car finance on 50k car

[Dave9]

if you put 25k down on a used 2005 DB9 convertible and wanted the other 25k on finance what would the options be and the likely charges. Is about 9% APR the norm so over 3 years it would be around £600 per month?

yes, its better to buy a car for cash etc etc but in this particular case it doesn't make sense (trust fund being accessed in 3 years for a lot of money and current ill health!)

this isn't for me by the way sadly.

[christofmccracke]

sounds about right, give oracle finance a shout they may be better idea.

[markmullen]

At 5% flat you'd be looking at £625 per month. The rate you get will depend on your credit worthiness, if you got 4% flat you'd be looking at £604.

[Sir Bagalot]

Did you lot fail Maths?

£600? £604? £625?

Even with no interest £25K over three years is £694pm

Dunno about APR but at 3% it's £727 and at 5% it's £749

[taffyracer]

Dave9 said:

Is about 9% APR the norm so over 3 years it would be around £600 per month?

.

No, far too high, you can easily achieve mid 6's, try speaking to Lombard

[robsti]

Not a kick in the arse of £900!

[Dr Jekyll]

Sir Bagalot said:

Even with no interest £25K over three years is £694pm

Somewhat crucial point here......

[Spy]

Sir Bagalot said:

Did you lot fail Maths?

£600? £604? £625?

Even with no interest £25K over three years is £694pm

Dunno about APR but at 3% it's £727 and at 5% it's £749

Not if it is a PCP arrangement with a ballon payment at the end

[Dr Jekyll]

Spy said:

Sir Bagalot said:

Did you lot fail Maths?

£600? £604? £625?

Even with no interest £25K over three years is £694pm

Dunno about APR but at 3% it's £727 and at 5% it's £749

Not if it is a PCP arrangement with a ballon payment at the end

Without knowing the size of the balloon it's impossible to say what the monthly payments would be, but usually they are roughly the residual value of the car. So on a £50K used car it would normally be around the £20K mark. With a £25K deposit £600/month doesn't sound very likely.

[Jazzer77]

Spy said:

Sir Bagalot said:

Did you lot fail Maths?

£600? £604? £625?

Even with no interest £25K over three years is £694pm

Dunno about APR but at 3% it's £727 and at 5% it's £749

Not if it is a PCP arrangement with a ballon payment at the end

Dont think many finance companies would be keen to structure a 5-6 yr old vehicle on a 3 yr term with a balloon payment.

[markmullen]

I failed at reading the OP and worked on 48 months!

36 months would be £798 at 5% flat, £777 at 4% flat.
These are without doc fees BTW which vary between lender.

[markmullen]

Damn you PH mobile posting my reply twice and not having a delete button.

Edited by markmullen on Saturday 11th December 22:33

[Guanocascade]

taffyracer said:

Dave9 said:

Is about 9% APR the norm so over 3 years it would be around £600 per month?

.

No, far too high, you can easily achieve mid 6's, try speaking to Lombard

Lombard are not dishing out any loans at the moment.

[whoami]

robsti said:

Not a kick in the arse of £900!

Sorry but what are you talking about?

[Dave Dax builder]

You could push it to 60 months (Taking the car to its 10th birthday) and then pay it off early. (Read the small print on Earlt settlement first though)
This should bring the payments way down.

[whoami]

Dave Dax builder said:

You could push it to 60 months (Taking the car to its 10th birthday) and then pay it off early. (Read the small print on Earlt settlement first though)
This should bring the payments way down.

Could you not stretch it to 72 months making it virtually free?

[robsti]

whoami said:

robsti said:

Not a kick in the arse of £900!

Sorry but what are you talking about?

About £900 a month over 36 months to hp 25k!