Best way to fund a 35k car?

[Arctic pompey]

Evening all, can anyone reccomend any car/finance brokers. I don't want to use all my cash/savings to purchase a car and want possibly a balloon payment at the end, thanks !

[Sarnie]

Search for member "rfoster" on here.......

[Arctic pompey]

Cheers Sarnie

[TheAngryDog]

Arctic pompey said:

Evening all, can anyone reccomend any car/finance brokers. I don't want to use all my cash/savings to purchase a car and want possibly a balloon payment at the end, thanks !

You want a balloon payment at the end? Or don't?

[Arctic pompey]

Yes, a balloon at the end if possible..........

[TheAngryDog]

Arctic pompey said:

Yes, a balloon at the end if possible..........

Forgive my ignorance and prying, as I've never done car finance, but why would you want a balloon? (genuine question, not one mocking your want for one).

[Zoon]

TheAngryDog said:

Forgive my ignorance and prying, as I've never done car finance, but why would you want a balloon? (genuine question, not one mocking your want for one).

To reduce the monthly payment?

[Arctic pompey]

I could be wrong, but it keeps your monthly payments lower? I could just get a 30k loan over 5 years I suppose.

[sidicks]

Arctic pompey said:

I could be wrong, but it keeps your monthly payments lower? I could just get a 30k loan over 5 years I suppose.

And means that you pay much more in interest charges...

[Arctic pompey]

well thats the stuff I dont know about, happy to be informed. I can calculate simple total cost to borrow as I say maybe a straightforward loan is best/cheapest.

[supercommuter]

New or used?

[Arctic pompey]

used, I`m looking at Panameras 30-35k - probably from a dealer BUT maybe a private seller (if that helps)

[Phooey]

If by chance you're a HSBC Premier customer you can borrow £30k for 5yrs at 3.3%

[Frankstar123]

How much deposit?

The interest rate will be higher on 2nd hand car, i'd get a personal loan.

Why not look at new cars via drive the deal .com? You can get decent rates and lower prices.

Audi S5 sportback with £~6k off £6k down = monthly of about £400

[supercommuter]

Halifax will give you 3.5 percent loan for 35k,. Over 5 years you will pay back 38k

[Arctic pompey]

thanks for all the replies, seems I can get 30k from my bank First Direct @ 3% payback £32,300 in total over 5 years.
Blimey money is really cheap.........

[James_B]

supercommuter said:

Halifax will give you 3.5 percent loan for 35k,. Over 5 years you will pay back 38k

That’s the rate given to the most creditworthy 51% of successful applicants.

OP may well not get that.

[supercommuter]

James_B said:

supercommuter said:

Halifax will give you 3.5 percent loan for 35k,. Over 5 years you will pay back 38k

That’s the rate given to the most creditworthy 51% of successful applicants.

OP may well not get that.

Fair enough. I took a loan out a while ago and got that rate. Assumed it wasn't a problem