Car finance.

[jojo]

Any finance experts on the forum?

What's the cheapest way to finance a car purchase?

I've not purchased a car on finance in ages! Last time was my Audi S3 way back in 2000, but I'm looking to buy a used car in the £20k'ish bracket from a Used Car Dealer soon, and I'm in the fortunate position to be able to pay off the car in one go, but I don't want to, so looking to finance between £10-15k of it over 3-5 years. Car finance from dealers are not exactly great rates from my research, so I'm considering the personal loan route. Unless someone has a better idea?

Any tip or help from fellow members?

TIA

 

[cpc_s3]

google it.

i read it on oracle car finance gives you a good breakdown on their website. ive never bought a new car until the other day i got a s3 on pcp. worked out well cars coming for xmas

 

[jojo]

google it.

i read it on oracle car finance gives you a good breakdown on their website. ive never bought a new car until the other day i got a s3 on pcp. worked out well cars coming for xmas

Not buying new, so I don't think PCP is an option bud. When you google 'car finance', it brings up a million pages! lol

 

[desertstorm]

Hello Jojo I am far from a finance expert but when looking for some finance to buy the Audi I just went to the money supermarket and did a search on there.
I ended up with a 3 year loan from Sainsburys. Very easy to set up and sort out.
Just had a quick look and Sainsburys comes out still in the top 3.

Representative example: If you borrow £12,000 over 4 years at a Representative rate of 3.5% APR and an annual interest rate of 3.50% fixed you would pay £267.98 per month. Total charge for credit will be £862.99.
The total amount repayable is £12,862.99
I was like you I could have avoided a loan and paid cash by selling some shares. The value of shares can go up as well as down, fortunately BT shares have gone up about 50% in the last 2 years so I made the right decision paying 3% interest on a loan.

Karl.

 

[desertstorm]

Hope it's not going to be white .

 

[jojo]

Hope it's not going to be white .

It's not white mate, and it has more power than your car as standard! Just got to go test drive it!!

 

[desertstorm]

ooh get you I take it this is a replacement for the Passat.

 

[Scottyg]

You can buy used cars on PCPs. Done it about 4 times. Try Alpherea Finance. Basically it's the trading name of BMW/MINI finance. They'll quote you on any make and from any garage. Similar to buying dealer finance but better rates.

 

[Lavis89]

I'm in the process of doing the exact same thing, same budget as well, going to put it off until after christmas then im getting a loan via money supermarket

 

[jojo]

It's a no brainer really, the interest rate is amazing using a personal loan! Why do people even get car finance through a dealer?

 

[DrEskimo]

It's a no brainer really, the interest rate is amazing using a personal loan! Why do people even get car finance through a dealer?

Presumably it's easier to get a loan from the dealer as it will be secured against the car. Getting a personal loan at the rates advertised is difficult unless you have excellent credit history.

 

[Lavis89]

If you've got 20k cash floating about (unless it's been inherited) then chances are you'll probably have a pretty good credit rating

 

[DrEskimo]

If you've got 20k cash floating about (unless it's been inherited) then chances are you'll probably have a pretty good credit rating

Haha indeed...my comment was in general rather than specific to this case

 

[jojo]

Presumably it's easier to get a loan from the dealer as it will be secured against the car. Getting a personal loan at the rates advertised is difficult unless you have excellent credit history.

True say, I've never applied for a personal loan before, but my credit rating should be in the good-excellent range, so fingers crossed!

 

[Scottyg]

Even with an excellent credit rating (995) on Experian out of 100 you sometimes still don't get their best rates. Car finance tends to be a much more straightforward process.

 

[Lavis89]

I've never had a loan before either but never missed a credit card or mortgage payment so should imagine my credit rating is pretty good. (i hope!)

Most of these real low rate loans you actually specify it's for a car, i don't know if that writes the loan to the car or something because i've not got that far in to the process yet

 

[BigBrizo]

I'm in the exact same price bracket just now.

Tsb bank are doing a really low interest rate just now.

What you going for

 

[45bvtc]

True say, I've never applied for a personal loan before, but my credit rating should be in the good-excellent range, so fingers crossed!

Hmmm; from my experience if you've never had credit you'll not have a credit-rating so that may not be as good as you thing, jojo

 

[Nilz]

Jo, go for a personal loan, if you do online banking you can have it within minutes.

Halifax are doing a couple of really good loans at the moment where the rate is 3.9% and no early repyament fees, sometimes its worth getting more on a loan as well if the rate is better and there are no repayment fees, as just pay back what you dont need and then continue to pay off what you are going to need at a lower rate.

 

[jojo]

Applied for personal loan today @3.5%APR online, it's been accepted in principle.

I'm going a long way to go view a car tomorrow morning with the intention of driving it away, so I'm just going to pay for it in full first. Hope it's an amazing drive back!

 

[45bvtc]

Applied for personal loan today @3.5%APR online, it's been accepted in principle.

I'm going a long way to go view a car tomorrow morning with the intention of driving it away, so I'm just going to pay for it in full first. Hope it's an amazing drive back!

GOOD LUCK jojo and have a very enjoyable but SAFE journey

 

[jojo]

GOOD LUCK jojo and have a very enjoyable but SAFE journey

Cheers John.

 

[jojo]

I'm in the exact same price bracket just now.

Tsb bank are doing a really low interest rate just now.

