I don't like it.
<insert rant about society>
To summarise,
I see these young people in top of the range cars, with all the latest tech and big tvs and the like.
I understand that sometimes, it can be useful, to get you out of a bind, but to get things that you just cannot afford on finance?
I've seen people getting into a shit-ton of crippling debt due to this finance and i admit this has probably made me quite biased towards the subject.
If i want something.. i save and then buy it when i can afford it? Usually by the time i can afford it, i don't need/want it so it has that added benefit..
Does anyone regularly use finance schemes to get stuff that you don't need?
Comments
I tend to have one thing at a time on 0%.. normally a luxury. My guitar from Peach for example. Other than that, the car we needed a loan for. Ours broke and two we have 2 young children. Could we have got a runner for cheap? sure, but it wouldn't last so we made a judgement. (Also got a very good deal, so even with interest it was a good price).
It's easy to judge I'll admit, but honestly it isn't worth thinking about. Working in the bank opened my eyes at light speed. Biggest lesson was not to bother judging. Even if they chose to live at home an lease a massive Merc, why should it bother anyone else?
That said I don't have a lot on finance - just my car really. I was either looking at a 3/4 year old car and taking a loan out to cover it or a brand new version of the same car on a PCP deal. On a monthly basis the PCP deal was cheaper and got me a new car with a 3 year warranty. I guess I could have saver for a while and paid a few grand for an older car but I could afford to get something better through finance so I did.
Similar to credit cards, they are a dangerous thing for people who can't manage their money but can be very useful if used the right way.
Oh, and I bought a Nintendo Switch on 3-month 0% finance because that got me 10% off.
I don't use it for trivial stuff.
ill happily use 0% if it's offered though.
I am am saving for a new car at the moment but I'm not sure I'll be able to pay out a large sum of cash in one go.
As I quite like having it in the bank!
Seriously: If you value it, take/fetch it yourself
I'm not locked in here with you, you are locked in here with me.
Seriously: If you value it, take/fetch it yourself
In the past I've bought cars on a finance deal, not the sort of thing I could have easily have saved for, and again planned so the monthly payments are easy so no real hassle. I actually took out a separate loan for that so I was effectively a cash buyer to give us more negotiation power with the garage rather than using their own finance deals.
I can see how it's easy for people to get tempted with these deals and get into trouble, but for me it's always worked out fine.
Seriously: If you value it, take/fetch it yourself
I'm not locked in here with you, you are locked in here with me.
One of the Rothschilds back in history said (again, paraphrasing) I don't care who rules a country, so long as I control the money supply.
I'm not locked in here with you, you are locked in here with me.
If you're sensible credit is a good thing and can save you money. If you're not, it's not.
Having said that, I have an almost perpetual overdraft which interest is charged on. So I'm lying.
My feedback thread is here.
@boogieman what you do is sensible and buying on CC and then paying off completely can offer benifits and protection but ultimately your not the kind of customer CC companies want, they aren't gonna make anything from that they really need people to not pay the money back until they have made the interest
I'm not locked in here with you, you are locked in here with me.
Trading feedback: http://www.thefretboard.co.uk/discussion/72424/
Good for me, but seems totally daft, doesn't it?