Bikeracer1098 said:On a £150k car the ballon payment will probably be £100k
F**k me, really :?
This is why I have a 996 and not a 991 :sad:
I'm just a poor boy, nobody loves me...
:thumb:
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Bikeracer1098 said:On a £150k car the ballon payment will probably be £100k
Bikeracer1098 said:HSC911 said:Bikeracer1098 said:How does a 2% mortgage ever become more expensive than a 6% loan?
My understanding of that:
IF you pay the borrowed (car) amount over 20 odd years and NOT pay it within the same time frame as the 6% loan :dont know:
:thumb:
Exactly, simple mathematics, no science behind it ðŸ‘
Why I think he was doing was comparing paying the capital back within 4 years rather than 25years which is like comparing apples with oranges. Also will be paying the 6% interest on the ballon payment for 4 years etc. So the loam is actually never fully payed unless the lump sum (ballon payment) is paid at the end of the term. On a £150k car the ballon payment will probably be £100k
Kryton said:Would not purchase a car if I had to use finance, possibly an age thing :dont know:
Kryton said:Would not purchase a car if I had to use finance, possibly an age thing :dont know:
squelch said:Kryton said:Would not purchase a car if I had to use finance, possibly an age thing :dont know:
Likewise - although when I bought the 997 it was a toss-up between buying that and paying off the mortgage. The GTS won the toss and is now sat in a garage that the bank still owns :floor:
Kryton said:squelch said:Kryton said:Would not purchase a car if I had to use finance, possibly an age thing :dont know:
Likewise - although when I bought the 997 it was a toss-up between buying that and paying off the mortgage. The GTS won the toss and is now sat in a garage that the bank still owns :floor:
I'd have paid the Mortgage off first and bought an old banger
Bikeracer1098 said:HSC911 said:Bikeracer1098 said:How does a 2% mortgage ever become more expensive than a 6% loan?
My understanding of that:
IF you pay the borrowed (car) amount over 20 odd years and NOT pay it within the same time frame as the 6% loan :dont know:
:thumb:
Exactly, simple mathematics, no science behind it ðŸ‘
Why I think he was doing was comparing paying the capital back within 4 years rather than 25years which is like comparing apples with oranges. Also will be paying the 6% interest on the ballon payment for 4 years etc. So the loam is actually never fully payed unless the lump sum (ballon payment) is paid at the end of the term. On a £150k car the ballon payment will probably be £100k
Sorry. Mixing up income tax rates with effective tax relief. Thanks for correcting that :thumb: Hence why I pay an IFA to do my maths. :frustrated:Bikeracer1098 said:With regards to pension tax relief it is possible to effectively get 60% tax relief on the portion of salary between £100k - £120 rather than 40%