How hard is it to get approved for Audi Finance

[blaze1man]

Good evening guys,

I was just wondering if one of you could help me out

Im wishing to purchase the new Audi A3 on PCP. I was wondering how hard it is to get approved with Audi and do they take notice to if you can provide a guarantor on the finance?

Regards

 

[vwgti]

Finance is through vw financial services, they sell millions of cars a year so are unlikely to be too strict when it comes to finance. I have always found car finance the easiest finance to get as its secured against the car. Depends how old you are with regards to a guarantor, think you get judged on your own over a certain age. As long as you have a decent history you'll be fine

 

[Mobyjones]

Blaze1man - do you have any specific concerns ? I agree with the comment above normally pcp finance is easy to get. Particularly compared with classic unsecured credit like loans and credit cards - the banks are still quite fussy on those. I have been refused for several loans and credit cards or offered stupid high rates and I have a good record. Had no problem in the audi dealer they asked very few questions and it got approved quickly and I have moved house and changed jobs in the last year which can affect these things. Hope this helps.

 

[safjar]

I agree with the above, as the car is secured against the finance, it makes it much easier, I got turned down for a loan a couple of weeks ago with my bank but got accepted for Audi finance this week and now have my new motor sat on the drive, good times

 

[viperfire]

Its very very easy

 

[s33nyboy12]

It's very very easy I found.

They couldn't give me finance quick enough lol

Sean

 

[Spider]

I have always found they want you to have the finance
They Seem to prefer it to cash

 

[TreborA4]

I have always found they want you to have the finance
They Seem to prefer it to cash

Good commission for them, I guess.

One of my sons got the Audi finance for an A1 a couple of years ago with no credit history at all as he had never taken out a loan nor has a credit card!

He's working but still paying off his student loan, though!

 

[Vertigo1]

I agree with the above, as the car is secured against the finance, it makes it much easier, I got turned down for a loan a couple of weeks ago with my bank but got accepted for Audi finance this week and now have my new motor sat on the drive, good times

It's actually not that the finance is secured using the car, but rather that you don't own the car at all until the finance is paid off. This is a critical point worth remembering. The car isn't yours until you've paid off all the finance so, if you fail to pay up for a few months for any reason, they can just take the car back.

Whilst a separate loan from a bank may be harder to get, it's totally independent of the vehicle. The car is yours from the moment you take delivery and, if you get into trouble with the payments, that's a separate issue and they can't just repossess the car.

Providing you're away of this and are confident you can keep up the payments then go for it if the rate is good

 

[stubrown]

Try these peeps:

Autobuddy New Cars Homepage

Ordered a 1.8t S-line through them. Coming in almost £100/month cheaper than Audi Finance. Used them for 4 cars now.

 

[blaze1man]

Blaze1man - do you have any specific concerns ? I agree with the comment above normally pcp finance is easy to get. Particularly compared with classic unsecured credit like loans and credit cards - the banks are still quite fussy on those. I have been refused for several loans and credit cards or offered stupid high rates and I have a good record. Had no problem in the audi dealer they asked very few questions and it got approved quickly and I have moved house and changed jobs in the last year which can affect these things. Hope this helps.

Thanks for the response guys really appreciate it.

I dont have any specific concerns just REALLY wants an Audi and never seem to have much luck with banks. So was just wondering how hard it was!! If you guys said it was really hard then that would kill my dreams haha

 

[cotball]

It's very easy!

I was 19 at the time and went in to buy an 8V, Had a sizeable deposit mind.

 

[blaze1man]

It's very easy!

I was 19 at the time and went in to buy an 8V, Had a sizeable deposit mind.

Cotball what was the price of the car you were buying and if you dont mind me asking how much did you have to put down as a deposit?

 

[cotball]

My A3 was £29800 If I remember correctly.

I traded my old A3 and got 6k as the deposit which they approved me for but I then paid off another 4k as I wanted to keep the monthly payment low.

I think they don't really need a large deposit from most people, I'm sure I could have got away with 3-4k but then you are faced with near on £500 monthly payment instead of just over £300 which I have now.

 

[blaze1man]

Argh ok yeah it was quite a sizeable deposit!! haha!! However the A3 I was looking at once done up would be about £27000 so if I can put down a similar amount in deposit then the repayments would be similar which is good to know also! I didnt really want to spend more then £300 a month too

 

[h5djr]

Personally I've always been in a position to buy my new A3s for cash. I generally trade-in my existing A3 for around £12k and get a £2-3k discount so the amount required is not too bad.

My wife had a 3 year old Polo which she sold privately and was considering another Polo. She decided to buy the new one using VW solutions PCP but my Audi dealer offered her a better deal on a new A1 than the VW dealer could offer on a Polo, so she now has her own Audi, and loves it. Definitely a set up from the Polo. She used the money from the sale of the Polo, £5600, as the deposit for the Audi PCP contract. No problem getting the PCP approved.

 

[Vertigo1]

Personally I've always been in a position to buy my new A3s for cash. I generally trade-in my existing A3 for around £12k and get a £2-3k discount so the amount required is not too bad.

