Loan

February 12th 2021

Today I bought a car that I’ve owned for 3 and a half years. That is to say, that I’ve technically been borrowing it from the bank for that time, and slowly repaying that loan with interest.

I want to sell my car to help me buy a house, and I had a lump sum of £1500 left to pay on my car’s finance before I’m legally allowed to sell it. Plus, even if I don’t sell it, not having to pay that chunk of money each month on my car finance is going to help me out in my quest to pay a mortgage.

Selling the car is a bit of a shortcut, and it’s perhaps hasty, but I really don’t think I need one at the moment. Because of the pandemic, I literally have not driven it this year. Maybe at some point when the pandemic is over I’ll decide I want a new car, but right now I’d be better off putting the value of that car into a deposit on a house.

And so I paid it off. Now I have to sell it. Honestly, the idea of the hassle of selling it privately really puts me off, so I might take the few hundred pound hit to sell it to a dealership. It’s worth a couple hundred quid to save me a lot of stress and hassle.

I know that in shelling out £1500 today I’m in a way further from buying a house, but it also brings me closer.

Until tomorrow, and that’s something to hang on to.

Jacn

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