Used car finance

[koolchris99]

so been sitting at work wondering how i can afford a lambo

if i was to buy a 60k example, like the one at verdi, and get it on finance. what sort of deal would i be looking at?

cheers

chris

[Deva Link]

koolchris99 said:

so been sitting at work wondering how i can afford a lambo

...maybe if you actually did some work?

[Thesaint01708]

http://tinyurl.com/3qgkykw

[koolchris99]

Deva Link said:

...maybe if you actually did some work?

Im an intern its ok.

[koolchris99]

Thesaint01708 said:

http://tinyurl.com/3qgkykw

Again thanks, i tried that. just want a real world example.. ie.

car cost = 60k

depo was 12k,

i pay XXX back per month.

[Matt3568]

koolchris99 said:

Again thanks, i tried that. just want a real world example.. ie.

car cost = 60k

depo was 12k,

i pay XXX back per month.

http://www.oraclefinance.co.uk/gallardo/

Not sure what price this is based on but I guess it gives you an idea. You can send a request for a bespoke quote.

[sone]

phone/email Verdi's easiest no obligation route. Then you'll have the answer and not a guess. Youv'e obviously got time

[Thesaint01708]

koolchris99 said:

Thesaint01708 said:

http://tinyurl.com/3qgkykw

Again thanks, i tried that. just want a real world example.. ie.

car cost = 60k

depo was 12k,

i pay XXX back per month.

ok - whats the interest rate and how long over?!

[jdw1234]

koolchris99 said:

Again thanks, i tried that. just want a real world example.. ie.

car cost = 60k

depo was 12k,

i pay XXX back per month.

I can see absolutely no downside to this!!

[koolchris99]

I want you to tell me the rates! what are people getting at the moment?

am i looking at 7% or am i looking at 15% ?

[Thesaint01708]

koolchris99 said:

I want you to tell me the rates! what are people getting at the moment?

am i looking at 7% or am i looking at 15% ?

It depends on a number of factors..

- What your credit rating is like
- How much deposit you have to put down
- How long you want it over
- What finance company are providing the loans

etc, etc, etc

6-35% as a ball park

[Thesaint01708]

http://www.prestige-car-finance.com/financial-exam...

try that, get a real world quote

[wineman02]

They will want to know if you can cope with a £48k loan more than anything. Easy calculation would be £48k over 5 years = £9.6k per annum PLUS interest. If they think that your wage is high enough to cope with a £1k a month car repayment then you might get lucky. I think it would be very hard to get finance though. They will look at the deprecation and figure out that if you defaulted they could be a lot of money out of pocket. They know you will have to be able to pay for £5k a year servicing and consumables as well. All this above your accommodation and living expenses and any other finance you might have. Go to them with £30k deposit and it may work.

Just my £0.02

[koolchris99]

my quick Calc.

60k purchase price,

10k depo

50k loan over 5 years.

10k pa loan repayment plus interest at 4% so another 2k. so 12k

plus servicing and tyres etc 2kpa?

plus insurance and tax, im young so maybe 3-4k?

so year 1 is costing me 18 grand, or £1500pm...

year 2 is 1466 etc etc etc

maybe not, i better go back to dream land.

[UH-Matt]

4% is unrealistic.

[koolchris99]

UH-Matt said:

4% is unrealistic.

what should it be?

[koolchris99]

first quote back

DATE: 26th May 2011
FACILITY: Lease Purchase - Day to Day Variable Rate Facility
COST OF GOODS: £60000.00
DEPOSIT: £10000
AMOUNT FINANCED: £50000.00
REPAYMENT FACILITIES: 60 Average monthly payments of £959.78
FACILITY FEE: £295.00 Due with 1st monthly paymen

[UH-Matt]

Also remember interest rates could easily go up half way through your repayments..

[jdw1234]

The Government should do a scheme where they loan every 25 year old male a Gallardo or 458 etc. for a month to get it out of their system thus avoiding them getting into these ridiculous finance schemes!!!

[koolchris99]

jdw1234 said:

The Government should do a scheme where they loan every 25 year old male a Gallardo or 458 etc. for a month to get it out of their system thus avoiding them getting into these ridiculous finance schemes!!!

sounds like a great idea, what have you got to lend me?