Discussion
Apologies if this is in the wrong place but I'm in a bit of a rush, I'm wondering what constitutes a 'good' finance deal with a franchised BMW dealer, I'm considering a car at £37k, I'm putting down 24k and financing the rest via a Lease Purchase agreement with balloon, currently being offered a deal at 12% APR, do you think I can push for a better rate?
I think I'd have to question whether a PCP deal is right for you, given the amount of capital you're putting in. Usually PCP makes sense if you're only putting in a smallish deposit.
Wouldn't you get a better deal taking out a loan from your bank for the missing £13k? At least then you'd own the whole car, so no nasty surprises if you decide to sell before your deal is through.
Wouldn't you get a better deal taking out a loan from your bank for the missing £13k? At least then you'd own the whole car, so no nasty surprises if you decide to sell before your deal is through.
Also how long do you intend to keep the car? straight finance may work better for you, because of your large deposit.
You can get 13k over two years for £585 a month or around £406 a month over 3 years. (7.9% apr) on the high street. BMW product will be around 9% apr in comparison.
You can get 13k over two years for £585 a month or around £406 a month over 3 years. (7.9% apr) on the high street. BMW product will be around 9% apr in comparison.
Edited by eliot on Tuesday 22 September 14:06
Thanks chaps, I've got complicated circumstances though, the deposit is sort of already financed - bought a house for cash 18 months ago, needed a bit extra for moving and repairs costs so took out 25k from own bank, have since remortgaged (time was of the essence when buying it) and have the cash to repay the original house loan... but I could use it instead as a larger deposit as the rate on it is far better than BMW's, plus its easier to manage.
I don't have to use BMW finance, are there any reputable brokers that would be worth contacting?
I don't have to use BMW finance, are there any reputable brokers that would be worth contacting?
Got to ask, why the hell are you doing a PCP with a big deposit??
You should be doing a straight lease purchase....
£37000
£24000 deposit
60 x £256 67
Car is yours at the end.
That is at your 9% apr.
With a PCP are you really going to throw the keys back at them after 3 years and walk away from your £24k deposit??
You should be doing a straight lease purchase....
£37000
£24000 deposit
60 x £256 67
Car is yours at the end.
That is at your 9% apr.
With a PCP are you really going to throw the keys back at them after 3 years and walk away from your £24k deposit??
I will not keep the M5 for the full term, hence wanting a balloon deal for the outstanding balance to lower the monthlies, and yes I know full well that my CSL is a far better financial proposition for the long term, in fact I think it'll retail very close, if not a shade higher than what I paid for it two and half years ago, but owning performance cars is not a money making investment so hey-ho enjoy it while you can.
CSLchappie said:
yes I know full well that my CSL is a far better financial proposition for the long term, in fact I think it'll retail very close, if not a shade higher than what I paid for it two and half years ago, but owning performance cars is not a money making investment so hey-ho enjoy it while you can.
is that not a contradiction? You have made money on your CSL? I'm just baffled at why you would change a car that doesn't depreciate for a model that does and arguably is not as desireable
anonymous said:
[redacted]
Very comfy, seats are nice - BIG cars inside - lots of leg room front and back. No nav on mine(option) but BT as std. Plastics and door slam noise certainly not to BMW std - but go and take a look at one you will be suprised.Brakes are decent also. Test-drove a 550 e60 which felt slow, dull and sterile in comparison - which was the car I had been promising myself for the last couple of years.Gassing Station | BMW General | Top of Page | What's New | My Stuff