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General Chat Thread, Car finance in General; Anyone bought an approved car on finance? Any advice to give? My current car cost 460 to go through the ...
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    nicholab's Avatar
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    Car finance

    Anyone bought an approved car on finance? Any advice to give?

    My current car cost 460 to go through the MOT and service and their where advisories that would add another 400 to the total. So I am considering my options.

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    m25man's Avatar
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    You should try this for your Finance.
    The rates are really good and you can overpay or pay the loan off at anytime

    My son and daughter in law are in car sales, both are highly competetive but are sharks with teeth, they always operate within the FSA guidelines but some of the stories make me wonder how people fall for it. I wouldnt buy a car from them...

    Get your own finance, wait until a few days before the end of the month which is when they really need to make up the numbers thats when the salemen are at their weakest they regularly sell stock at cost or below cost at the end of the month dont buy any extra insurance such as GAP etc, get your own online afterwards. up to 70% cheaper.
    Dont expect to be treated like royalty, they will just want to get you out of the door as quickly as possible so their peers dont realise they have just given another deal away they will be telling them they made a killing out of you thats the competetive nature of the beast they all want to have the highest figures on the wall that month.

    I used these tactics recently and walked away with a 22k Merc for 17k from MB Direct, sweet. Put on your best Poker Face, Play hard ball and be prepared to walk away. (They will be on the phone quick enough if they want the deal).

    We are in a recession its a buyers market.

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    Quote Originally Posted by m25man View Post
    You should try this for your Finance.
    The rates are really good and you can overpay or pay the loan off at anytime
    Agreed, they are a good company, and when I've paid my loan off , I intend to keep paying the same monthly amount into the scheme, to lend to others.

    My only niggle is the flexible repayments can be a a bit inflexible. If you try and pay in some extra a few days before your DD is due, it tells you to bog off.

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    bossman's Avatar
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    @nicholab:

    Have you considered leasing from the Car company themselves as they have some really good deals at the moment, my daughter has just passed her test and leased herself a Ford Fiesta Zetec for 198pm over 24months at which she can either refinance to purchase the car or put it down on another new car.

    I don't really think that in today's market that anyone should purchase a new car right out as it is depreciating the moment you get the keys and take it off the forecourt.

    The APR is only 4% and some do 0% finance so its much better than borrowing the money from a bank or lending company as these will charge at least 8% upwards to 28% APR so it becomes a no brainer.

    New car every 2 years so no MOT and some companies will even throw in the servicing also, all you will have to do is fill it full of petrol or diesel

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    how much do you want to spend, if you borrow money to buy a car and then something goes wrong with it, you still have to pay it off, so try to get a car under a used approved scheme from a main dealer with a renewable yearly warranty.

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    Quote Originally Posted by Jose View Post
    how much do you want to spend, if you borrow money to buy a car and then something goes wrong with it, you still have to pay it off, so try to get a car under a used approved scheme from a main dealer with a renewable yearly warranty.
    and if its over many years get gap insurance its no use getting paid out 5k if the car gets totalled if you still owe 7k

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    TechMonkey's Avatar
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    Zopa is tops, you may get some of my money

    Can only repeat the advice given, do not take their finance, get it from else where. They will fudge and obfuscate but the rate will hideous.

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    Quote Originally Posted by nicholab View Post
    Anyone bought an approved car on finance? Any advice to give?

    My current car cost 460 to go through the MOT and service and their where advisories that would add another 400 to the total. So I am considering my options.
    What's the car, and what is it failing on?

    Are those main dealer prices?

    Dividing those prices by 12 gives you just over 70 a month, you're probably not going to buy a better car for that. Even on a brand new car consumable items will still need replacing, are you really going to make a saving?

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    jinnantonnixx's Avatar
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    Quote Originally Posted by nicholab View Post
    Anyone bought an approved car on finance? Any advice to give?

    My current car cost 460 to go through the MOT and service and their where advisories that would add another 400 to the total. So I am considering my options.

    Put on your rational head - the 460 you've spent is now irrelevent: it's a sunk cost and must have no bearing on your future decisions.
    http://en.wikipedia.org/wiki/Sunk_costs

    Now, you say if you spend 400, you'll get your car up to scratch? In this case, spending thousands to buy a different car seems irrational. But we're all irrational humans...
    http://en.wikipedia.org/wiki/Relevant_cost#Example
    Last edited by jinnantonnixx; 12th December 2011 at 11:45 AM.

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    mwbutler's Avatar
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    I bought a new car 18 months ago on Finance (I'm 23) with Mitsubishi Finance and had no issues. They practically begged me to buy a car (I kept dropping not-so-subtle hints over several months) and eventually walked away with a brand new car worth 16k for 12k.

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    jsnetman's Avatar
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    Do it on a credit card is the best way, that is if you know your job is going to be secure for the next few years. You will pay no interest at all if you switch your credit card every 18 months or so. They are all offering 0% interest on balance transfers, you will have to pay about 3% every time you switch credit cards though. But if you keep up with the switches and payments on time it is far cheaper than any loan from a bank.

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    plexer's Avatar
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    Quote Originally Posted by jsnetman View Post
    Do it on a credit card is the best way, that is if you know your job is going to be secure for the next few years. You will pay no interest at all if you switch your credit card every 18 months or so. They are all offering 0% interest on balance transfers, you will have to pay about 3% every time you switch credit cards though. But if you keep up with the switches and payments on time it is far cheaper than any loan from a bank.
    I wouldn't advise anyone to spend so much on a credit even with switching cards as there's no guaruntee that you'll be accepted for a new card everytime you need to switch.

    Work out what you can realistically afford to pay and look at the finance options.

    Ben

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    Domino's Avatar
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    Quote Originally Posted by bossman View Post
    much better than borrowing the money from a bank or lending company as these will charge at least 8% upwards to 28% APR so it becomes a no brainer.
    buh-what? who the hell do you bank with?

    Got a loan for my new van from my bank, 4% over 3 years....

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    jsnetman's Avatar
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    I wouldn't advise anyone to spend so much on a credit even with switching cards as there's no guaruntee that you'll be accepted for a new card everytime you need to switch.
    I have never been rejected, if you are working there is no need for them to reject, unless you have a bad rating of course. My accountant advised me to do it the credit card way as that's what he does and pointed me to a few figures in comparison to doing it via a bank loan.

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