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Help With Buying! Insurance Etc.


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Hey, SO I want to get myself a new corolla, and am having a little trouble finding out the best way to pay for the car plus the insurance.

I was thinking about getting finance, a bank loan, or using a credit card to buy the car with.

The cheapest insurance I can find will be 90 pound per month, and I reckon I could afford to pay 200 per month for insurance plus car.

The cars I am looking at cost from 2 to 3k. Insurance 1600.

How did you guys get your first Corolla?

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I bought mine with part exchange and cash. Insurance was steep at first but im down to 700 odd a year now.

What is it you need help with? I doubt many people will be able to help you find a lower insurance quote if that's what you want, generally the comparison websites do a good job of giving you a base figure for what to expect. The only other thing I can suggest is try some websites that don't use comparison websites such as Adrian Flux or Direct Line.

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I bought mine with part exchange and cash. Insurance was steep at first but im down to 700 odd a year now.

What is it you need help with? I doubt many people will be able to help you find a lower insurance quote if that's what you want, generally the comparison websites do a good job of giving you a base figure for what to expect. The only other thing I can suggest is try some websites that don't use comparison websites such as Adrian Flux or Direct Line.

Just really wondering what way would be best to buy the car? I dont have money saved up so it would either be credit card, finance or a bank loan.

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Well it depends on your own financial situation. Go with whatever will put you in the least amount of debt and the most manageable situation financially in accordance with your monthly budget/wage packet. Don't overstep what you can afford, and put yourself in a difficult position to get out of.

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As regards insurance, especially if you're buying the car on finance of some type, ensure you go for comprehensive insurance rather than third party. That way if the car is written off, you should be able to settle the majority of the finance using the amount the insurance company pays you for the write off.

Re finance, you need to be aware of the interest rate payable on the borrowing you use. Credit cards would usually have the highest interest rates (probably around 18% APR [actual percentage rate] or more). Hire purchase and personal loans will have lower interest rates - but quite often personal loans charge a higher rate of interest for loans below £7500 - for example 13.9% APR for loans below £7500, and 6.9% for loans above £7500.

Personal loans can be sourced over the internet (for example use 'www.moneysavingexpert.co.uk' to search for cheap personal loans), whereas hire purchase would be available through car dealers. One advantage that personal loans can have over hire purchase, is that they are not tied to the car - cars bought using hire purchase remain the property of the finance company unitl the final payment has been paid.

Avoid things like log book loans or bill of sale loans - the legality of these is currently being looked into by government.

For personal loans, lender websites often have loan calculators that you can use to determine how much interest would be payable, what period you wish to pay the loan over, etc. Don't have the loan over too long a period - three years is a reasonable time. If you wish to change the car at a later date, you don't want to have a large amount remaining on the finance (which may need to be paid off before you change the car - depending on the terms of the finance).

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Hey, SO I want to get myself a new corolla, and am having a little trouble finding out the best way to pay for the car plus the insurance.

I was thinking about getting finance, a bank loan, or using a credit card to buy the car with.

The cheapest insurance I can find will be 90 pound per month, and I reckon I could afford to pay 200 per month for insurance plus car.

The cars I am looking at cost from 2 to 3k. Insurance 1600.

How did you guys get your first Corolla?

Hi,

You are more than welcome to give us a call for an insurance quotation. Remember Toyota Owners Club members receive up to a 15% discount.

Dedicated Owners Club Insurance Number 0800 587 6313

Regards,

Dan.

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Frostyballs, the thing with comprehensive is it will bring the price right up.

Yeah, been looking on moneysupermarket.com and it will definatly be a loan that I will try to get now, not through a credit card.

And the length of time for a loan I was thinking about was around 5 years.

Cheers for your post ;)

Cheers Dan, I am going to look at insurance prices again, see what I can get cheapest.

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In my experience, price comparison sites are NOT the cheapest by any means

Kingo :thumbsup:

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Right, So now what I need to do is see If I will get accepted for a loan, and then find a goo car.

Anybody help me with the latter ?

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Bank loan would be the cheapest way , if youve got a good credit rating you will get a lower apr.

You would be surprised that sometimes 3rd party insurance is only a few quid less than comprehensive. I would have saved a whole ten pounds going 3rd party on my 540 BMW.

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Managed to lower the insurance by adding both parents.

Looking at loans, 4 years 4k, 83per month plus about 130 per month insurance, I can manage that.

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