How can i finance a Clio 172

[SAX_MAN]

Right people, i really want to get a 172 soon BUT i have a bank loan which isnt payed off. I own the VTS and its all payed off. Advice would be welcomed.

Which route should i go down?

 

[Pete]

Go to reno delear and get finance through them, can do options type thing with a lump sum to pay off at the end so monthly repayments are cheaper. Think a few companies like direct line also do loans with this option too!

Either that or get out there pimping!

 

[SAX_MAN]

I think i could get £5000 for the VTS, not sure, its a 2001 Y reg with 38,000 on the clock.

Cant be arsed to save, i want a new Clio now!!

 

[Pete]

Chop it in then or try and sell it privately, should be able to get a 172 on import for about £12k, £7000 loan with a lump sum repayment at the end shouldnt cost too much a month (£7000 over three years wont be that much on a standard loan anyway).

Glad to see youve seen the light!

 

[McBunny]

i got a 11k loan for 259 a month i think not bad

 

[SAX_MAN]

Well if Renault offer me £5000 for the Saxo ill be pleased.

£7000 devided into 48 monthly payments is about £145 a month

Big question though, Cup or 172??

 

[Pete]

Depends on what sort of driving you do. If you are considering any sort of motorway drive/long drives get the 172, if you want something purely for throwing round country lanes then get the cup!

 

[SAX_MAN]

Well i dont commute to work, my car is purely for pleasure.

One question though, what % of your monthly incomes do you lot spend on your cars?

 

[Pete]

Its not much as a percentage, cos Ive a well paid job, but at the moment i estimate itll be about £300-400 including petrol, have been saving like a nutter over the last few months to buy the thing if you include that it was about £700 a month.

 

[SAX_MAN]

Well i only earn £1400 a month

Bloody Royal Mail!!

 

[geordiepaul]

Sell the VTS privately youll get alot more for it! I reackon a dealer will offer you £4k if you say you can get £5k for it.

Then dont get finance through a dealer the best rate youll get will be about 5% flat rate. Go to http://www.tesco.co.ukwww.tesco.co.uk and get a personal loan they will be under 4% flat which is about the cheapest you will find.

 

[geordiepaul]

Quote: Originally posted by Ralphy_VTS on 22 October 2003


Well i dont commute to work, my car is purely for pleasure.

One question though, what % of your monthly incomes do you lot spend on your cars?

Too bloody much!!! I would say about 40% but Im 25 next month so insurance will hopefully fall!!

 

[kefkef]

Try advertising your Saxo on the saxo owners club, when i chopped mine in June, i advertised is on there on a thurs night, it had sold the following monday!



Why not consider getting a settlement figure for you bank loan, then add that on top of the car loan for the 172, get it from somewhere like cahoot or sainsburys for about 6.x%. Then you have just one payment to be worried about! (unless you only have about 6mths left on your bank loan now!)

 

[SAX_MAN]

No its abit more than 6 months left!

 

[Pete]

Quote: Originally posted by geordiepaul on 22 October 2003


Sell the VTS privately youll get alot more for it! I reackon a dealer will offer you £4k if you say you can get £5k for it.

Then dont get finance through a dealer the best rate youll get will be about 5% flat rate. Go to http://www.tesco.co.ukwww.tesco.co.uk and get a personal loan they will be under 4% flat which is about the cheapest you will find.

You only get those rates if you borrow loads!

 

[SAX_MAN]

Finance gives me a head ache

 

[geordiepaul]

Quote: Originally posted by Pete_172 on 22 October 2003

Quote: Originally posted by geordiepaul on 22 October 2003


Sell the VTS privately youll get alot more for it! I reackon a dealer will offer you £4k if you say you can get £5k for it.

Then dont get finance through a dealer the best rate youll get will be about 5% flat rate. Go to http://www.tesco.co.ukwww.tesco.co.uk and get a personal loan they will be under 4% flat which is about the cheapest you will find.

You only get those rates if you borrow loads!





You get the cheapest rate on anything over £4000 which im guessing you would need at least that to get a 172!

 

[CHRIS172CUP]

I got my cup with a direct line car loan, good APR. The AA do it aswell at a good price and you get a free car inspection at the moment.

 

[Rich-D]

Forget finance, forget bank loans...

Go for something like a Cahoot flexible loan which is very low interest rate and you have total control over. Thats what Ive used on my past 2 cars!

 

[Cord-172]

If a loan is a possibility speak to Northern Rock (http://www.northernrock.co.ukwww.northernrock.co.uk). I managed to get a loan for my 172 at 7.1% (fixed APR) over 3 years.

Was certainly the best deal available at the time!

If you have the patience sell your VTS privately (and dont go too low on the price because you are desperate for a 172). Private sale gives you more money and the ability to spend it wherever you want. P/X and trade limits you to a specific garage and choice of vehicles.

If you want to save some money get a Mk1 172. These are going for anything between 7 - 8.5k now and have all the comforts of a MkII 172 whilst being slightly lighter (nearer to the cup)

 

[Cord-172]

Problem with Cahoot is that its not fixed APR. They were going to offer me a 7.0% APR loan but if its variable whats the point?

 

[McBunny]

1400 isnt a bad wage !!! is that before or after tax ??

 

[Rich-D]

Quote: Originally posted by Cord-172 on 22 October 2003

Problem with Cahoot is that its not fixed APR. They were going to offer me a 7.0% APR loan but if its variable whats the point?

Its now 6.8% though... so its gone down!

The advantage is though, that you are totally in control and if the interest rate did rocket (unlikely) then you can just swap to a fixed rate loan if you so desire.

You can underpay, overpay, re-borrow, pay off, in fact you can do whatever you want with an account like this...

 

[Cord-172]

I was thinking that!

 

[Rich-D]

I looked into this before I got my 306 and came to the conclusion that Cahoot was the way to go...

You also only pay intrest on the amount you owe, not the total loan amount.

 

[rwaterman]

Hey Ralphy i work for royal mail too!! i also want some sort of 172 mk2 which hopefully i will get with a loan after xmas.......

Rob.

 

[geordiepaul]

Tesco is 6.2% APR

I dont work for them...honest!!

 

[rwaterman]

Dogmaul that would be take home £1400..... thing is though with all the strikes going on we lose £50 a day which is going to prolong the savings for the 172.

 

[Rich-D]

Just checked Cahoot and its now 6.5% for the flexible loan and Id rather have the freedom that allows me rather than save a mere 0.3% APR plus I only pay intrest on the outstanding loan amount, not the total.

 

[SAX_MAN]

Thanks for the replies everyone! My bank manager has advised me to save abit of money first

Im currently paying £225 a month on a bank loan and he thinks anymore payments would be unwise at this stage. Thing is, i think i can afford it easy!

 

[McBunny]

well 14000 a month is about 25k a year what you on about not a good wage !!!!!! im on 20k and have a 172 with no worries at all

 

[SAX_MAN]

Ermmm.. no.. £1400 a month is £16800 a year!!!

 

[McBunny]

erm no its not

i take home 1382 a month after tax before tax its 1716

so its about 23-24k

 

[McBunny]

im onabout before tax mate

 

[SAX_MAN]

Do the bloody maths!! 12 x £1400 = £16800 !!!!

 

[SAX_MAN]

Oh i get ya now. But £1400 is my GROSS monthly wage!

 

[McBunny]

i know thats not a bad wage mate and i can easily aford my 172 unless you also are paying a morgage or rent ?

 

[SAX_MAN]

No morgage and no rent, i live with parents

Nice and Cheep living, dont know how ill ever afford my own house

House prices here in Oxfordshire are sky high.