New Car on 0% finance. Passatt, Audi A4, Mondeo, Golf, Mazda 6

Hintza

The days of cheap finance deals are over. As has been stated a 0% deal is normally financed by the manufacturer and is just an alternative to knocking say £1,000 of the price.

OP you need to do a lot more research into whether you can get finance and stop worrying about the interest rate.

MX5huggy

There are 122 Ford Mondeos on Autotrader between 3k and 5 k that are less than 3 years old.

Markyt

King_Of_Bling wrote: »

when you cruising with a beat and those LED lights on in day light, you sure to get something :j

A dose of the clap, looking at the usual sort of women who go gooey over an Audi.

mrs_T

Have you thought of applying for the 16 months interest free virgin credit card? This is the type of deal I used to pay the balance on my zafira last year. If you have a good credit history and can repay in the 16 months it is possible to get free credit and not at the expense of a good trade in from the garage. This doesn't tie you to whatever garage is offering a 0% deal either.

kitchpoo

The vigin card is a good option for you. Pre-arrange the Credit card to the amount you need to place the funds in your current account - then pay the dealer with a debit card or by cheque - thus avoiding any credit card fees the dealer imposes.

Then you have 16 months 0% interest + 2.98% IIRC. £4000 over 16 months is quite steep (£257 pcm) so you may have to balance transfer during this time - and there is no guarentee a loan or transfer will be there in 16 months. At which point you may be stuck with a 29% APR loan on the remaining balance or worse case scenario selling the car to settle the finance.

3 tips for this - try and do the payments in 15 months instead of 16 in case of any problems. and cut the card up as soon as the transaction is first done. also throw away and cheques they send you to use.

Lemonade_Pockets

How many times

When it comes to used cars finance there is no such thing as 0%
YOU WILL BE PAYING FOR THE FINANCE ONE WAY OR ANOTHER.

If your comfortable doing the credit card "tarting" as i beleive MSE refers to it then do that. But even that's rarely 0% as you normally get charged circa 3% for every balance transfer.

IF you don't want to go the credit card route. Forget the 0% concentrate on finding a car that you can afford financed normally at a sensible rate. There are plenty of places around leeds that stock the sort of cars you are looking for so you shouldn't have travel very far.

1jim

it is/or was possible to get a decent 0% deal, we bout our picasso through drive the deal (so good discount) and were able to get the cashback deal and 0% finance the dealer offered as well.

I have driven past a vauxhall dealership in nottingham recently and they were doing 0% finance on used cars-including other makes of cars not vauxhalls- might be worth a look and see how much more you will pay to see if its worth it

King_Of_Bling

Markyt wrote: »

A dose of the clap, looking at the usual sort of women who go gooey over an Audi.

hey dude, i got the free test clinic for when i do the nasty

IRP2010

All thanks for the replies. Yea I know it is a bit of wishful thinking on the 0% thing. Everyone keeps saying its a great time to buy a car but thats if you got the cash to pay upfront! I know there are other options such as the credit card 0% etc but Im looking for a 2-3 year old Passatt maybe. so looking at 8 to 12 thousand maybe so credit card might not stretch to that.

Anyway going to go to some dealers and see what deals they can offer this week

Lemonade_Pockets

Just get normal finance.

it is/or was possible to get a decent 0% deal, we bout our picasso through drive the deal (so good discount) and were able to get the cashback deal and 0% finance the dealer offered as well.

I have driven past a vauxhall dealership in nottingham recently and they were doing 0% finance on used cars-including other makes of cars not vauxhalls- might be worth a look and see how much more you will pay to see if its worth it

Argggggggggggggggggghhhhh if they weren't offering 0% you could got even more discount.

Nobody lends money for nothing. If a dealer is offering 0% on a used car then a considerable amount of their margin will be spent subsidising the finance. What do they do to protect their desired margin............raise the price.

Its not hard to comprehend. Forgetting the legal issues for a second lets pretend a car your looking at is normally priced at £10,000. The dealer bought it at the going rate of £9k this leaves the dealer a nice round £1000 profit margin.
He then decided to offer 0% finance on it. The finance company says it will cost him £1000 to subsidise the normal interest rate down to 0%. So he says fine ill put the car up at £11k. Then i can do 0% and keep my profit margin.

So u can buy it for £11k. Or you could go somewhere else buy the same car for £10k and providing the interest doesn't total more than £1000 your no worse off.

In fact lets pretend the interest on a 4 year agreement came to exactly £1000. That means it would cost exactly the same overall buying the £11k car on 0%.

But guess what the deal with interest is better. Because if you decide to settle the finance early you get a rebate on the interest.

Now there will be circumstance's when a 0% deal works out cheaper, but unless you asses it as above you have no real way of finding out! Ill bet my last dime most ppl who bought cars on 0% could of bought the same car cheaper overall just using normal finance.