Looking to buy Audi S3 on PCP

[Talz]

Hi guys need some advise.

Looking to purchase an S3 I saw on auto trader. My bank Lloyds willing to offer me 15k with me contributing a 10% deposit.

Haven't been back long in country so guessing my credit rating still improving but definitely not the worst.

Now the car I want is 17k so wondering if anyone has some good PCP links that will do a soft search and that wont register on my credit file.

Looking for a 55% balloon payment and want to keep payments around the £200 a month mark.

Now the car im looking at is a CAT C (it's been restored and comes with a maintenance plan for a year)

Would I be shooting myself in the leg taking on a CAT C at the end of the PCP, I plan on keeping the car and selling it privately at the end.

I'm new to car financing as you might gather mostly always paid out cash for my car's but now with two kids, I need to try budget a bit better.

Car is 2014 by the way, any help will be greatly appreciated.

[Butter Face]

I shouldn’t think there will be too many companies willing to take on a Cat C car on PCP. The balloon figure would be studpily low even if they did.

Your best bet to be honest is to get a personal loan rather than try and go down the PCP route if you’re absolutely intent on buying it; it is a Cat C S3 after all.

[ZX10R NIN]

As above a bank loan will be your best option as used PCP deals have interest rates between 7-10% with bank loans being around half that, also don't even bother with a Cat C unless it's 5-7k cheaper than the equivalent S3.

[Talz]

Hey guys great input and insight from everyone, yeah tried the bank loan route and weirdly enough they wouldn't accept me (well not really weird, not been long enough in the country I guess for a loan)

Regarding the S3 it is 17k and done 35k miles.

Something similar is going for 18,6k. So definitely not within the 5-7k margin.

I guess I'll just have to find someone that can do a great deal on the PCP for something not on CAT.

Or wait and raise a bigger deposit

[Talz]

Flex Car Finance (PCP)
Finance amount
£15,000.00
Term
37months
APR
8.9%
Total repayable
£18,282.97
Monthly repayments
£249.81
Optional lump sum
£9,040.00

What you guys think of this deal? Good or bad

[ZX10R NIN]

That's about standard, that's a big balloon payment I'd rather pay a bit more & get that balloon payment down, to be honest I think you need to save more, maybe buy a cheaper hot hatch & go for the S3 later down the line.

Or if it has to be an S3, get an older one:

https://www.autotrader.co.uk/classified/advert/201...

https://www.autotrader.co.uk/classified/advert/201...

https://www.autotrader.co.uk/classified/advert/201...

At this price point you may find the bank may be willing to lend.

[Talz]

Thanks for the options I will have the final value at the end of the agreement to pay it off, it's just that it's currently in an investment which I didn't want to touch at the moment.

The reason I didn't want to go older was that there's no chance of purchasing an extended warranty and repair bills can be crazy (been there done that 😂)