Dds birthday
The money spent on the gardens would make a huge difference if we ever wanted to sell, plus tne little bits in the kitchen

Would you do this?

Sounds like you’ve already made your mind up before posting on here.
But I’m with the majority who have said not to get into that much debt for a holiday and a pretty garden.
Either save the €90 each month and do a big spend (Disney) when you’ve saved enough or spend €90 each month on doing up the garden and all the other stuff you want to do around the house.
You'd be mad to take out a loan with such a long repayment plan.

But I thought it would be easier over a longer term as it’s less per month and not really much per month at all?

I’m reconsidering now, I thought lots of people got loans etc for home improvements, it’s not something we’ve done before

not for a holiday. Not to hire stuff for your child's birthday. maybe for a washing machine if I couldn't find a store with a zero interest loan. If your husband is doing the work then but the garden materials as you can afford them, search for sales, stuff on freecycle, giveaways on facebook and so on.

It's less per month obviously, but more overall. Chances are you'd be wanting other stuff/DIY/holidays etc in the next 7 years therefore getting even more debt.

Definitely not. The garden will go downhill again, holidays shouldn't be bought on credit imo. Save up or do the work yourself.

We’d just save or do those as and when, the garden has become quite bad due to the heat, it’s needs doing v soon. Then the washing machine going kaput, the kitchen needs things replacing so may as well include that. I also need a new phone, it sounds frivolous, but really it’s just lots of things that need sorting at once. I agree the holiday isn’t essential though, maybe if we didn’t do that, we could keep that part for emergencies in case? That would be the more sensible thing to do (but more boring )

Why will it go downhill again? Once the artificial grass is in, that’s it done

The holiday alone would cost close to 5k wouldn’t it? Theres no chance you could do all that for only 5k!

Nowhere near 5K! Wouldn’t stay in Disney itself, only day trip, would stay for 2/3 nights in basic place and travel in and show Dd Paris

I wouldn’t on that term, 7 years is a long time and you are paying half again in interest,

if you really need to I would pay it over a shorter term reducing the interest you owe as a lot can happen in 7 years

Get an interest free money transfer credit card.
You seem to be doing an awful lot with the 5k.

I wouldn't get the loan you're getting though. You're paying an awful lot back.

If you don't have any savings now you won't be able to comfortably spare 90 euros/month for the next 7 years. Start saving now, get the fencing and washing machine next year, the turf the following year and holiday when you have enough for it.

By doing what you want to do you will have to pay back 50% more than what you have borrowd. 2500 just completely down the drain.

Wait until next year for a washing machine 😬
Only haven’t saved now as I have been looking after Dd at home. We can survive on Dh’s wage but no big holidays etc, now I’m working again, it will be easier. Even if something did happen with this job, we can still do the 90 easily. Admittedly it’s the 7 years that makes me feel 😩

Put the washing machine on a 0% card as that is essential, pay it off then start saving for the other things you want.

I think if you're determined to take a loan out for the things you have said, you should do it over a maximum of 3 years . 7 years is too long and the interest rate is huge. The holiday will be a very distant memory, yet you'll still be paying it off. I'm also amazed that you will get all those things on 5k. Id have thought the garden alone would cost that.

A new washing machine is what, 200 euros or so? If you don't even have that as a buffer the last thing you need is more outgoings. You don't even start your job until September so there won't be money to pay the installments in the interim anyway.

You need to have at least 1000 euros as a buffer before you even think of getting into insecure debt in my opinion. Either way, paying back 50% more than you borrow is still insane,

Eek, no I wouldn’t. And I have had loans for home improvements but more like extensions/new kitchen.
I stupidly paid for a holiday on a credit card and regret it as it’s ended up costing more than it needed to.

the next holiday we go on will be with the money I’ve putting aside each month for that purpose.

And if he loses his job? What then?

OP life is not all fun and experiences. If you can't afford a new phone outright then do what most people do and get it via your provider, at least then you'll be eligible for an upgrade in the future. Get a 0% credit card and buy the washing machine with that. Save up for everything else and do the jobs in order of priority so Disneywill not be at the top. (Don't know how old your DD is but a young child will not appreciate Paris in the way you want...) You do not want such a long loan for anything- the usual term is 3 years unless you're talking about a mortgage.

You’re paying more than 50% of the loan value back as interest. That seems really high.

This! I also did the maths. No way!

A loan should be paid back within the lifetime of the thing it buys.

In holiday terms, I wouldn't go into debt for longer than 1 year.

As others have said, an interest free credit card makes more sense.

Buy the washing machine and you'd probably effectively spread it over two months by the time the bill comes in.

Clear that and if it's manageable in next six weeks (two pay cheques), pay for the things you need for the garden with it.

Pay that off asap. Once that's done, book your holiday.

But sticking it all on at once is usually a mistake

No. Imagine your child in 7 years time! If you save 90 a month now in 7 years time you could go to dinsey when they're old enough to remember and put towards their 7yr birthday.

Don't do it now when it will be tied to you for 7 years and limit what you can do while your child is growing up.

Definitely not for the holiday