Looking to buy a cup soon......Advice

[rwaterman]

I was down at renault Bexleyheath over the weekend going over the cup they have down there in the showroom. I was talking to the salesman for ages about it i even got him to work out on the computer what my payments would be etc. The thing is i havent really got any savings as yet all i have got is my clio16v which i would prefer to sell privately as i am likely to get more for it than i would with a part ex.

This is what we come up with on the computer. If i put down 3000k as first payment (which is a minimum i could exept for valver) then i would have 36 monthly payments of 266. blah,blah,p (fully protected).

Then there are the 3 options at the end of the 3 years, either pay 4000k at the end and the car is yours, or give it back and walk away. Which is probably not a good idea coz i would be paying min 3000k at the start, or part ex and get another new car.

I think the end total if i was to pay the final deposit it would work out 16000k which i admit does seem alot but at least this way i could get a new car which is what i want, It seems that the option of that final payment means i could afford the monthly payments and i would get 3 years to save the 4000k which i think works out about 20pounds a week.

I know getting a personal loan would be cheaper and maybe buying a cup from somewhere other than a main dealer but the monthly payments would be more expensive because there isnt that final payment option (did i just say that..??....)

How has everyone else bought there cup/172?? Any comments, advice would be much appreciated...

Rob...

 

[rt172]

Final payment options usually depend on the age of the car, rather than on where you are buying the car from. Most finance companies can do a PCP package. Ring round places where you have seen cups cheaper and ask if they can provide the sort of finance you are looking for.

Rhys

 

[Bryan]

renault do offer a guaranteed price at the end of the finance, not sure how this would relate to the market value of the car at the time though

 

[Rich-D]

I did a similar thing with my 106 GTi...

Sold it at the end, paid off what was left, came away with £2500 clear.

 

[rwaterman]

Does it sound like a fair deal? hopefully i could get some more money together instead of just my 16v........ To get those monthly payments down.

 

[Bryan]

doesnt sound like too bad a deal, all down to you though at the end of the day

 

[rwaterman]

Yeah no that mate never had a new car before it would be nice to own something from new treat it well keep it well mint lots of service history and all that plus the 3 years warranty really like the idea of that......... I think it would pay to wait though and try and save some xtra pennies to get the monthly payments down i havent even asked my insurance co yet.

I will have 5 years ncb in july and will 23 so im sure it cant be that bad???

 

[Robby]

go to the tesco website and apply for a loan - 7.2%, take this over 5 years, the payments will be cheaper - after 3 years or whenever you sell the car and pay off the loan getting an early settlement figure, not having to pay intrest on future payments.

 

[Viv172]

Quote: Originally posted by Robby on 04 February 2003

go to the tesco website and apply for a loan - 7.2%, take this over 5 years, the payments will be cheaper - after 3 years or whenever you sell the car and pay off the loan getting an early settlement figure, not having to pay intrest on future payments.

Sounds like the best idea, Ford did the same kinda thing with options a few years back, you pay totaly over the odds AND the cars not yours at the end of it if you dont come up with the dosh, making you start all over again with another new car..thats what they are hoping will happen so you keep on paying them.. I know someone who did this, they ended up getting a bank loan just to get out of the loop. 7.2% is a good apr, I know the ford apr was closser to 18%

 

[Rallye-King]

The Renault PCP scheme is totally crap. Awful APR .Much better to get a 5 yr bank loan and sell privatley after 3 yrs. Your car is not on an HPI register either so you can sell at any time.

 

[Frosty]

Although I paid for my Cup in cash, I had a 1.2 (MTV edition) as my first car which was on Renault finance. No bank or loan company could get near what Renault were offering.

 

[monkeymagic]

Cahoot do 7% APR loan. Flexible as well, e.g. can pay the minimum each month and increase payments later, also pay it off whenever you want and not lose out cus interest is calculated daily so you dont pay for five years interest if youre only actually borrowing for three.

As you might guess this is the loan I went for.

I guess the easiest way to save cash is to haggle on the price of the car right at the start, esp. if youre not going for part exchange. I think dealers have accepted £10999.

Final bit of advice:

GET THE CUP - its brill.

 

[telford_mike]

You need to find what the APR works out to on the Renault finance deal. Without knowing that its really difficult to tell.

But yes, get the car!!

 

[Dansta]

i did the payment plans, and the interest is quite good, lower than the loans i was offered at the time, altho i found the rate of interest was nearly 2% lower in canterbury renault than in london Branches.

Also after final payment and all it works out to just around 14-14.5K. so i dont know ehy you payin all that??!! and my payments are bout £234 a month. which is cheaper than my loan was a month when i got my valver!

Anyway good luck to ya!

 

[RobFenn]

rwaterman - Where do you live? I sometimes use the bexleyheath branch but try to go to blackfen branch due to the better service.

Remember APR and all that poo is negotiable like a list price.

Good luck

-Rob

 

[rwaterman]

Gonna have to do some serious thinking about this loan ive never comitted myself to so much money??

the apr at renault bexleyheath was 10.9%.

RobFenn where is there a blackfen renault branch do you blackheath??? I live near to the new halfords, how about you?

Danny boy i pressume those monthly payments are protected? what price did you put down as the first payment, 1000k???

 

[RobFenn]

Doh yeah meant blackheath! I guess that means you live in blackfen? I live on hurst road, near hurstmere school. Is your car modded?

 

[Pugboy]

rwaterman

if you have a house, the cheapest way to borrow money is through a mortgage, typically between 3.7-5%, then beyond that, i think its internet personal loans, tesco/cahoot etc, round about 7-8%. depends on your circumstances..

insurance - my best quotes were through direct line & tesco - 4yrs ncb, 28yo, 750 fully comp with 350 excess. may be different with you being younger.

pugboy

 

[rwaterman]

RobFenn just a standard beauty with some eyebrows and a cliosport sticker in left rear window, what you driving?

Pugboy the good thing about this loan idea is that i am still living at home so i should be able to afford it, but i feel like i need to do it all fairly soon coz i aint gonna be at home forever.

Im gonna look at loans and see what they could offer, I spose a loan from somwhere else would be better because i could get a 172/cup alot cheaper than from renault ie; import or those supermarkets.....

So concluding this up, the best thing to do is to get a decent loan over a longer period say 5 years, which would mean cheaper monthly payments and say if i wanted to sell the car after 3 years i could pay of the rest of the loan with the money i make from the car and wouldnt have to keep paying for the remanding 2 years..... Does that sound right?

Rob

 

[RobFenn]

Mines a standard new 1.2 16v (apart from clear side repeaters,woohoo!), will have the reg N20 CUP on next week though so look out for me! As you can see from the plate i have cup aspirations too, hoping in about a year ill get one.

 

[rwaterman]

Oh yeah forgot i got some clears aswell. How much you pay for the plate?

Just found out my mums boyfriends son goes to that school...........

Rob

 

[RobFenn]

Bit of a gimp school that but oh well..

Plate is worth £250 which i thinks damn good value as if i dont get a cup im sure i can sell it for more.

-Rob