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Best place to get car finance

POSTED BY: stufai 4 months, 2 weeks ago

I am looking for a new car but can't afford the full amount atm. However I would be interested in some sort of finance deal - I was thinking of borrowing approx £6k over 36months.

At 7% this would be about £6.5k and about £180 per month, but do most places accept no deposit and no final payment? And would I be better just getting a bank loan or are car finance deals easier to get approved for? Is 0% available anywhere?

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#2

04-07-2009, 00:00
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If you cannot afford a deposit, you cannot afford finance.

If you get 0% finance it is included in the enhanced price of the car,
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#3

04-07-2009, 00:31
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Inactive:
If you cannot afford a deposit, you cannot afford finance.

If you get 0% finance it is included in the enhanced price of the car,
Dude never said he couldn't afford a deposit.

you after a brand new car?

if you try finance from a non-0% dealer.. chances are they will try to get you on a 3rd party finance scheme - 14%+ APR... i think most go for blackhorse?

What they don't tell you in some dealers have their own finance scheme much lower APR.

1) try to haggle the price without saying you want finance... you can easily get a minimum of 10% off... but don't start the "haggling" process at 10% off the value of the car! try higher lol
Walk away if you have to.

Hope you have a good credit rating.

I always drive past car dealers offering 0% ... just do a "drive by" and look for the signs.

Good luck.
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#4

04-07-2009, 00:49
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He certainly implied it; " but do most places accept no deposit "
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#5

04-07-2009, 00:52
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If you think you can pay it off early, then get a car loan. If you are looking at paying it off over the length of the agreement, try and get a loan from the bank. Don't max your credit out on a car....sometimes a £2k car is the same as a £10k car
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#6

04-07-2009, 07:19
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Mitsubishi have 0% atm
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#7

04-07-2009, 08:51
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perhaps if you can't afford it, maybe you should just use the bus till you can?
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#8

04-07-2009, 09:38
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maddogb:
perhaps if you can't afford it, maybe you should just use the bus till you can?
lol. I have got a car, it's just terrible! And I'm in a job where I think I can afford a slightly better car, but don't want to wait until I have saved up the full amount.

But if you think I shouldn't get one...
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#9

04-07-2009, 09:56
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5nowman:
Dude never said he couldn't afford a deposit.

you after a brand new car?

if you try finance from a non-0% dealer.. chances are they will try to get you on a 3rd party finance scheme - 14%+ APR... i think most go for blackhorse?

What they don't tell you in some dealers have their own finance scheme much lower APR.

1) try to haggle the price without saying you want finance... you can easily get a minimum of 10% off... but don't start the "haggling" process at 10% off the value of the car! try higher lol
Walk away if you have to.

Hope you have a good credit rating.

I always drive past car dealers offering 0% ... just do a "drive by" and look for the signs.

Good luck.
bazzaric:
If you think you can pay it off early, then get a car loan. If you are looking at paying it off over the length of the agreement, try and get a loan from the bank. Don't max your credit out on a car....sometimes a £2k car is the same as a £10k car
Carley:
Mitsubishi have 0% atm
Cheers guys - thanks for your help!
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#10

04-07-2009, 11:21
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stufai:
lol. I have got a car, it's just terrible! And I'm in a job where I think I can afford a slightly better car, but don't want to wait until I have saved up the full amount.

But if you think I shouldn't get one...

As long as you are 100% confident that your job will last as long as the finance term in the present economic climate, fine.

Otherwise you could be inviting disaster financially.
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#11

04-07-2009, 12:50
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Inactive:
As long as you are 100% confident that your job will last as long as the finance term in the present economic climate, fine.

Otherwise you could be inviting disaster financially.
Yeah, obviously you never know in this climate, but my partner earns so hopefully one of us will keep a job.

I don't really know why people assume that just because I don't have £6k lying in a bank somewhere that I haven't thought this through and am going to be living beyond my means. Everyone uses credit for mortgages etc.
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#12

04-07-2009, 12:55
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maybe worth considering an M&S credit card with 0% for 10 months and just try to pay it back quickly and get a loan for the remaining balance in month 10
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#13

04-07-2009, 22:32
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csiman:
maybe worth considering an M&S credit card with 0% for 10 months and just try to pay it back quickly and get a loan for the remaining balance in month 10
lol nice but risky strategy with banks still so tight on loans
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#14

05-07-2009, 01:02
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stufai:
Yeah, obviously you never know in this climate, but my partner earns so hopefully one of us will keep a job.

I don't really know why people assume that just because I don't have £6k lying in a bank somewhere that I haven't thought this through and am going to be living beyond my means. Everyone uses credit for mortgages etc.

Indeed, but there are record numbers of house repo's.

I have read through so many sad tales of misery, where people have lost their cars and their credit score simply because they couldn't keep up payments.

By all means if you can afford payments, go for it.
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