So I'm really interested in getting an s3, I have 10,000 for a deposit and wanted to know what the monthly payments would be over 2/3 years? I'd like it to be at least a 10 plate with no more than 20,000, any help appreciated, thanks in advance!
Finance help/info please?
- Thread starter Wizbod7
- Start date
s3cya
1st Gear
From what i have learned, car finance is to be avoided unless it is amazingly low on interest %. I have heard that the best way of doing it is to get a bank loan and pay it off that way to avoid mega interest on finance. I would personally speak to your bank for advice.
I bought a car 8 years ago for £5000 and ended up paying in excess of £8000 by the time the finance had ended (3 year term) - £1000 a year in interest!!!!
Thanks for te replies guys! Looks like I'll be passing in finance and see what the bank can do! Hopefully they can sort something out!
audicruiser
Audi Heaven
The bank rates are normally better than Audi unless your doing the solutions plan (PCP) where the Audi Centre makes a contribution as this normally basically pays your interest. This is new cars normally though.
With the bank you will own the car, as the finance is against you and not the car plus if you have to sell for any reason then the car won't show on finance. You can still sell a car on finance but it does put people off plus you have to settle it before you sell it to the new owner.
Put the balance on a credit card, then swap to a card with an interest free period.
As an example, a balance of around £9k will have a minimum payment of around £200 per month. The cost to transfer is usually around £250 (3%) first time, and less second time. So you can get the car and only pay the transfer fee twice in your 3 year repayment period (many cards have over 18 month 0% windows). If you pay £264 per month, you will pay it off in the 3 years, including the balance transfer fees.
Doing this will greatly reduce your "interest" payments, as after, say, 22 months (Barclaycard have 22 month 0% on transfers), your transfer balance would be around £3432, so would only incur a fee of about £102 to transfer, and assuming you keep making payments of £264, you will have paid it off in full by month 36.
Doing this means an overall "interest" payment of around £352 over the 3 year term, which will be untouchable from banks / dealerships.
As an example, a balance of around £9k will have a minimum payment of around £200 per month. The cost to transfer is usually around £250 (3%) first time, and less second time. So you can get the car and only pay the transfer fee twice in your 3 year repayment period (many cards have over 18 month 0% windows). If you pay £264 per month, you will pay it off in the 3 years, including the balance transfer fees.
Doing this will greatly reduce your "interest" payments, as after, say, 22 months (Barclaycard have 22 month 0% on transfers), your transfer balance would be around £3432, so would only incur a fee of about £102 to transfer, and assuming you keep making payments of £264, you will have paid it off in full by month 36.
Doing this means an overall "interest" payment of around £352 over the 3 year term, which will be untouchable from banks / dealerships.
