197 Finance Deals ?

[BRUN]

in a few years time ill be debt free, and the thought of getting a car from new is running through my mind, i know they drop in value like mad the first few years, but id like the warranty and id like to know the car has been looked after 100% from day one

basically ive never bought a new car before, ive only ever had 2 Mk1s including my current valver, so ive no idea how much you pay for a new car

roughly how much are the finance packages you can get per month ?

or is it better to get a bank loan ?

 

[quikshine]

whats the point of clearing all your debts...to just go and put yourself back at square one again by getting finance? seems silly..

 

[DrR]

I don't see buying a car as proper dept, as you pay it off quicker than it depreciates. Any probs just sell the car.

 

[marky-f1]

i got a lmao from abbey few year ago 16 k over 5 year 309 a month pretty good rate to 6% or summit this time with the f1 a got a quote from bank went in to arnold clark told them i wanted a liquid yellow f 1 for around 300 mark over 5 year and they done me a great deal had 7 cars now 4 from new got shafted the 1st 1 after that you learn the ball is in your court and shop around !

 

[Ian_182]

Its a debt end of.Depends what exactly it is you want .If you can afford it then do it,you know you will loose buckets of cash but its like you say,yours from new and looked after how you want.

I had my 182 new on F+F and kept it a year and only lost 200 quid,but i knew i had to sell it on or take a big hit 2 years later

 

[quikshine]

I don't see buying a car as proper dept, as you pay it off quicker than it depreciates. Any probs just sell the car.

Yeah, but who would buy a car with outstanding finance on it? Ive seen the question come up on here before and alot of ppl where saying that they would stay clear of it..

Its only my opinion, but I think you would be wasting your money buying a brand new car (as nice as it is and all) and I think after you working hard to clear your debts I know the last thing I would want to do is in less than an hour put it right back up again by getting finance!

 

[marky-f1]

im the same dont really see it as debt its a car sitting outside something to show for it iv always took them over 5 yeast kept it for 20 to 24 months traded it in and always got enough to clear it off

 

[Jamie]

Pointless thread, we are considering matters not in six months but 3 years down the line.

In 3 years things will be very different.

 

[Justin]

renault were running a 0% deal for a while, not sure if they still are, but considering the saving you make over getting a bank loan and buying one, ita justafiable (sp)

not sure i would though, i like changing mine to often lol

 

[Fletcher]

Renault have all sorts of finance deals atm.

 

[jph172]

Take my advice, please-DO NOT GO FOR FINANCE!!
I did and its crippled me. ok ive got the car ive always wanted for ages but im always skint. If u can barrow the money off ur bank in a loan then do it as it,ll work out a hell of a lot cheaper and ur pay back less interest in quicker time scale.

I got my 172 2yrs ago, the salesman said it was 6%flat finance then two yrs down the line my bank manager said u should know 6% finance in a car showroom is different to a banks finance! I dont know how but it worked out 12.8% which ive got to pay off till july 2009!

 

[veaney]

don't get finance i have about 20k of debts and i am skint each month its bollox steer clear

 

[BRUN]

i know all about debts, trust me!

id only do it if i was in a sound enough financial situation

i was only after a ball park figure of what people pay monthly, are we talking like £175 a month then a big £4k payment at the end ?.........£300 a month for 5 years ?

i really dont have any idea at all

 

[Fletcher]

A 15k loan from Renault works out about £360 pm for 36 months,[11.7 apr]
13.5k loan works out around £290 pm for 36 months.[11.8apr]

Both of the above are finance quotes from Renault.

 

[BRUN]

thanks mate, exactly what i was looking for

 

[Fletcher]

No probs mate.

 

[jph172]

Im paying £260 a month over 5years, which i think on a car which was priced up at £12,800 i end up paying back about £16,000 but its all well and good sayin that im only paying 4k interst but in 5yrs i dont think my 172 will be worth anything near 16k!!

 

[Iridium]

£300 a month, over 5 years, by my maths that's £18,000... For a car that could be picked up for sub £14k...

Dan

 

[172boost]

Im paying £260 a month over 5years, which i think on a car which was priced up at £12,800 i end up paying back about £16,000 but its all well and good sayin that im only paying 4k interst but in 5yrs i dont think my 172 will be worth anything near 16k!!

I don't want to rub your nose in it mate.......but.....you got well and truely shafted.
Can't you get a bank loan, pay off the finance and reduce the repayment?

 

[Dyewitness]

i do it this way and have the last 3 cars..

197 purchase price £13995, less trade in £7250, £6745

i have two credit cards egg and b/card

egg offer facility to transfer bank account overdrafts and in september were offering this balance transfer free so i transfered £6500 over.

I then transferred it over onto my b/card who were offering think it was 6% for until paid off with no fee.

in the days of no balance transfer fees i used to just move it around paying no interest

advantages to doing it this way....

its not a loan so you are not fixed to what you have to pay, you can always pay more or less, i pay a fixed amount of £250 a month and if get any overtime pay extra

 

[young_lew]

car finanace is only worth it if you put down enough deposit to out weigh the interest you're paying on the loan

 

[theduck]

Personally when I change my car I am going down the leasing option. The way I see it is I am going to change my car every 2-3 years after this one, so why have the bother of selling it and with the right package I can even get it fully maintained so no worried about servicing.

Before people bark at me for it. You find me where I could buy a £47'000 car with a £1400 deposit and £470 a month AND not have to worry about selling it after!

 

[Alan]

Sounds spot on matey ^

 

[Iridium]

Except after 3 years, you have nothing to show for it. Been there, done that hehe

After 3 years at that rate and with that deposit, you'll have spent £18,320, then have to give the car back...

Dan

 

[theduck]

Except after 3 years, you have nothing to show for it. Been there, done that hehe

After 3 years at that rate and with that deposit, you'll have spent £18,320, then have to give the car back...

Dan

about the same if not better than depreciation then

 

[Iridium]

Well, yea if you're willing to throw that much at depreciation heh

I'm sure you've looked all the bases, but £20k will buy some really nice nearly new cars... That you'd own after 3 years... Mind you, each to their own, if you're happy with the deal go for it

What car is it as a matter of interest?

Dan

 

[Steve]

I don't see buying a car as proper dept, as you pay it off quicker than it depreciates. Any probs just sell the car.

Yeah, but who would buy a car with outstanding finance on it? Ive seen the question come up on here before and alot of ppl where saying that they would stay clear of it

I have bought cars with outstanding finance with no problems.

Only problems occur if you don't understand what your doing, common on this site.

Buy from a garage finance company owns car until paid off. So if you want to buy it contact company for settlement figure pay the 'company' that figure & anything extra goes to the seller.

Main area of trouble is if seller owes more finance than car is worth.

Personal loan from bank or if your savy use 0% interst card, is the best way to borrow (debt) money.

 

[jayxx83]

Except after 3 years, you have nothing to show for it. Been there, done that hehe

After 3 years at that rate and with that deposit, you'll have spent £18,320, then have to give the car back...

Dan

about the same if not better than depreciation then

thats exactly what you are doing with leasing. your essentially financing the depreciation. the key is to look for cars that depreciate the least, ie Merc / BMW diesels in the most attractive spec.

EG; a RS4 is 55k but around 800-1000 a month depending on deposit put down.

A merc GL diesel are around the same list price, but can be had for 4-500 per month with a similar depo.

All due to the fact the GL will have depreciated less.