Car Loan Advice Please

fmcnasty

Hi all, I have recently looked into changing my current vehicle to a higher spec model and have been looking to arrange finance on the said vehicle heres the outline of the figures:

New Car: £20,250
Settlement: £12,790
Balance: £33,040
Trade In: £12,500
Credit: £20,540

I have had a few quotes and searched "MoneySupermarket" and the best prices I have had are,

£20,500 @ 48months = £506.01
£20,500 @ 60months = £420.59

The Vehicle I am looking at is a 05 Model and I am looking to find out if there is any companies out there that will offer the loan with a final balloon payment on the Credit amount, for example £20,500 over 48months followed by a final payment of £6,000 etc

Any help would be much appriciated :beer:

Rafter

fmcnasty,

Why not take the loan out over 60 months but find one without a penalty for early repayment?

The post office one is like this I think.

That way you can make a baloon payment if you want, or carry on making monthy payments for the full 5 years.

I wouldn't recommend taking out a loan over any more than 5 years, particularly on a used car, because you run the risk that the car is worth a lot less than your loan if you have to sell in the future and you also don't want to be paying big loan amounts at the same time as potentially big repair bills for an 8 year old car as expensive parts start wearing out.

Good luck.

R.

fmcnasty

After some searching I have answered my own questions, I have found www.car-finance.net and got a quote for £365 pcm over 43months with an £8,500 final payment.