New Car Financing

KKubix

We are looking to buy a new/newish car - probably a 1 series bmw. The cost would be round £15-£22k depending on whether we went for new or used). We were just wondering what would be the best option to finance it - cash (we have the full amount), financing (lease) or a loan - or another option? Any help would be gratefully appreciated.
Thanks

Millburn_farm

:confused: Well as the grown-up child of a car dealer from the 50's-70's; I'd buy the 2nd hand one any and everyday; because the minute you drive your car off the lot you loose thousands

If you have the cash; with the current interest rates; pay it now and save the equivilent payments

Or just buy a cheap wreck; a car just gets you from A-B

dacouch

Do not buy the gap insurance from the BMW dealer, they will charge you three times what the rest of the market does. So simply refuse and then shop around for a good deal

advent1122

Why would you consider finance if you have the cash?

liebe911

Finance is for what when you have cash.

Clive_Woody

KKubix wrote: »

We are looking to buy a new/newish car - probably a 1 series bmw. The cost would be round £15-£22k depending on whether we went for new or used). We were just wondering what would be the best option to finance it - cash (we have the full amount), financing (lease) or a loan - or another option? Any help would be gratefully appreciated.
Thanks

If you would be prepared to consider other manufacturers, many of them offer 0% finance deals on new cars (or at least they did recently). You pay a deposit of a few £1000, then spread the rest interest free over 3-4 years. The money can then sit in your account earning interest (I know it's low, but over the next few years interest rates are likely to go up).

Vauxhall are certainly offering 0% finance, SEAT, Citroen, Mazda and a variety of others also previously offered 0% finance deals.

If you do decide to pay cash up front haggle hard, in the current market you should be able to knock a lot off the list price.