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Id recommend a bank loan rather than finance. Its very difficult to get out of finance and its secured on the car. The finance company own the car, and if you get into difficulties, you cant sell the car as it wont clear an HPi check. A bank loan is unsecured, and you would own the car, rather than the finance company.
Rhys
I know, but its a really different product to a bank loan. Finance companies really have you by the short and curlies. You arent even legally allowed to modify your car in any way under most finance agreements. Something else that is probably worth bearing in mind.
Try asking your own bank for a loan. They are sometimes flexible on APRs and for the sake of a couple % extra APR, you will have the ability to get out of the ownership of the car if you really need to, where as its a bugger to do on a finance agreement.
The Jinx
All depends Rhys. The g/f got finance on her Ibixa 2 yrs ago, and its more like a bank loan. You can pay off whenever you want with no penalties etc. Best to read the small print first.
You cant haggle APR on new cars as it is with Renault Finance, the APRs are fixed. Its only on used motors where the garage uses their own finance company is there any room to play with APRs
The Jinx
All aprs can be haggled. Ever watch wrong car, right car. Under 4% flat rate (approx 7.9%APR) is what you should aim for.
I stand to be corrected.Quote: Originally posted by RobFenn on 18 July 2003
Well Renault Bexleyheath have agreed to negotiate
Its not a pre-registered one is it??But thats on used cars. You are buying new cars from Renault UK, used cars you are buying off the dealer using his finance. Renault UK have you over a barrell and will only let you use Renault finance to buy a new car with. If the dealer has pre-registered the car it is technically second-hand as he will be in the log book as the first owner, so you can use the gararges own finance and haggle as per Wrong Car Right Car. Thats what I was under the impression anyway..
If you have no credit history, you may struggle getting an unsecured loan from a bank for that kind of value (certainly not at a decent APR) - all depends how much you earn and if you really have NO credit history.
The good thing about PCP on a car for example, is that its secured on the car, so its less of a risk for them. The bad thing is (as already said), its harder to get out of it.
I got my PCP on my Clio from a totally 3rd party finance company, and at 10% APR, Im not too unhappy with it. My bank would only give me 11% APR on a loan and I have an excellent credit history (I know there are places that offer 7 odd % APR but you tend to have to be quite old to get them)
I could have chosen either, but I wanted to defer some of the value and get a lower monthly payment. Only problem now is that I want to get out of it, and its harder because its all secured on the car, plus there are early resettlement charges on finance.
Good luck.....Im sure youll find something to suit. Just remember that when dealers say that they can sort something out.......its usually at the expense of something else. They dont just lower monthly payments or APRs without inflating it somewhere else - a lot dont anyway.
You cant sell your car privately on finance until youve paid it off because itll be on the HPi register. In effect, the finance company own the car till youve paid it off.
I know the best bank loan. Apparently if you go into HSBC with an uzi and ask for all da fecking money bit*h or youll get it good, they give you sh*t loads of cash. An i understand there is no interest. I asked Renault if theyd match that but they said no
.The downside is that if you get stopped by the rozzers, you end up getting a*s raped in the showers of the local prison by Jack knife man Mcgillis for the rest of your life
Renault Laguna Coupe
The only time the dealers can match the banks is if theyve got a 0% deal or something like that. My dealer had a 1.9% deal when I bought mine, otherwise Id have gone to a bank.