Each to their own and it's your prerogative but I really don't know how you can bring yourself to buy a brand new car so frequently. If you're on your eighth A3 then you must be changing it on average every two years which means you must be losing at least £5k a year in depreciation alone.

 

[h5djr]

That's not quite true. Most of my A3s I owned for between 2.5 and 3 years and with the good trade-in I get from my dealer plus the £2-3K I get in discount I normally 'loose' around 17-18% per year in depreciation. On the the last A3 I changed that worked out to be £3,800 per year. To a company car driver that may seem a lot of money, but to me it's money I am happy to spend for a year's enjoyment of driving a less than 3 year old Audi A3. Being retired I am no longer saving up for anything in particular, I don't have any children to leave my money to and with a good pension it is an amount I'm more than happy to spend. Personally I cannot think of anything else I would rather spend my money on. My wife has the same view and hence drives a new Audi A1.

The eight A3s since April 1998 is slight skewed by the fact that number 8 is my current car which is one year old and I will keep for another around 2 years and one 2003 Audi A3 1.8T Sport which I only owned for 12 days. It was a model with much harder Sport suspension which my wife and myself thought was horrible so we changed it for a similar 1.8T demonstrator with the normal suspension and the change cost me less than £500. I also changed number four a bit earlier (1.5 years) to buy the 8P model and again only only lost 17% on that change as well.

The longest I owned any car was my Volkswagen Golf 2.8 VR6 which was a super car, but when I wanted to change it for another one after 3 years Volkswagen had stopped making them so I kept my existing one for another year and then purchased my first Audi A3 1.8T Sport. Interestingly from the VR6 onwards all my cars have been Silver and all had the same registration number - boring to some!!

 

[hittchy]

Each to their own and it's your prerogative but I really don't know how you can bring yourself to buy a brand new car so frequently. If you're on your eighth A3 then you must be changing it on average every two years which means you must be losing at least £5k a year in depreciation alone.

I assumed a change every 18 months or so. Every two years isn't bad really.

I tend to depreciate my cars at a rate I can afford from new and change providing I can realise a trade in value in line with my predictions (god, I sound like an accountant.... I'm not though, honest). I also get bored very easily.

Over the last few cars, I've been guilty of squandering a few quid I guess. This one will be my seventh car in eight years.

Audi TT - sold after 9 months due to pregnancy (not mine to hasten to add)
A3 - kept for 4 weeks (didn't like sport spec, swapped out for S-Line)
A3 - kept for 2 yrs 6 months (offered deal I couldn't refuse)
S3 - kept for 18 months (fed up with putting toddler in back seat.... Argh... back ache)
Golf GT Sport - kept for 2 yrs (kept with S3 for a while until sold, then got very bored)
A4 S-Line - currently coming up to 3 yrs (tied myself into lease to stop changing so often... vowed never to do it again)

I'll probably own the new A3 for 18 months to 2 years before upgrading to S3 Sportback, Golf GTi or black edition 180ps when it inevitably arrives. The way I look at it (or rather justify it to the wife) is that I could spend twice as much and keep the car for three years and it would cost more long-term! I seriously considered the A7 Sportback, but just didn't need a car that big.

Thanks for making me think how much I've spent.... off to cry myself to sleep now....

Apologies for :sign_ot:

 

[Vertigo1]

As I said, each to their own. If you have the money and want a brand new car every few years then go for it, but you will be paying a hell of a lot more in depreciation than if you kept each car for a bit longer or bought a nearly new model instead.

I know it's easy for me as a company car driver but this wasn't always the case. Whilst I did once buy a brand new car with my own money, there's no way I could bring myself to do so every few years. I've got far more important things to waste money on, like photography!

 

[h5djr]

As I said, each to their own. If you have the money and want a brand new car every few years then go for it, but you will be paying a hell of a lot more in depreciation than if you kept each car for a bit longer or bought a nearly new model instead.

I know it's easy for me as a company car driver but this wasn't always the case. Whilst I did once buy a brand new car with my own money, there's no way I could bring myself to do so every few years. I've got far more important things to waste money on, like photography!

The biggest problem with buying a nearly new model rather than a new one would be finding one to the specification I wanted. I particularly like a light coloured interior rather than black and their are not many around. If I'm going to spend money on a new or nearly new car I want what I want especially as far as options are concerned. On my current car I added £4600 worth of options. As I like my current A3 very much and I don't like it's replacement I may well keep this one a bit longer.

Also I have to use a mobility scooter for 'walking' more than short distance and the scooter I have at the moment breaks down into parts that just fit into the luggage area of my current A3. From the measurements in the brochure I don't think it will fit into a new A3 or a new Golf so it may mean that when I do change it will be for an Estate model.

As far as hobbies etc go, other than my car, my computers are my only other hobby and they are quite cheap when compared to the car and I am happy to spend my savings on both as required. The only other major expense I have is holidays and most of them involve driving my A3 to Germany.

Two of my colleagues have just retired and both had company cars and both had to find quite a sum to be able to buy a reasonable car, one bought second-hand and one bought a new car. In my case I already had a decent car and did not have to use any of the lump sum part of my pension buying a car. Not something you need to worry about for a few years!!