Independant PCP finance

[Sim75]

Hi chaps,
Looking to pull the trigger on a used MINI, but dealer finance is typically sh!te.
Anyone have any experience of finance outside of the manufacturer?

...have previously used Lombard.

[bogie]

Used Moto Novo about 5 years ago, very efficient and lowest rate at the time, much lower than the dealer

https://www.motonovofinance.com/

[rfoster]

I'm an introducer to a number of lenders (including Motonovo as Bogie mentions) - can certainly run some figures for you even if it's just to compare with what you've been offered already. Feel free to message me with details. Cheers, Richard

[runboy]

We currently use Admiral, have been good.

[ChrisNic]

Depending on the amount consider doing a standard personal loan but stretching the term. In effect it works in a similar way with a “balloon” left after 3 years (or whatever) but the interest rate may well be quite a bit lower.

There is a good loan calculator on the guardian website which helps you see how the loan balance will drop over time.

[Sim75]

ChrisNic said:

Depending on the amount consider doing a standard personal loan but stretching the term. In effect it works in a similar way with a “balloon” left after 3 years (or whatever) but the interest rate may well be quite a bit lower.

There is a good loan calculator on the guardian website which helps you see how the loan balance will drop over time.

Yeah, i'm moving that way tbh.
Normally i ditch the car after 3 years but this will probably be a keeper so happy to stretch to 6, maybe even 7 years.
Will check out the guardian calc. ta

[soxboy]

Have a look at a 5 year bank loan and pay off after 3 years when you sell the car? Often have a nosey on the NatWest car loan calculator to see how monthlies pan out.

[LosingGrip]

Is anyone else struggling to get a loan at the moment?

I want a loan of around £5k for a new bike.

Never had a problem with getting a loan before. Credit score is good (918 I think of the top of my head).

Haven't done any applications yet, but from putting my details in on Money Saving Expert, the only ones I can get are terrible rates.

Tesco, NatWest (who I bank with) don't want to know.

Im guessing it's COVID related but it's a bit of a pain.