AH FabricationsChris Nott
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  1. #1
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    Best finance package for S3 from dealer?

    Hi 1st post, been browsing for a few weeks...

    Just a quick Q to anyone who has taken out a finance package from the dealer

    I've order a new S3, total price 32k. I was planning on paying cash for it but am now thinking I might be wiser trying to take out a cheap finance option and keeping the money in my a/c (6% ish interest)

    What's the best deal anyone's got from their dealer...i'd be looking to borrow for 2 years I guess

    thanks in advance

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  3. #2
    RobinA3's Avatar
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    I looked into borrowing from the Audi dealer but the interest rate was much much higher than the banks interest rate

    i think Audi wanted 9.6%APR where as for the same loan amount i got 5.4% APR from Northern Rock Bank Loan

    I think people usually take our finance from dealer because they can't get a loan from a bank.

  4. #3
    normski's Avatar
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    www.marksandspencer.com

    They do a car buying loan which is essentially like a PCP at 6.4%, max amount 25000.

    You just have to make sure your car will be worth it at the end cuz there is a balloon payment, as always. But you aren't tied to mileage etc. and as long as you aren't doing 20,000 plus and devaluing the car big time, it should be good.

    Probably the route I will be taking for my S3, over 36 or 48 months.

    If anyone can see a down side to this route, let me know as it could be staring me in the face, I just can't see it.

  5. #4
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    I recently borrowed 18000 from M&S to finance my new Sportback

    As you would expect, very smooth with a quick decision and the money in the bank in a week or so.

    Even better, they offered me the money at 5.9%, rather than the 6.4% quoted on their website. 36 Monthly payments of around 360 with just over 7000 balloon payment.

    Should give me a small but tidy deposit for my next car in 3 year time. If things do not work out with Audi, I will be able to search around elsewhere.

    Dealer wouldn't/couldn't get anywhere close !

  6. #5
    normski's Avatar
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    Very useful mate, was there any haggling over the rate, or did they just give it you?

  7. #6
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    No Haggling. I was happy with 6.4%. When I received an email confirming I would get the money, it mentioned I qualify for a reduced rate (no idea why - £45k pa / good credit rating?? ). The papers for signing that arrived a couple of days later gave the rate at 5.9%.

    Not many car buying plans out there at present. This one suited me perfect.Highly recommended.Good Luck

  8. #7
    normski's Avatar
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    Off the top of your head, do you know if you can make over payments and what penalties there are for settiling early?

    It doesn't state this on the web info for the loan.

  9. #8
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    Just read the financial agreement. A little complicated. The loan for the full amount(20000ish including interest charges) is given as a loan over 5 years. However, if I pay the deferrered balloon payment of 7200 at the end of 3 years there are no further interest charges(if not I would carry on making 360 per month payments for a further 2 years).

    Does not mention overpayments but you can settle early and based on my figures they quoted 13800 for settlement 1/4(of 5 years I guess) of the way through the loan, 9500 for 1/2 way and 4900 for 3/4.

    Hope this helps

  10. #9
    normski's Avatar
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    It most definitely helps mate, cheers. I was in the same boat, thinking I would rather start off with low payments on a five year basis but then pay it off after threee years. Thanks for the help. And to the OP, sorry for hi-jacking your thread but hopefully it may have given you another good finance option.

  11. #10
    marriedblonde's Avatar
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    I have taken out finance on my beamer and look on the web first before going into buy the car. I got the dealer to match the banks rate.

    J.
    Married and blonde yes, but still a guy with a poor taste in usernames!

    Mercedes Benze E-class 350 sport convertable, black, pacha grey leather, 19" AMG rims, HK stero and a few more toys
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    BMW 330 Coupe M sport Black, Black leather, Nav and a lot of other options.
    BMW Z4 Coupe Sport in black with a few toys - going friday and gonna be missed by my lad.
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  12. #11
    klauster's Avatar
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    speak with www.premierfinance.co.uk , they will source a deal for you

  13. #12
    normski's Avatar
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    Quote Originally Posted by mwardyrem
    No Haggling. I was happy with 6.4%. When I received an email confirming I would get the money, it mentioned I qualify for a reduced rate (no idea why - 45k pa / good credit rating?? ). The papers for signing that arrived a couple of days later gave the rate at 5.9%.

    Not many car buying plans out there at present. This one suited me perfect.Highly recommended.Good Luck
    I applied for this yesterday, got an email asking me to call them for some reason and I did.

    "We can do the loan at 9% APR"
    "What happended to 6.4%?"
    "You have a bad credit rating!"

    WTF.

    I checked my rating on-line, 967 out of a possible 1000 which is viewed as excellent, with the loss of 33 points being solely down to three credit checks since Xmas - one by my insurer for some reason, one by my mortgage lender and one by M&S money.

    House hold income of 70,000 plus, 300,000 plus equity in my house and an excellent credit rating.

    Rang them back, they wouldn't disclose the reason but I am certain it is because I refused to take their payment protection ( as I explained to the woman, I already have cover that outweighs theirs).

    Anyway, told them exactly where to stick 9%.

  14. #13
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    Sorry to hear of your problems!

    However, I DID NOT take out payment protection to achieve the 5.9%(no pressure applied)

    Can't explain the difference.

  15. #14
    normski's Avatar
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    After three very factual, relatively aggressive and accusing emails I had a call from their underwriting department.

    It seems that due to an administritive error their in-house scoring system got something wrong and although they said even then they felt one of their staff was overly harsh in only offering 9%, they felt that they could now offer me 6.4%.

    I basically told them they were full of it.

    Am now just waiting for Chins' mate to sort me something better before I tell them to stick it.

  16. #15
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    Take care with Audi finance, I wanted to buy my new S3 outright and so applied to our investment company to release the relevant funds by letter as requested. I had also enquired about the cheapest way to finance it via Audi and so that was set up as well.
    The funds from the investment did not turn up and it appeared that our letter had gone missing in the post. After a bit of chasing it became apparent that the money was not going to appear in my account in time for delivery day. I accepted the finance package believing the interest would be minimal.
    11 days after accepting delivery the money turned up in my account so I rang Audi finance the next day to find out the amount owing.
    The amount owing had increased by 672!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! for only 12 days of finance.
    As you can imagine, I was not happy and it took some very complex negotiations to get it down to 115.

    prt

 

 

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