Short term finance options

[poocherama]

I'd like to upgrade my current E Class Mercedes and would appreciate any advice on short term finance. Essentially I'd like use my current car as a deposit - circa £15k - and borrow the balance of circa £65k until November 2015 when I'd pay off the balance.

Would finance through a dealer/3rd party be the most sensible course of action? Could I take out a 36 month deal and pay it off early without incurring large penalties?

Any help much appreciated.

P

[Mattt]

I've known a number of people pay off car finance early, and don't recall any of them complaining about penalties.

You just call up the finance company and get a settlement figure, bonus of doing that on a new car is you'd still get the manufacturer deposit support.

[poocherama]

Mattt said:

I've known a number of people pay off car finance early, and don't recall any of them complaining about penalties.

You just call up the finance company and get a settlement figure, bonus of doing that on a new car is you'd still get the manufacturer deposit support.

OK, thank you. Any finance company recommendations?

[Mattt]

If it's a new car you're likely to get the best deal going through the manufacturer. If second hand someone like Oracle finance might be worth a shot, but make sure you check their early repayment terms!

[poocherama]

Mattt said:

If it's a new car you're likely to get the best deal going through the manufacturer. If second hand someone like Oracle finance might be worth a shot, but make sure you check their early repayment terms!

Great, thank you.