buying a static on a loan

[craig12]

can anyone tell me please , is buying a static on a loan such a bad thing , yes I can pull £10000-£13000 out of my isa and im fully aware of how interest rates must be taken into account as a total repayable , but do members on here seek a bit of finance on a used static , or do you say I wont borrow anything to buy my lifestyle, and I must be up front here and say that were only talking about sub £12000 no more , any help would be really helpful , I can manage the repayments , just wondered how finance is seen as a good tool or enemy regards (ps assuming that you can secure the lowest rate apr possible)

[Gerry1964]

I upgraded mine on Finance and put a big deposit on too so my finance was 7.9% which to be honest is a bargain

No point wasting all of your isa, if you can afford to pay half as a deposit then why not have the rest on finance

[DavidE]

It all depends on how you feel about the risks you would be taking & how realistic are your calculations.
Personally I wouldn’t do it as it has the potential of going so wrong.
Meeting the running costs of ‘van ownership, which is something you have little control over, when added to finance repayments could be an ongoing drain on your resources to the extent of spoiling the pleasure of having a “home from home”
Think it over very carefully & make your decision rather than buying into “the dream” for it to become a financial nightmare.

[Mosquito]

If you weigh all costs and future rises in fees and you feel comfortable with that, there is nothing wrong with taking a loan but always make sure that you also check with your bank what its interest rate is. Sometimes it can be cheaper to borrow from your bank. One other point to consider, if you have to sell within a couple of years, you will lose a lot of money. Buying a van is an investment in a lifestyle but not a good financial investment.

[slattster]

If the isa is paying less interest than the loan is charging you , then pay it with the isa and then put the amount the loan would of cost you each month back into the isa. If you get a good deal on a loan there probably won’t be a lot in it so depends if you want to keep some money as a back up . Just checked and Tesco doing £10k for 3% , check different amounts of loans ...it’s usually a lower interest rate to borrow more money ... so interest rate at £8k might be quite a bit less than £7k..play about with the figures.

[oscarsmate]

I used my credit card and then did a 0% balance transfer to another card. In effect an 18 month 0% loan.

I have the money in an ISA but as others say let that accrue some interest while the banks want to chuck deals at me.

[missionblue22]

Originally Posted by oscarsmate

I used my credit card and then did a 0% balance transfer to another card. In effect an 18 month 0% loan.

I have the money in an ISA but as others say let that accrue some interest while the banks want to chuck deals at me.

that's a good move i was going to suggest it, i like interest free credit things, sofa, hearing aids ( boots ) apple iPhone credit card purchases and balance transfers, just watch for cash transfers though usually 3% charge