Finance Question
Discussion
Before we start, I know some always pay cash and would never use finance etc and I wish I was one of them, but i'm not, so that's the end of that one 
Are there any knowledgeable folk on here who can give a genuine indication of what a realistic finance rate is at present (flat, not the APR) ? Probably looking to borrow circa 50% on a deal (maybe 40% depending on what I opt for). Credit is exemplary too so no need for Amigo loans
I'd assume some of the bespoke lenders should be pretty competitive at the moment, but I'm really not sure.
In the politest possible way too, I'm not after "I wouldn't pay more than X", I'm after some genuine advice here.......so not sure why i'm asking you lot
Are there any knowledgeable folk on here who can give a genuine indication of what a realistic finance rate is at present (flat, not the APR) ? Probably looking to borrow circa 50% on a deal (maybe 40% depending on what I opt for). Credit is exemplary too so no need for Amigo loans
I'd assume some of the bespoke lenders should be pretty competitive at the moment, but I'm really not sure.In the politest possible way too, I'm not after "I wouldn't pay more than X", I'm after some genuine advice here.......so not sure why i'm asking you lot
New or used will make a difference. If there is a dealer contribution on a new car it is usually subject to you using their finance. On a used car there are numerous companies out there who will fight for your business. All that said I have no idea ATM what a competitive rate might be, sorry
No great advice to offer, but a mate recently took out a personal loan with Sainsbury's Bank and I thought he was kidding when he told me what the repayments were and what the total repaid was. Can't remember any specifics but came away having had my eyes open as to how cheap it seemed to be to borrow money.
I re-financed my DBS with my bank (Halifax); from logging on to my bank account, clicking their online options and having the money in my bank took less than 15 minutes.
I saved 5k on my previous loan and knocked 6 months off. Things I would say to look out for are early repayment / termination penalties, via a broker these can be quite large (read over 1k for terminating the loan early). My bank have a glass ceiling of £100 and I can repay extra whenever I please. Long term the cheapest may not be the cheapest so check the small print.
I saved 5k on my previous loan and knocked 6 months off. Things I would say to look out for are early repayment / termination penalties, via a broker these can be quite large (read over 1k for terminating the loan early). My bank have a glass ceiling of £100 and I can repay extra whenever I please. Long term the cheapest may not be the cheapest so check the small print.
M5MarkM said:
If buying from an AM dealer they won't start with the best rate, try haggling them. Also phone Alphera directly and ask them for a rate. As an example BMW (Alphera) were interest free on my BMW but I believe circa 4% (after haggling) on Aston
This is something to watch for. The dealers get a commission from alphera for signing people up to loans. But they can get multiples of that if they load extra points on to the rate. So watch out for it and haggleSurely the cheapest way would to be raise the capital required would be via a "homeowner loan" as it will be as low as 1.0-1.5% subject to LTV. If you go with a tracker rate with unlimited overpayment, you can overpay to your hearts content. Go with a fee free product and job done that way no costs or fees. Its a bit of a pain with all the normal checks. However lets say you borrow £60,000 over say 7 years at a rate of 1.2% or £60,000 at a rate of 6% the saving in interest would be (2585.08-13626.84) so total saved in interest = £11,041.76.
Debt is debt whether its secured borrowing or not? some people will be "turtle necking" at this suggestion however its fairly logical when you consider the £11,000+ saving example.
I can't add anything on dealer rates of finance , just a left field idea
good luck with your search
Debt is debt whether its secured borrowing or not? some people will be "turtle necking" at this suggestion however its fairly logical when you consider the £11,000+ saving example.
I can't add anything on dealer rates of finance , just a left field idea
good luck with your search Paza3 said:
Surely the cheapest way would to be raise the capital required would be via a "homeowner loan" as it will be as low as 1.0-1.5% subject to LTV. If you go with a tracker rate with unlimited overpayment, you can overpay to your hearts content. Go with a fee free product and job done that way no costs or fees. Its a bit of a pain with all the normal checks. However lets say you borrow £60,000 over say 7 years at a rate of 1.2% or £60,000 at a rate of 6% the saving in interest would be (2585.08-13626.84) so total saved in interest = £11,041.76.
Debt is debt whether its secured borrowing or not? some people will be "turtle necking" at this suggestion however its fairly logical when you consider the £11,000+ saving example.
I can't add anything on dealer rates of finance , just a left field idea good luck with your search
Whilst I agree wholeheartedly with your logic, I've more chance in getting Kim Jong-Un round for a BBQ than I have in the Mrs agreeing to let me borrow against the house for a car, she already thinks I'm mental enough as it is Debt is debt whether its secured borrowing or not? some people will be "turtle necking" at this suggestion however its fairly logical when you consider the £11,000+ saving example.
I can't add anything on dealer rates of finance , just a left field idea
good luck with your search 
Big Ry said:
Whilst I agree wholeheartedly with your logic, I've more chance in getting Kim Jong-Un round for a BBQ than I have in the Mrs agreeing to let me borrow against the house for a car, she already thinks I'm mental enough as it is
Yes but if you tell her it will cost you £11K less if you do it against the house (and you're going to do it anyway whatever she thinks) then she might, I said might, see the inescapable logic of it. Good luck with having this conversation Well the conversation I had with my wife when I wanted to change the V8 for a V12 went like this. ' You know I want to keep this car forever' 'yes'. she sighed rolling her eyes. I then continued with because I want to keep it forever I need to change it. I'm not sure she listened to my logic of less production numbers means a better keeper etc etc but hey ho
bentley01 said:
Well the conversation I had with my wife when I wanted to change the V8 for a V12 went like this. ' You know I want to keep this car forever' 'yes'. she sighed rolling her eyes. I then continued with because I want to keep it forever I need to change it. I'm not sure she listened to my logic of less production numbers means a better keeper etc etc but hey ho
I think we've all had those conversations.. my V8 to V12 chat went the same way.. rolling eyes... man maths at its best... I even got a man maths t-shirt for xmas as a subtle hint.. as I think she's expecting the same sort of chat when I want a newer V12.. or dare I say it a move to a 570s!I didn't have that conversation because I'm aware of my lack of credibility
And if I would claim "I'll keep it forever" she would just reply "ok, that means when you want the next one you are going to have two of them?".
Anyway, back to topic, borrowing against the house is definitely the smartest way if feasible but I'm not sure every credit contract allows for "off-topic" usage of the money...
And if I would claim "I'll keep it forever" she would just reply "ok, that means when you want the next one you are going to have two of them?".
Anyway, back to topic, borrowing against the house is definitely the smartest way if feasible but I'm not sure every credit contract allows for "off-topic" usage of the money...
bentley01 said:
Well the conversation I had with my wife when I wanted to change the V8 for a V12 went like this. ' You know I want to keep this car forever' 'yes'. she sighed rolling her eyes. I then continued with because I want to keep it forever I need to change it. I'm not sure she listened to my logic of less production numbers means a better keeper etc etc but hey ho
When i wanted to upgrade from my DB9 to a DBS, i didn't consult the wife because i knew what her response would be. I worked on the principle that it was far easier to ask for forgiveness than it was for permission
shropshireAston said:
I think we've all had those conversations.. my V8 to V12 chat went the same way.. rolling eyes... man maths at its best... I even got a man maths t-shirt for xmas as a subtle hint.. as I think she's expecting the same sort of chat when I want a newer V12.. or dare I say it a move to a 570s!Gassing Station | Aston Martin | Top of Page | What's New | My Stuff