Car financing advice for Audi S5, deposit just been placed !
Discussion
Hey all
I am sure some of you have been aware that I've been searching for an S5 for a while and finally this week I found something in the price range / spec I was looking for and snapped it up as soon as it hit the Audi website - there wasn't even photography on there as they had been waiting on delivery of the car. Eager beaver!
So as you are all infinitely smarter than me in terms of structuring finance for used vehicles, coming on here for some advice in relation to purchasing.
The car was on at £35,900 which was actually an excellent price as it is compared to the market, but managed to negotiate £500 off (it's from a main dealer) to get it at £35,400 and have left a £1,000 holding deposit.
Finance wise:
- I already have a £15,000 loan at 3% APR. So the plan was to either finance the rest of the sale via own cash or maybe look at another personal loan (not sure if that's possible if I already have one).
- Audi have also ask for the opportunity to sell me their finance whereby they'd reduce the car down further to £35,000 - it is a PCP over 36 months, £5,500 deposit, 7.4% APR and £21.4k ballon figure. Monthly payments of £380. There MAY be some further flex in this.
Ideally would like to leave my own cash in the bank to use for other things so the first option depends on whether I can get another loan, but not sure about the prospect of having two on the go......
Second option would be helpful in terms of leaving cash in the bank, but obviously APR is poor. I have until next Friday to take delivery so time is slightly pressured. Would really appreciate some advice, what would you guys do?!
I am sure some of you have been aware that I've been searching for an S5 for a while and finally this week I found something in the price range / spec I was looking for and snapped it up as soon as it hit the Audi website - there wasn't even photography on there as they had been waiting on delivery of the car. Eager beaver!
So as you are all infinitely smarter than me in terms of structuring finance for used vehicles, coming on here for some advice in relation to purchasing.
The car was on at £35,900 which was actually an excellent price as it is compared to the market, but managed to negotiate £500 off (it's from a main dealer) to get it at £35,400 and have left a £1,000 holding deposit.
Finance wise:
- I already have a £15,000 loan at 3% APR. So the plan was to either finance the rest of the sale via own cash or maybe look at another personal loan (not sure if that's possible if I already have one).
- Audi have also ask for the opportunity to sell me their finance whereby they'd reduce the car down further to £35,000 - it is a PCP over 36 months, £5,500 deposit, 7.4% APR and £21.4k ballon figure. Monthly payments of £380. There MAY be some further flex in this.
Ideally would like to leave my own cash in the bank to use for other things so the first option depends on whether I can get another loan, but not sure about the prospect of having two on the go......
Second option would be helpful in terms of leaving cash in the bank, but obviously APR is poor. I have until next Friday to take delivery so time is slightly pressured. Would really appreciate some advice, what would you guys do?!
Edited by Carn00b on Friday 23 November 12:10
Is the loan against the car or personal?
I've used Capital Car Finance in the past - really flexible and reasonable APR, along with a quick turnaround. James Dale is my contact there, he'll even advise you on the best option and if he can't do it, he'll say so!
https://www.capitalcarfinance.co.uk/
I've used Capital Car Finance in the past - really flexible and reasonable APR, along with a quick turnaround. James Dale is my contact there, he'll even advise you on the best option and if he can't do it, he'll say so!
https://www.capitalcarfinance.co.uk/
sinbaddio said:
Is the loan against the car or personal?
I've used Capital Car Finance in the past - really flexible and reasonable APR, along with a quick turnaround. James Dale is my contact there, he'll even advise you on the best option and if he can't do it, he'll say so!
https://www.capitalcarfinance.co.uk/
Genuine LOL are you the owner ?I've used Capital Car Finance in the past - really flexible and reasonable APR, along with a quick turnaround. James Dale is my contact there, he'll even advise you on the best option and if he can't do it, he'll say so!
https://www.capitalcarfinance.co.uk/
5.5% apr
£299 + vat brokerage fee
and an opaque website (unless you enter your life history)
sinbaddio said:
Is the loan against the car or personal?
I've used Capital Car Finance in the past - really flexible and reasonable APR, along with a quick turnaround. James Dale is my contact there, he'll even advise you on the best option and if he can't do it, he'll say so!
https://www.capitalcarfinance.co.uk/
Hi mate, thank you.I've used Capital Car Finance in the past - really flexible and reasonable APR, along with a quick turnaround. James Dale is my contact there, he'll even advise you on the best option and if he can't do it, he'll say so!
https://www.capitalcarfinance.co.uk/
The loan is unsecured personal.
Carn00b said:
Zopa.
Must be mad getting 30k for a car
Money is relative. If you earn so much that you can pay back a loan of 30k as comfortably as someone paying back £10k then why not. Must be mad getting 30k for a car
Or what you spend on. Some people spend £50 a month on cigarettes and £100 on booze etc. That may be the delta between one person's car loan and another.
Carn00b said:
Looking like a personal loan then. . .
With personal loans it's also worth considering the car's depreciation over the loan term - you don't really want to be in a position further down the line if you need to clear the loan early where you're having to add cash as well as selling the car....Chris
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