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Thread: Finance options

  1. #1

    Finance options

    So, mrs 42 is on the hunt for a new car. There are various finance options out there, but I'm wondering what is the best.

    HP - pay x amount for y duration, then you own the car
    PCP - Pay deposit, pay monthly amount, pay/walk away/trade in for final agreed amount
    Cash - cash

    I am in the lucky position to have cash if needed to purchase, but does that make the best sense.
    With 0% apr on some of the finance deals, my thinking is I would be better off using one of those deals, spend someone else's cash that I can get for free, keep my own. It looks like most of the deals are pcp, so i would have to be aware of the gmfv amount and take that into account, but what are peoples thoughts (asusming that I keep the car after three years on a pcp deal)

    for reference, nissan was costing nearly 6500 euro for the credit over 5 yrs on a leaf with a 3.9 apr, which is bananas.

  2. #2
    What about splitting the cost with a personal loan? Use some of your available cash and the remaining balance is covered with the loan. The interest rates are probably higher but you own the asset and in many cases there are no penalties if you choose to pay off the outstanding amount early.

  3. #3
    I'm wondering about this myself at the minute. If the government fcuk up enough with proposed changes to the tax system your future value on the car could be really good!! Brexit could still kill us though!!
    I'm standing in a field full of sheep, is it wrong that I feel aroused

  4. #4
    Why not spend 5 years buying and then selling every sub-1500 euro car that Kaiser posts on donedeal.

    Heck of a lot more interesting for you, for the forum, and probably cheaper to boot.

  5. #5
    It's for his other half, if I anyone has a wife that willing to put up with that then he quite possibly is the luckiest man alive!!
    I'm standing in a field full of sheep, is it wrong that I feel aroused

  6. #6
    Wives drive what they're given!

    What's the program where the groom picks the dress and organises the wedding ceremony for his wife to be? - That's what happens when you let your wife decide anything motoring-related.

  7. #7
    My issue with repayments is exactly that your tied to repayments.

    If your good at saving then just save that which would have been the repayments and leave yourself open solving little lifetime issues without the obligation to repay.

    Sent from my JSN-L21 using Tapatalk

  8. #8
    Quote Originally Posted by bloke View Post
    Wives drive what they're given!

    What's the program where the groom picks the dress and organises the wedding ceremony for his wife to be? - That's what happens when you let your wife decide anything motoring-related.
    Don't tell the bride? Our Grahamo was on it years ago. Hats off to him, he did a crackin' job organising the nuptuals!

    On topic;

    Bank = Higher Interest.
    Credit Union = Paying interest to borrow your own money when you think about it.
    Take advantage of low PCP interest, if it's in the marquee you're looking at, and save your cash for a rainy day.

    Happy to breakdown things further if it helps, but honestly the figures are the easy bits.

    I'll be in the same position soon, and I'll most likely go the PCP route. Especially when there are manufacturers willing to guarantee a FMV and on the off chance petrol/diesel models depreciated like a bomb in the next 3 years, they take the hit and you've equity there to go again. Also don't be afraid of the baloon payment at the end, as some manufacturers allow that to be financed over 12 - 36 months at a decent interest rate.

  9. #9
    As I've very little interest in PCP, the small amount I've learned (or got wrong) is that boards is the font of PCP knowledge and VW offer the best deals.
    I would have though that cars in demand (Leafs) = finance deals
    Back to the start, why is the hunt on?

  10. #10
    If you can get 0% or a very low APR on a PCP, you're getting a portion of the car financed for practically nothing so it's obviously the way to go. The only real alternative is looking at importing new or nearly new from the UK and if that works out cheaper then spend your cash there.
    I'm with the resistance

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