Credit Cards Key » CreditCardsKey » Top Credit Cards » Zopa loan? Small for first car. HELP?

  #1 (permalink)
: Hi, im looking for a 1000 loan to get my first car. Credit history is spot on.. had my phone for yr and a half and haven't missed a payment n ive had an argos card for a while now and thats been successfully paid off.
On zopa website it says to lend a grand over two yrs I pay back 47 a month... but that is only paying back about an extra 151 on top of the grand.. this seems really good.. maybe too good ha. Just wondering if anyone has any advice for me? Im 20 btw

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  #2 (permalink)
: Yes. Don't get a loan; wait until you can afford to buy without.
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  #3 (permalink)
: 24 payments of 47 = 1128

so where does the 151 come from?

Suppose you wait 2 years and save 47 each month THEN buy a car for 1000 - that will save you 128 AND the insurance AND the car tax.
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