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35k deposit, purchase price 45k


borrowing 10k over three years = £320pcm

4% over base rate (whatever that means)

This seems expensive....?

Jeeez I hate maths.

thats about 8.5-9% if my brain is working!
Depends what your credit rating is

Bob

% over base rate is means over current base interest rates as fixed by the bank of england e.g mortgage rate. 4% over seems a normal lending/finance figure IMHO.

Who is this offer from? You could shop around try your bank/building society/Black Horse etc.

You can alter the monthly figure by extending the term but this results in paying more interest over the long run, but whatever suits.

Don't be pressured into anything and do shop around.

It all depends on how much equity you want in your car i.e. how much you physically own. If you intend to keep it then more equity and pay off as quick as possible. If you are gonna keep it for 1 or 2 years there is no point in having too much equity in so decrease your downpayment and increase your monthly payments, allowing you to use the freed up capital in other areas.

Its a bit of a balancing act but you will know what you are comfortable with.

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borrowing 10k from northern rock on a personal loan is only £302 per month..... no penalties for early repayment either....look on www.moneyextra.com for rates