Car finance but buying privately?

[300bhp/ton]

How do people do it? Are there companies that specialise in this or is it just unsecured bank loans? I've only ever bought one car on finance and that was via a dealer so I'm a little ignorant to what's on offer. Thanks.

[anonymous-user]

Alliance & Leicester used to do a loan specifically for cars where you paid a monthly amount but still owed a balloon at the end, similar to pcp from dealers. I've not seen that product about for years so I guess it's just straight forward loans now.

[robdcfc]

Try someone like Lombard finance, you may well be able to get asset finance on it.

[italianjob1275]

Can't see why it would be a problem, I brought my car this way.

With Santander by the way, just told them it was for a used car.

[snorkel sucker]

Oracle get a good write up. You basically give them a call, tell then the car details and what sort of finance deal you'd like to do and they put together a deal for you.

If you are looking at a performance car they tend to be much better as they understand the various makes and models. As long as the car isn't silly old too they an sort out a PCP type deal (usually a balloon payment but with no option to hand te car back - don't recall what this type is called).

If you're after sonething with a decent residual then it can sometimes be an affordable way to get the car onto your drive sooner rather than later.

AFAIK the money is transferred to you an you'd buy the car as a private sale but obviously the car would be under the T&c's of your finance deal.

[sw67]

sebdangerfield said:

Alliance & Leicester used to do a loan specifically for cars where you paid a monthly amount but still owed a balloon at the end, similar to pcp from dealers. I've not seen that product about for years so I guess it's just straight forward loans now.

Marks and Spencer still do a loan with balloon payment

[HeatonNorris]

Is this the kind of thing you're looking for:

http://money.marksandspencer.com/loans/car-buying-...

'Car buying plan' - where you can defer some of the value of the loan, as it assumes the car has some residual value at the end of the term.

[anonymous-user]

sw67 said:

Marks and Spencer still do a loan with balloon payment

I remember the A&L interest rate not being very competitive so I'm surprised that they're still offered and that the rates not bad too.