What you going for

I went with the Sainbury's loan as suggested by Desertstorm, I was looking at that before I made this post, and it's a no brainer with the stupidly low interest rate. I borrowed the full/max £15k @3.5APR. Of course, until the contract arrived on my doorstep, I don't actually have the loan yet. But my plan was always to find and buy the car first.

 

[Nilz]

Good luck mate, keep us posted

 

[45bvtc]

I'm going a long way to go view a car tomorrow morning with the intention of driving it away, so I'm just going to pay for it in full first. Hope it's an amazing drive back!

Where's jojo? Getting dark here now....

 

[jojo]

Where's jojo? Getting dark here now....

Well, it took me almost 4hours to get home from Liverpool, the M6 sucks!

But after looking for a replacement for my 2000 Passat for the last 5 years or so, I came accross this beast! And well, the testdrive sealed the deal!! Didn't even know they did this model until about 3 weeks ago!

C7 A6 Avant S-Line 3.0 TDI BiTurbo Quattro! 313BHP out the box!!

Excuse the poor quiality pics, they are off the dealer website.

313 horses and 44MPG!

 

[DrEskimo]

Very nice! Love that colour! Heard so many good things about the BiTDI.

Shame it has nice wheels...was going to try and sell you my Genuine A6(C7) 20" Rotors.....oh well I'll try anyway...!

http://www.audi-sport.net/xf/threads/genuine-20-rotor-alloys-tyres.252419/

???

 

[neversaydie]

yoyoyo JoJo

 

[jojo]

yoyoyo JoJo

NSD! WTF are you doing on here? lol And where's the cat with the melon pic?

 

[jojo]

Very nice! Love that colour! Heard so many good things about the BiTDI.

Shame it has nice wheels...was going to try and sell you my Genuine A6(C7) 20" Rotors.....oh well I'll try anyway...!

http://www.audi-sport.net/xf/threads/genuine-20-rotor-alloys-tyres.252419/

???

Mmmmmm! I would be lying if I told you I'm not tempted! However, I'm not really looking to run 20" rims on this car, so I think I'm going to give them a miss.

Cheers.

 

[DrEskimo]

Mmmmmm! I would be lying if I told you I'm not tempted! However, I'm not really looking to run 20" rims on this car, so I think I'm going to give them a miss.

Cheers.

No problem! Is a shame though. Just sitting wrapped up in my garage waiting for a good home!

If you ever change your mind just give us a shout mate...bit surprised I'm struggling to sell them on really as they are basically brand new Genuine 20" rotors with Pirelli tyres for a decent price I think!

Guess its still a lot of money, even if it is cheap for what they are!

 

[desertstorm]

Sweet motor, those goto around 370 bhp mapped, nice colour and wheels.
Karl

 

[jojo]

Sweet motor, those goto around 370 bhp mapped, nice colour and wheels.
Karl

I'm looking at the remap option, more for economy than anything else. It's pretty quick as it is!

 

[Sandra]

Absolutely Awesome car Joe. Enjoy. x

 

[45bvtc]

That's some machine jojo , well done you, for sure you'll be able to torque LOTS about it...

I do think one of my favourite Audi power units, sooo much torque and in a superb colour, too.

 

[T-800]

I was just thinking the same

The torque on that machine must be HUGE

 

[neversaydie]

NSD! WTF are you doing on here? lol And where's the cat with the melon pic?

Hey man! good to see you're still in one piece - I've seen your driving!

I'm on here to inject some excitement into these boards. Stir it all up and then leave again for a few more years!

Thought I would check in with some long time forum buddies before I get ousted.

 

[desertstorm]

I'm looking at the remap option, more for economy than anything else. It's pretty quick as it is!

Have a word with Rick at unicorn and see what he can do.

 

[jojo]

Sooo, an update on my finance application. It has been approved! Only one snag though. The rate at which I applied for was 3.5%APR, and by using the acc number I supplied them, they know I bank with Natwest, who also offer the same loan @4.9%, so they could only offer me 4.8%APR! The difference is £480 over 5 years, which isn't really much, but the principle of it is bugging me haha!
Getting a personal loan is basically like buying car insurance these days. They are offering me a price guarantee, on the basis I find a better deal elsewhere, they will beat the rate by 0.1%! How ****** annoying!!
On the plus side for me, I have time to shop around, as I already have my car! ... At the same time, I don't know if I can be ***** to to shop around? I'm a quite busy man!

 

[jojo]

Sooo, an update on my finance application. It has been approved! Only one snag though. The rate at which I applied for was 3.5%APR, and by using the acc number I supplied them, they know I bank with Natwest, who also offer the same loan @4.9%, so they could only offer me 4.8%APR! The difference is £480 over 5 years, which isn't really much, but the principle of it is bugging me haha!
Getting a personal loan is basically like buying car insurance these days. They are offering me a price guarantee, on the basis I find a better deal elsewhere, they will beat the rate by 0.1%! How ****** annoying!!
On the plus side for me, I have time to shop around, as I already have my car! ... At the same time, I don't know if I can be ***** to to shop around? I'm a quite busy man!

So further to the above, I thought I'd apply for a Tesco's Loan @3.6%, since I have a Tesco's Clubcard. All the paperwork for this loan has just come through the post @3.6%, as suggested online! So I'm chuffed to bits! Not going to bother going back to Sainsbury's to drop the loan by 0.1%. Got to stay loyal to the brands you are use to, and they look after you back!