Used TVR finance
Discussion
Judging from the amount of bin fodder I'm getting through my letterbox, the banks and building societies are falling over themselves to out do each other on rates. Think Nationwide is offering 6.7%, don't know if this is good or not?
QuoteJ_S_G: I've never needed finance because I'm a ****ing rich ****erloadsamoneyworkinmediaIT
I definately feel a night out in Huddersfield is due some serious consideration 
oh bollox, have you moved yet?
QuoteJ_S_G: I've never needed finance because I'm a ****ing rich ****erloadsamoneyworkinmediaIT
I definately feel a night out in Huddersfield is due some serious consideration oh bollox, have you moved yet?
Marks and Spencer offer a buying-plan loan which appears to be quite good.
Although the baloon is not linked to residuals though, so chances are you'd have some left for a deposit on your next TVR!
Alternatively the fleet and PCP buyers will offer you finance of a newish (< 3 year) model and have sensible calculations for residuals, so can work out very effective.
Although the baloon is not linked to residuals though, so chances are you'd have some left for a deposit on your next TVR!
Alternatively the fleet and PCP buyers will offer you finance of a newish (< 3 year) model and have sensible calculations for residuals, so can work out very effective.
Hi ALL,
Beware of direct lenders. You very rarely get what they advertise. If you go that route check and double check the documents. I sell motor finance for a living and see many examples of hidden insurances which do not effect the apr quoted.
Also bear in mind if you take a loan out for longer than you are keeping the car for, and therefor settle early.You are paying a dissproportionate amount interest and not getting the rate you think you are.
If you can try and use an asset finance line(most banks offer this depending how your buying your car), many banks do this and providing you are borrowing £25K and under you will be protected by the consumer credit act.
Let me know how much you want to borrow and i will let you know what you should be paying in terms of flat rate.
Good Luck
Mark
>> Edited by MAC5 on Wednesday 21st January 10:13
Beware of direct lenders. You very rarely get what they advertise. If you go that route check and double check the documents. I sell motor finance for a living and see many examples of hidden insurances which do not effect the apr quoted.
Also bear in mind if you take a loan out for longer than you are keeping the car for, and therefor settle early.You are paying a dissproportionate amount interest and not getting the rate you think you are.
If you can try and use an asset finance line(most banks offer this depending how your buying your car), many banks do this and providing you are borrowing £25K and under you will be protected by the consumer credit act.
Let me know how much you want to borrow and i will let you know what you should be paying in terms of flat rate.
Good Luck
Mark
>> Edited by MAC5 on Wednesday 21st January 10:13
The chepaest method is get the figure added to your mortgage. If you have a flexible type with overpayment facility pay what you could have afforded on a loan/finance back to your lender.
I got a deal from Cahoot which is flexible with no panalty for early repayment. Took around 3 months to get it through the mortgage as I was in the process of remortagaging anyway (Nationwide is a reasonale deal and is flexible). Once the mortgage maonety was in the bank I paid off the cahoot loan. The great thing now is that I can withdraw from this account any figure up to the original loan which is great for any unforeseen emergencies and takes around 3-4 days to transfer into my nominated account.
FFG
I got a deal from Cahoot which is flexible with no panalty for early repayment. Took around 3 months to get it through the mortgage as I was in the process of remortagaging anyway (Nationwide is a reasonale deal and is flexible). Once the mortgage maonety was in the bank I paid off the cahoot loan. The great thing now is that I can withdraw from this account any figure up to the original loan which is great for any unforeseen emergencies and takes around 3-4 days to transfer into my nominated account.
FFG
MAC5 said:
Hi ALL,
Hi Mark, I'm looking to borrow £20k, on a 4 year old car. I think the age of the car may affect any balloon.
Cheers.
Beware of direct lenders. You very rarely get what they advertise. If you go that route check and double check the documents. I sell motor finance for a living and see many examples of hidden insurances which do not effect the apr quoted.
Also bear in mind if you take a loan out for longer than you are keeping the car for, and therefor settle early.You are paying a dissproportionate amount interest and not getting the rate you think you are.
If you can try and use an asset finance line(most banks offer this depending how your buying your car), many banks do this and providing you are borrowing £25K and under you will be protected by the consumer credit act.
Let me know how much you want to borrow and i will let you know what you should be paying in terms of flat rate.
Good Luck
Mark
>> Edited by MAC5 on Wednesday 21st January 10:13
Yes it would be expensive if he paid it off gradually over the 25 years. However, lets say he worked out that he could afford to pay £250 per month over 36 months on a normal loan. He can then get a flexible mortgage instead including the extra required for the car. He could then pay £250 extra (on top of his usual mortgage payments) each month for 36 months instead. That way he is taking advantage of a much better rate (especially if he has a discounted or fixed rate for the first few years).
>> Edited by jam1et on Wednesday 21st January 12:16
>> Edited by jam1et on Wednesday 21st January 12:16
Thanks for the thought, but the mortgage is a no go. All I want to achieve is low monthly repayments, I think a balloon is the way to go if I could get a good balloon. £250 a month would be a grest figure to aim for!!
Cheers
Cheers
jam1et said:
Yes it would be expensive if he paid it off gradually over the 25 years. However, lets say he worked out that he could afford to pay £250 per month over 36 months on a normal loan. He can then get a flexible mortgage instead including the extra required for the car. He could then pay £250 extra (on top of his usual mortgage payments) each month for 36 months instead. That way he is taking advantage of a much better rate (especially if he has a discounted or fixed rate for the first few years).
>> Edited by jam1et on Wednesday 21st January 12:16
Jamie,
Yes thats correct.
Shell,
What I would have paid on the loan is now paid to Nationwide at 3.84% rather than 6.5%ish so big saving.
We had a balloon on a Chimaera and it was a constant worry about whather the car would be worth the figure at the end. If you have a balloon all you are doing is paying off the capital and interest for the non balloon bit plus the interest on the balloon. It still has to be paid in the end and will be far more expensive in the long run.
Also if you use a finance company you don't own the car - they do - until its fully paid up. It is also very expensive if you want settle the finance early.
I'd avoid it with a bargepole if I were you and find an alternative route.
FFG
Yes thats correct.
Shell,
What I would have paid on the loan is now paid to Nationwide at 3.84% rather than 6.5%ish so big saving.
We had a balloon on a Chimaera and it was a constant worry about whather the car would be worth the figure at the end. If you have a balloon all you are doing is paying off the capital and interest for the non balloon bit plus the interest on the balloon. It still has to be paid in the end and will be far more expensive in the long run.
Also if you use a finance company you don't own the car - they do - until its fully paid up. It is also very expensive if you want settle the finance early.
I'd avoid it with a bargepole if I were you and find an alternative route.
FFG
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