Financing car for the first time

[trowelhead]

I'm considering financing a daily driver (Mini JCW)

I have found a car i like, and am considering a pcp deal, as i'd rather leave money in my business / other investments.

How quick does it take for dealer finance to go though - is it same day?

And also, same question if i went to a broker like oracle - is it a lengthy process or quick application?

Do oracle release funds to your bank account to buy the car, or pay the dealer?

Cheers!

Edited by trowelhead on Thursday 16th February 22:20

[rfoster]

trowelhead said:

I'm considering financing a daily driver (Mini JCW)

I have found a car i like, and am considering a pcp deal, as i'd rather leave money in my business / other investments.

How quick does it take for dealer finance to go though - is it same day?

And also, same question if i went to a broker like oracle - is it a lengthy process or quick application?

Do oracle release funds to your bank account to buy the car, or pay the dealer?

Cheers!

Edited by trowelhead on Thursday 16th February 22:20

If you are financing through BMW / Mini Finance (Alphera) then the dealer will be paid the day after they process your signed finance documents. They may be happy to release the car before they have received the funds but you'd need to check with them on this.

Oracle / any other finance broker will pay the amount you are borrowing directly to the car dealer - they don't pay it to you.

Cheers, Richard.

[trowelhead]

Thanks, i've decided to either go for a straight forward loan (sainsburys bank at 3% headline rate!) over a longer term.

Or will buy outright and finance the next "toy" purchase instead