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I need to buy a car as my current one has given up the ghost, but I do not have the cash to finance such a big purchase just now - especially with Christmas just around the corner.
I need a car to get to and from work, so going without is not an option. However, I do not want to pay more than necessary to borrow the money to buy a second-hand car to replace my old one.
I am planning to spend about £7,000 to £8,000 as I want a vehicle that will keep going for several years to come. I do not want a new car though, as I know that they lose value more quickly.
What is the cheapest way to fund a second-hand car purchase at the moment? Thanks in advance for your help.
K Holmes, Macclesfield
Dear Ms Holmes,
While car dealerships sometimes offer advantageous deals to finance the purchase of new cars, the terms available on second-hand car purchases are often less attractive.
The total amount you would repay with this deal would be £8,568, meaning that you pay just £1,068 in interest.
Rates may vary if you have a poor credit score or want to borrow over a different term, though, while the cost of borrowing amounts of less than £7,500 is also higher.
I hope that helps.
Whatever your financial problem, write to firstname.lastname@example.org and The AOL Money Fixer will get on the case.