Matt, Controversial idea , I know it's not going to be popular and goes against the tide of thought, but why not save your money, so you can afford to move out from your parents and get a place in a few years time.
Sorry for sounding a boring old fart, I would have gone for the car option at 22, if you asked me if I had my time again what would I do, I'd save like mad to get out, and get on the property ladder, but I know properties are well overpriced, and 1st time buying is a nightmare as you need a huge deposit.
Matt, with a nice car you can impress the birds and get a nice girlfriend and therefore halve the costs of getting into the property ladder.
Matt, Controversial idea , I know it's not going to be popular and goes against the tide of thought, but why not save your money, so you can afford to move out from your parents and get a place in a few years time.
Sorry for sounding a boring old fart, I would have gone for the car option at 22, if you asked me if I had my time again what would I do, I'd save like mad to get out, and get on the property ladder, but I know properties are well overpriced, and 1st time buying is a nightmare as you need a huge deposit.
Matt, with a nice car you can impress the birds and get a nice girlfriend and therefore halve the costs of getting into the property ladder.
Get the right one, with a good job and her own home already and you can knock your housing costs on the head completely. :-)
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It may have changed these days but in my experience it is not unusual for some interest to be loaded into the capital for early repayment.
I have had loans in the past where it actually has not been worth clearing the loan early as there is no financial benefit in doing so !!
So on balance if you plan to clear the loan early a higher interest loan with a better repayment option may work out cheaper overall for you.