Nearly new vs new vs old-ish

[pburv]

What was purchase price? And interest rate.

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Hi mate.
Purchase price was £35310 interest rate set at 5.6%
£26560 total credit @ £273.50 over 46 months
Not the best deal to be had I'm sure but with the £8k deposit it kept my monthly really low which at the end of the day I was happy with..

 

[deanshaw24]

I put £3150 down on a £35100 car and paid £313 a month

 

[pburv]

I put £3150 down on a £35100 car and paid £313 a month

What was your apr and gfv and how many months?

 

[CookD]

Can you overpay on your monthly payments, and if so, how does it work? Do you just have more equity in your vehicle at the end of the term?

 

[DrEskimo]

Can you overpay on your monthly payments, and if so, how does it work? Do you just have more equity in your vehicle at the end of the term?

You can't overpay on the monthlies AFAIK. You can pay any amount of the finance any time you want though. So pay an extra £5k for example. This will reduce your monthlies (and the interest you will pay).

You can't put in more than the difference between the price and the GFV at the start. I.e if the price is 20k and the GFV is 10k, you can't put down more than 10k as a deposit.

However, you can pay off as much as you like when you start, including the whole lot.

 

[deanshaw24]

You can overpay in a roundabout way by putting your mileage up so it's reduces the GFV, thus paying more per month

 

[deanshaw24]

What was your apr and gfv and how many months?

£17... can't remember, 5000 miles 48 months

 

[deanshaw24]

£17... can't remember, 5000 miles 48 months

And APR was 6.8 I think

 

[Benji34]

Just thought I'd throw in my experience seeing as I've just bought an S3. I went with a bank loan as I got the rate at 3.4% and got into a one year old example. I could have gone PCP and got a new one but I didn't want to put a lot of money into my purchase and it means I could buy a really well spec'd example at a saving of about £12k against the list price brand new. The right answer is the one which suits you the best both monthly and long term as well as deciding what is most important to you with regards to having a brand new car or being happy to buy used.

 

[pburv]

Just thought I'd throw in my experience seeing as I've just bought an S3. I went with a bank loan as I got the rate at 3.4% and got into a one year old example. I could have gone PCP and got a new one but I didn't want to put a lot of money into my purchase and it means I could buy a really well spec'd example at a saving of about £12k against the list price brand new. The right answer is the one which suits you the best both monthly and long term as well as deciding what is most important to you with regards to having a brand new car or being happy to buy used.

Very well put mate....Having a new car and low monthlies was important to me..

 

[Gordo77]

Very well put mate....Having a new car and low monthlies was important to me..

Definitely agree, as someone else said, it's a depreciating asset and although we obviously enjoy them, they are just a machine for getting us from A to B... in a bit of style of course!!

 

[jonisginger]

Just thought I'd throw in my experience seeing as I've just bought an S3. I went with a bank loan as I got the rate at 3.4% and got into a one year old example. I could have gone PCP and got a new one but I didn't want to put a lot of money into my purchase and it means I could buy a really well spec'd example at a saving of about £12k against the list price brand new. The right answer is the one which suits you the best both monthly and long term as well as deciding what is most important to you with regards to having a brand new car or being happy to buy used.

Do banks lend that much? Or did you have part loan parting part-ex or something? Can't beat a bank's interest normally on a flat unsecured loan.

 

[jonisginger]

Hi mate.
Purchase price was £35310 interest rate set at 5.6%
£26560 total credit @ £273.50 over 46 months
Not the best deal to be had I'm sure but with the £8k deposit it kept my monthly really low which at the end of the day I was happy with..

Yeah. My final payment is like £11k and car should be worth about £17k. If I'd pressed to raise GFV then I'd be paying less but less security in it and less ability to upgrade if I wanted.

There are some great monthlies floating around the £300 here, but that's dealer finance and they'll give a much more realistic GFV which seems to be around the £18k mark. My deal gave me a long term and a short term option.

As it stands the car will probably be going in the next 6 months, v cry

 

[Benji34]

Do banks lend that much? Or did you have part loan parting part-ex or something? Can't beat a bank's interest normally on a flat unsecured loan.

I sold my car privately and cleared my previous loan. It was a real lemon and I lost a ton of cash so had to start again. My bank will lend up to £30k according to their website although it obviously depends on personal circumstances.

 

[New S4 Man]

£3k on £24.3k (£27k less deposit) but yeah it's not bad!

Capital Car Finance. £300 flat fee and they look around market for a deal.

You basically get a rough quote based on price and type of vehicle, then they lock in funds for 3 months and you go car shopping as cash buyer... Then when you negotiate a deal with salesman you drop in that it's effectively a cash sale to them and collect their **** to hang on your rear view mirror as it will have just dropped out.


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Interesting. I think I might try using these guys myself! So in terms of payment for the car, do you just tell your dealer to expect a phone call/email from Capital Finance?

Also, what kind of discounts (if any) are available on used cars from dealers for people taking finance from elsewhere? I'm guessing not much, if anything! Even without any discount this would still work out much cheaper then the 10.2% APR Audi are offing for used car PCP at the mo.

 

[richinsoton]

Negotiate the discount first & then discuss how you're going to finance it after... I would imagine you wouldn't get much discount if your opening gambit is "I'm financing it elsewhere, not taking your overpriced gap insurance or lifeshine, now give me your best price!" as that is where most of the sales commission comes from these days.

I had a rather frank off the record discussion with my retailer about finance & it turns out the incentive they have from the finance company is for every retail punter they sign up for finance the finance company will purchase a car from them. Hence if you do choose to take finance from your Audi retailer haggle the sh*t out of them & try & get the interest rate as low as possible or whatever else you can get as it's potentially two car sales for them & not one (but you didn't hear that from me right shhhh!. ;-) )

 

[New S4 Man]

Negotiate the discount first & then discuss how you're going to finance it after... I would imagine you wouldn't get much discount if your opening gambit is "I'm financing it elsewhere, not taking your overpriced gap insurance or lifeshine, now give me your best price!" as that is where most of the sales commission comes from these days.

The thing is the salesmen will generally open with "how will you be financing this car" at the outset of the discussion. From the salesman's perspective the question of finance isn't an after thought just before you shake hands, it's integral to the entire negotiation.

 

[Benji34]

Interesting. I think I might try using these guys myself! So in terms of payment for the car, do you just tell your dealer to expect a phone call/email from Capital Finance?

Also, what kind of discounts (if any) are available on used cars from dealers for people taking finance from elsewhere? I'm guessing not much, if anything! Even without any discount this would still work out much cheaper then the 10.2% APR Audi are offing for used car PCP at the mo.

The discounts will vary obviously depending on a number of factors such as how long they've had the car, is it getting towards the end of the month, have they met their sales targets etc. I was offered £900 and a years road tax on a 2014 model from an Audi dealer, which was a great deal but the spec wasn't quite good enough for me.