Finance SECURED on a car

The_Boss

Posted this in the loans foru, but I think there's a better chance of responce here

I want to buy a new car for £15k from broadspeed.co.uk (best price anywhere). However, the PCP finance it comes with is at 11.5%, which is obviously not good. They want to sell me the car so I'm sure they will reduce that to about 10%.

I wont be able to get a personal loan. Although I'm not self employed, many lenders class me as being so (as I work for 3 companies on an ongoing basis) and my income varies each month (to £200-£300).

So I'm looking at getting a loan that can be secured on the car. Does anybody know of any company that will give me a loan and have it secured on the car, or is that purely down to car sellers to organise?

Sainsburys Drive program has a lower rate, but I would be paying more for the car.
M&S do a plan, but that is just a buying plan and not secured on the car

tonys_3

I am no expert on finance, but I think the companies that secure the loan on the car are usually dealing with poorer risk people, and therefore charge higher rates of interest.

I took a look at https://www.broker4cars.co.uk and their apr was 8.7% I think. Other companies that do PCP are a bit reticent to advertise their interest rates.
Before going down that route, is it not worth while speaking to an independent loan
broker who may be able to get you a personal loan despite your more complicated
work situation as they seem to offer the cheapest finance.
Alternatively, rather than go the PCP route if the personal loan route is not possible,
even though you are not self employed, have you looked at personal leasing? There,
you pay a much smaller up front fee, and you only borrow the expected depreciation
figure, rather than the whole cost of the vehicle.Once again, a broker might be able to give you good advice on that too.

scoobysnaks

tonys wrote:

I am no expert on finance, but I think the companies that secure the loan on the car are usually dealing with poorer risk people, and therefore charge higher rates of interest.

I took a look at https://www.broker4cars.co.uk and their apr was 8.7% I think. Other companies that do PCP are a bit reticent to advertise their interest rates.
Before going down that route, is it not worth while speaking to an independent loan
broker who may be able to get you a personal loan despite your more complicated
work situation as they seem to offer the cheapest finance.
Alternatively, rather than go the PCP route if the personal loan route is not possible,
even though you are not self employed, have you looked at personal leasing? There,
you pay a much smaller up front fee, and you only borrow the expected depreciation
figure, rather than the whole cost of the vehicle.Once again, a broker might be able to give you good advice on that too.

Cheers for that site/link.

It seems as if they can arrange finance at 7.9%

I looked up BMW and there total price for the same car through finance over 4 years is more expensive.

It seems there are some pretty good deals from a lay persons point of view......