Anyone ever took out a loan before?

I'm looking to see if anyones took out a loan from a bank or something before and was it difficult to pay it back?

I'm currently saving to buy a car (putting a way around £250 a month for said car) but I don't want to wait a few months and really need it asap. 

I was thinking about taking out a loan of £1000 which is all I need extra, I'd be paying it back in £90 for the next 12 months.. I thought it would be a good idea considering I'm putting a way money monthly anyway it would be the same thing only I'd be re-paying and have the car in my possession.

Has anyone here ever took out a loan before, if so how much? did you pay it back perfectly? any troubles or tips. 

thanks FK!

Joker said:

I'm looking to see if anyones took out a loan from a bank or something before and was it difficult to pay it back?

I'm currently saving to buy a car (putting a way around £250 a month for said car) but I don't want to wait a few months and really need it asap. 

I was thinking about taking out a loan of £1000 which is all I need extra, I'd be paying it back in £90 for the next 12 months.. I thought it would be a good idea considering I'm putting a way money monthly anyway it would be the same thing only I'd be re-paying and have the car in my possession.

Has anyone here ever took out a loan before, if so how much? did you pay it back perfectly? any troubles or tips. 

thanks FK!

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If what you say is true thats a really low interest rate of only 8 percent. Which is good

You seem to be putting 250 away a month. With ease I assume?

If so why not?

One thing i would recommend is not to pay back the 1000 quicker as when you take out a loan make sure you stick with the monthly payments ON TIME 


At least in the US it will inprove your credit more than paying the loan back quicker

Hope this helps

Mal said:

If what you say is true thats a really low interest rate of only 8 percent. Which is good

You seem to be putting 250 away a month. With ease I assume?

If so why not?

One thing i would recommend is not to pay back the 1000 quicker as when you take out a loan make sure you stick with the monthly payments ON TIME 


At least in the US it will inprove your credit more than paying the loan back quicker

Hope this helps

Click to expand...

I've been putting 250 aside for 4 months with no problems at all thats including paying a phone contract. I still end up having 200 for personal use. 

If I take out a loan, buy the car.. I feel it's exactly the same as saving, only you have the car whilst you save so to say, Get now pay later rather than save! I'd be putting 90 a month to the loan for the car and still have around 350 then the insurance(60 a month insurance) I'd still be putting less than 250 a month aside, it'd be instead 110 but towards the loan rather than saving 250 each month.

I'm currently doing 250 to save for the car fast but I feel it'd also save me some stress as I'd have a year to pay it back rather than rush-saving £250 monthly within a 6 month time frame, £90 a month just seems so much easier + the 60 insurance.

Apologies i'm babbling, Thanks so much for helping!

Joker said:

I've been putting 250 aside for 4 months with no problems at all thats including paying a phone contract. I still end up having 200 for personal use. 

If I take out a loan, buy the car.. I feel it's exactly the same as saving only you have the car whilst you save so to say, Get now pay later rather than save! I'd be putting 90 to the car and still have around 350 (60 a month insurance) I'd still be putting less than 250 a month aside, it'd be instead 110. 

I'm currently doing 250 to save for the car fast but I feel it'd also save me some stress as I'd have a year to pay it back rather than rush-saving within a 6 month time frame.

Apologies i'm babbling, Thanks so much for helping!

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Yah seem about right just sleep over it just to make sure its not an impulse to do it right now

And make sure to read the fine print on the loan lol

Mal said:

Yah seem about right just sleep over it just to make sure its not an impulse to do it right now

And make sure to read the fine print on the loan lol

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I've been considering it for around 2 weeks. I'll make sure to read everything in detail, Hopefully this all comes to plan! Appreciate it alot my man!