Modding on finance?

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V1sual B1nary

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Hi im new here and thinking of purchasing the 2.0 TFSI S line in a few months.

I will be buying it on finance as i currently have an old Corsa thats on it last legs and with an 80 mile commute each day it wont last very long. Due to this i will go for finance.

I have never bought anything on finance before as this will be my second ever car but in general what is the view they take on modding?

Are you allowed to do anything at all to it or?

Just that if i get a deal over say 3 years and not allowed to do anything to it i wont be very happy!

While im here is there any tips for getting a car on finance? any tricks or anything i should look out for?

Thanks, Steve
 
if your buying on PCP, Personal Contract Finance you will prob have a balloon payment with an an annual milage allocated to the car, which you specify at the time of doing the deal. e.g. 12k a year...
i would advise mod the car, at the end of the aggreement, if you just give the car back without paying the balloon, the car will defo need to be standard, or you will be penalised. keep the standard parts for the car, and revert back to standard when you get rid of the car.
if you go with a bank loan and by the car outright... you can do what ever you want to it.
Check out Audi finance as the are doing some good deals, also Barclays, and check out Waz at Oracle finance. do your research with a few places first before you decide on the car, as the sale people in garages will just tuck you up, if you aint done the homework.
 
Yea the main thing to look out for on PCP is the milage allowance they have in the contract as Kash says. Make sure you give yourself enough per annum because if you are over it after the 3 years and you want to trade it back in they will put a hefty charge on every mile you are over your given allowance.

I had it on a Vauxhall SRi CDTi a few years ago and i ended up keeping the car and selling it privately to pay off the balloon payment, i only just managed to get enough to pay the balloon off so you could easily be out of pocket if you take that route if you aren't careful.
 
V1sual B1nary said:
Hi im new here and thinking of purchasing the 2.0 TFSI S line in a few months.

I will be buying it on finance as i currently have an old Corsa thats on it last legs and with an 80 mile commute each day it wont last very long. Due to this i will go for finance.

I have never bought anything on finance before as this will be my second ever car but in general what is the view they take on modding?

Are you allowed to do anything at all to it or?

Just that if i get a deal over say 3 years and not allowed to do anything to it i wont be very happy!

While im here is there any tips for getting a car on finance? any tricks or anything i should look out for?

Thanks, Steve
Click to expand...

If your planning to mod it, then finance wise, get a personal loan from a bank or building society. You then effectively pay for the car with cash and the finance is against you rather than the car. That way also, if want to sell the car you can more easily as it won't show on finance when HPI checked. Plus you can do what you want with it.

PCP schemes are good for new cars for not a lot of initial outlay and low monthly payments, but if you want to own the car and pay it off then you will have a big balloon payment at the end. You are also tied to limited mileages as this is what is based on to predict the future value of the car at the end of the agreement.
 
Ah right ok, so a personal loan is the way to go i think.

I will be doing about 28k miles a year and i do want to own the car and can afford to spend the lions share of my monthly salary on repayments until its done. Do you think a bank will lend a 21 year old 13 grand? I will have a look into it more
 
Yeah bank loan is your best bet. Doing that mileage a PCP will cost you big time...

As above, I wouldn't want to run mine on a 80 mile a day commute. You should really look at a 170TDi doing that mileage.
 
You just need to be careful here as you have the depreciation to contend with alongside the interest payments of the loan. Fair enough depreciation happens all the time and nobody can do anything about it but when you rack up a lot of miles as you will you may not be left with too much at the end of say a 3 or 5 year term at the very best rates ~6-7%. Sounds like an expensive venture to me without taking the mods into account!
 
Look at the total cost of this car and not just your repayments. If you are spending the lions share of your salary on the repayments then then make sure you have enough left over to afford the hefty fuel bills for a 2.0TFSi doing 28k miles per year, road tax and also the upkeep/servicing of the car as it'll cost more to maintain than your corsa. Also have a think about depreciation. It's always going to happen but if you buy a 2.0TFSi for £13k with 40k miles on now then add another 84k miles to that then I would think it will loose a lot of it's value in that time. An oil burner might not be such a bad idea.
 
I`ll 2nd that i have a 2.0t quattro and gotta say it loves the juice as standard as mine is standard at the moment looking to go stage 1 next week and satge 2 in a couple of months but thats a lot of miles for one of these cars unless you job/income warrants it or as stated go with a TDI
 
Ah interesting. Never really considered a diesel before, all my friends have petrols etc and ive always been set on this car or the seat leon cupra R.

May consider one but i always see alot of diesel Audis around but none going very quickly lol.

How would the 170 TDI compare to this?

Also what is the tuning scene like for the diesels, i go to car shows and events quite alot and never really see any diesels.
Forgive me with my lack of knowledge on the TDI scene, interesting to hear all about it!
 
Are you concerned about the insurance at all ?

A 21 year old with only limited experience and no claims will be hefty enough, never mind when it's been modified ! You will have to have comprehensive insurance if you get a loan to purchase. There is a thread on insurance costs on here.

Tuning scene on TDi's is massive - do a few searches on here to see the comments
 
The insurance is within budget, £1600 fully comp covered for business use up to 30k miles on the 2L TFSI or £1400 for the 170 TDI. I was expecting anything up to 2 grand. How much money or pay cheques to banks like to see before they will approve loans as ive only finished uni and started a job this month. Im thinking about 3 months worth?
 
V1sual B1nary said:
The insurance is within budget, £1600 fully comp covered for business use up to 30k miles on the 2L TFSI or £1400 for the 170 TDI. I was expecting anything up to 2 grand. How much money or pay cheques to banks like to see before they will approve loans as ive only finished uni and started a job this month. Im thinking about 3 months worth?
Click to expand...

I don't think they will see it as a "secure" job until you have been there for 12months. A lot of places may turn you down if you have no/bad credit rating also. £13k could be tricky to get at a decent APR, especially at 21.
 
Hate to say it matey but those figures are financially crippling - it's the mileage that's the killer. These days the insurance quotes your talking about are not out of the ordinary. What is going to get you is the simple fact that the car will be worth nothing by the time you have have repaid the loan..I'm not sure what circumstances would make this good value for money.

**Edit - anyway of avoiding business use on your own policy will be extremely helpful. My company wouldn't let me use my car for business even if I wanted to..
 
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I guess ill wait a few months and see what happens. Its an auditing job i have and the problem is im always at clients offices throughout the north so dont have a single place of work. I wish the company would give company cars but no one has one :(
 
80 mile commute? You don't need a diesel you need to move house! lol.

Personally I'd never pay that much for insurance. Its crazy. Also I wouldn't take out a big loan just to buy a car. If your circumstances change you might be screwed. Are you living with your folks? What happens if/when you want to move out? I'd be very careful about getting yourself into debt. My girlfriend has an IVA, its not pretty.
 
I think i have seen sense, i am with my parents yes and is much better than moving into Leeds and renting a flat. I wont be moving out for a good few years. I think instead of the big loan i will just get the older style ford focus 2L TDCI instead as i can get low mileage ones for about 5-6 grand which ill be able to save up in a few months. A bit less power at 140hp but i can always play with it.
 
Check out Audi finance as the are doing some good deals said:
They are indeed and if you clear the loan within the 14 day cooling off period (cash loan whatever) you get to keep the Audi contribution. Not sure Audi publicise this fact!!
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