Car Finance
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FrankAbagnale

Original Poster:

1,842 posts

142 months

Tuesday 2nd December 2014
quotequote all
Hello All,

I can't post in P&P yet as not been a member long enough, so think this may be an appropriate place? (Please move or delete if not).

I am considering buying a motor on finance, and have been quoted 10.8% APR from one of the major players.

Is that a competitive rate? Borrowing £40k over 5 years.

P.S - I appreciate borrowing money over that term is expensive. But, it makes the repayments per month more comfortable.

R2T2

4,089 posts

152 months

Tuesday 2nd December 2014
quotequote all
What car is this about?
40k over 5 years is ridiculous!

ndwall

68 posts

155 months

Tuesday 2nd December 2014
quotequote all
Can you not borrow from the likes of Sainsburys etc ? I note the max is £35k over 5 years but it's 6.9% APR seems a lot more attractive.

eztiger

836 posts

210 months

Tuesday 2nd December 2014
quotequote all
Depends on the type of finance.

I would say no, not competitive. Pop over to a loan comparison site and plugin the numbers - see what interest rates come back.

If not HP and a lease deal than things may get different as I'm not sure what private options look like. There are private provider of lease finance you could get in touch with for alternative quotes.

FrankAbagnale

Original Poster:

1,842 posts

142 months

Tuesday 2nd December 2014
quotequote all
Either a DB9 or R8 most likely.

I know it's ridiculous. But, I can afford the repayment comfortably and have nothing else to spend my money on + I'm impatient and don't want to wait a year and save another 10k.

Dracoro

9,033 posts

275 months

Tuesday 2nd December 2014
quotequote all
Can't your son forge some cheques?

TwigtheWonderkid

49,158 posts

180 months

Tuesday 2nd December 2014
quotequote all
FrankAbagnale said:
I know it's ridiculous. But,
If you know it's ridiculous, then there are no buts. It's ridiculous.

Roo

11,504 posts

237 months

Tuesday 2nd December 2014
quotequote all
Dracoro said:
Can't your son forge some cheques?
hehe

rfoster

1,482 posts

284 months

Tuesday 2nd December 2014
quotequote all
You have mail (from me!)

FrankAbagnale

Original Poster:

1,842 posts

142 months

Tuesday 2nd December 2014
quotequote all
TwigtheWonderkid said:
If you know it's ridiculous, then there are no buts. It's ridiculous.
I don't mind ridiculous. I'm young (relatively) and I want one of those cars.

The ONLY way I can do that is the above finance option.

I think ridiculous is putting my money away, waiting and saving to get a slightly cheaper finance deal only to be hit by a truck tomorrow.

All i'm asking is, for that type of deal does anyone think I can get it cheaper...?

BobSaunders

3,110 posts

185 months

Tuesday 2nd December 2014
quotequote all
Money supermarket is pumping out quotes for 5.8% APR - 5.9% APR from Carloan4u and Credit plus at circa £766.84 a month for 40k over five years. Total amount repayable is £46,010.58 ish.

FrankAbagnale

Original Poster:

1,842 posts

142 months

Tuesday 2nd December 2014
quotequote all
Dracoro said:
Can't your son forge some cheques?
Haha!

FrankAbagnale

Original Poster:

1,842 posts

142 months

Tuesday 2nd December 2014
quotequote all
BobSaunders said:
Money supermarket is pumping out quotes for 5.8% APR - 5.9% APR from Carloan4u and Credit plus at circa £766.84 a month for 40k over five years. Total amount repayable is £46,010.58 ish.
Thanks! I'll have a look

mocca

350 posts

185 months

Tuesday 2nd December 2014
quotequote all
BobSaunders said:
Money supermarket is pumping out quotes for 5.8% APR - 5.9% APR from Carloan4u and Credit plus at circa £766.84 a month for 40k over five years. Total amount repayable is £46,010.58 ish.
Doesn't sound too ridiculous if you were able to get close to this - i'm guessing early 40k decently specced R8s have bottomed out like GTRs so you could always chop it in and pay it off if need be.

FrankAbagnale

Original Poster:

1,842 posts

142 months

Tuesday 2nd December 2014
quotequote all
mocca said:
Doesn't sound too ridiculous if you were able to get close to this - i'm guessing early 40k decently specced R8s have bottomed out like GTRs so you could always chop it in and pay it off if need be.
That was my thought. I don't see them losing much value over 2 years so keep it for a bit, sell and repay the loan.

BobSaunders

3,110 posts

185 months

Tuesday 2nd December 2014
quotequote all
The depreciation curve should have flattened out on early models by now so when OP comes to sell in a couple of years the value should hopefully out weigh the debt/finance.

The problems occur when finance and depreciation curve are different, or if the finance is not affordable due to life changes.

jdw1234

6,021 posts

245 months

Tuesday 2nd December 2014
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These guys are the default option (no affiliation to me although I have used them before).

http://www.classicandsportsfinance.com/


R8VXF

6,794 posts

145 months

Tuesday 2nd December 2014
quotequote all
Seeing these rates I am glad Vauxhall do their own in house financing, 1.9% over five years for the VXR8 smile

FrankAbagnale

Original Poster:

1,842 posts

142 months

Tuesday 2nd December 2014
quotequote all
R8VXF said:
Seeing these rates I am glad Vauxhall do their own in house financing, 1.9% over five years for the VXR8 smile
Thats very decent.

Got to make sure you're not comparing flat rate with APR though.

R8VXF

6,794 posts

145 months

Tuesday 2nd December 2014
quotequote all
FrankAbagnale said:
R8VXF said:
Seeing these rates I am glad Vauxhall do their own in house financing, 1.9% over five years for the VXR8 smile
Thats very decent.

Got to make sure you're not comparing flat rate with APR though.
Yup, that is the APR smile