Financing a car
Discussion
Hi I'm in the process of buying a newer car. Been to view it @ dealers last week. Have been approved with finance with them.
Car is £9000
With £1000 deposit
Over 48months
£248 a month
Or £266 with warranty and GAP.
Ive rang another finance company who have offered me £9000 no deposit over 48months at £229
Tried getting a personal loan with my bank but no luck. (only been with them a year)
Car is £9000
With £1000 deposit
Over 48months
£248 a month
Or £266 with warranty and GAP.
Ive rang another finance company who have offered me £9000 no deposit over 48months at £229
Tried getting a personal loan with my bank but no luck. (only been with them a year)
I'm not sure what the question is either, but I think this is the answer.
http://www.pistonheads.com/sales/2871103.htm
http://www.pistonheads.com/sales/2871103.htm
steveo825 said:
Whoops
Basically what I want to know is
Would it be wiser to go With the dealers finance company?to get the warranty?
Unsure what you mean with the link to the MX5?
You have £1000 in hand. The MX-5 is £1000. The MX-5 is the answer to every question on PH, including this one. HTH.Basically what I want to know is
Would it be wiser to go With the dealers finance company?to get the warranty?
Unsure what you mean with the link to the MX5?
VeeFour said:
Circa £250 / month for 4 years.
You must be insane.
If you can only afford £1k deposit, then I'm going to be harsh and suggest you shouldn't be looking at £10k cars.
I never said I only had a grand deposit. Thats what they were basing it on. You must be insane.
If you can only afford £1k deposit, then I'm going to be harsh and suggest you shouldn't be looking at £10k cars.
Anyways I have a lot of thinking to do.
Thanks
steveo825 said:
Hi I'm in the process of buying a newer car. Been to view it @ dealers last week. Have been approved with finance with them.
Car is £9000
With £1000 deposit
Over 48months
£248 a month
Or £266 with warranty and GAP.
Ive rang another finance company who have offered me £9000 no deposit over 48months at £229
Tried getting a personal loan with my bank but no luck. (only been with them a year)
What's the APR on the finance...?Car is £9000
With £1000 deposit
Over 48months
£248 a month
Or £266 with warranty and GAP.
Ive rang another finance company who have offered me £9000 no deposit over 48months at £229
Tried getting a personal loan with my bank but no luck. (only been with them a year)
Sidicks
£8000 over 48 months at £248 a month is about 28% APR!! Do not do this! I would actually be worried about buying a car from such a crook!
Why not get an £8000 loan, buy the GAP off the net somewhere and a warranty from someone like Tesco. The only money I would be giving this crook of a dealer is the money for the car, and the car had better be worth it to not go elsewhere.
Why not get an £8000 loan, buy the GAP off the net somewhere and a warranty from someone like Tesco. The only money I would be giving this crook of a dealer is the money for the car, and the car had better be worth it to not go elsewhere.
matc said:
£8000 over 48 months at £248 a month is about 28% APR!! Do not do this! I would actually be worried about buying a car from such a crook!
Why not get an £8000 loan, buy the GAP off the net somewhere and a warranty from someone like Tesco. The only money I would be giving this crook of a dealer is the money for the car, and the car had better be worth it to not go elsewhere.
I make it around 24% APR, but regardless, I'd walk away from this dealer who is clearly trying to rip you off!Why not get an £8000 loan, buy the GAP off the net somewhere and a warranty from someone like Tesco. The only money I would be giving this crook of a dealer is the money for the car, and the car had better be worth it to not go elsewhere.
You should be paying closer to £190 a month - so that's around £60 per month * 48 month = £2,880 he is trying to overcharge you..
Sidicks
DonkeyApple said:
My maths is not brilliant, but 48 payments of £250 is £12,000.
The initial deposit is £1,000.
So that's a cost of £13,000?
But the car is for sale at £9,000.
On what planet does something that you can't afford at £9,000 become affordable when you pay £13,000 for it?
The initial deposit is £1,000.
So that's a cost of £13,000?
But the car is for sale at £9,000.
On what planet does something that you can't afford at £9,000 become affordable when you pay £13,000 for it?
I believe it is known as "the Labour mentality".DonkeyApple said:
My maths is not brilliant, but 48 payments of £250 is £12,000.
The initial deposit is £1,000.
So that's a cost of £13,000?
But the car is for sale at £9,000.
On what planet does something that you can't afford at £9,000 become affordable when you pay £13,000 for it?
No way is that deal acceptable !The initial deposit is £1,000.
So that's a cost of £13,000?
But the car is for sale at £9,000.
On what planet does something that you can't afford at £9,000 become affordable when you pay £13,000 for it?
He should have a balloon payment of top of that So that he can get into a £20k car !!!
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