Whats your views on pre-approved finance....

[CUE99T]

Don't want a debate on whether finance is good or bad, thats a whole different thread, but interested in peoples views on whether if like a credit card they had finance already in place for a "possible" vehicle would they buy one sooner or wait or what? How would it change your views on buying and how would it make you feel.

I liked it, as for me I felt very in control of the whole purchase and also meant I wasn't looking at cars I wouldn't get credit for or were not good in the market place as the dealer would sell you anything but the finance company have a view to it's future values and kinda steer you in the right direction I feel. I also felt it gave me better bargaining power knowing I could agree on a deal there and then for the agreed price knowing I wasn;'t going to have any issues with funding.

For example I had put in place a credit line for a 430 but decided on buying the Murci even though it was 25k cheaper than the 430, which meant I was well within my credit line which was to a about 120k of finance. I choose finance as I prefer to do other things with my cashflow to do with growing my business, and property etc.

Not wanting to discuss people personal circumstances but how would this suit you do ya reckon, and if so would you do that instead of doing it the way you do just now.


I guess it baffled me once why I didn't get the credit for alot cheaper car and at the time got a bit of a red face when it turned out to be a silly thing on my credit file which was incorrect but the dealer never followed it up for me as he assumed I couldn't afford it at that time, so I had to sort it out, so I maybe never felt very comfortable after that.

[sjn2004]

Who did you use and what sort of rate were you getting?

I suppose with the credit already in place, you can negotiate harder with the dealer as you know you can close the deal there and then if required. Also saves all that stupid 30 min chat up they go through asking lots of silly questions before getting down to getting a quote.

[CUE99T]

I used Thames Valley Asset Finance ( www.tvaf.co.uk ), a small broker I have used before for my finance and got a very competitve deal I think. Can't remember the exact rate fella, would need to dig the docs out but it was cheap.

[ted 191]

With normal finance the garantee is usually the car,what did you have to put up for this type of deal,i`m thinking house,which for me would be a big no

[Jonny5]

I'd hazard a guess at still the car, but with a lower percentage LTV ; i.e higher percentage deposit to cover their position

ted 191 said:

With normal finance the garantee is usually the car,what did you have to put up for this type of deal,i`m thinking house,which for me would be a big no

[CUE99T]

ted 191 said:

With normal finance the garantee is usually the car,what did you have to put up for this type of deal,i`m thinking house,which for me would be a big no

no mate just as Jon says normal finance still just the car. However they can look at all your assets if thats way of showing you are investing into commercial or non-commercial property.