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Best way to finance a new (ish) car

1 reply

abitbroke · 07/11/2005 13:55

DH will need to change his car soon. It's 9 years old, coming up to 100 thousand miles, and I feel is going to start costing on parts and stuff pretty soon.

I'm thinking we should look at our mortgage (need to check mortgage deals anyway) and maybe borrow 10 - 15 thou over (we have good equity atm) and do it that way. Anyone got any suggestions?

We wouldn't buy brand new BTW, but may look at ex-demonstrator or 1-2 year old car.

OP posts:
mancmum · 07/11/2005 14:00

if you pay over 10-15 years you will pay a huge amount of interest... might be better to get a flexible mortgage and over pay as much as you can afford each month to get rid of car loan element as quick as you can...that is what I did and it worked well for us..

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