Motorpoint + Finance

peterborough_pete

Hi All,

Can anyone give me the run down on the Hire Purchase finance Motorpoint offers.

I am in need of a more reliable car for commuting, since current car is poorly (MOT failure, uneconomical to repair). So I have been along to Peterborough's Motorpoint and seen a nice little Ford Ka or Fiesta that looks like it would just fit the bill.

The salesman took my details and enter them into this PC and it came back with the finance deals and then went on about how they deal directly with Blackhorse and all I needed was to leave a deposit, agree a collection date, come in sign the loan papers and drive away. All they wanted was a driving licence for ID. No proof of income etc

Is it really that simple?

Does anyone know if finance has ever been refused by Motorpoint (as its secured on the vehicle)? only asking this as in the past I have not has a good credit record, but dug myself out of that hole and its been squeaky clean for past 3 years.

Also, any general advise about Motorpoint is greatly appreciated.

Thanks,
Pete

goldspanners

are there interest rate not a bit high?

CHR15

If they delve too deeply into the financial position of MOST of their customers, none of them would qualify for finance.

They get the signatures as soon as possible.

Only once the customers get home do they post on here complaining how they have been duped into spending £24,000 for a 3yr old Ford Ka, which is making funny noises, and has something leaking from the engine.

If the people who buy from them could afford a car, they wouldn't be in Motorpoint in the first place.

Research before committing yourself to ANYTHING.

Inspect the finance agreements with a fine tooth comb BEFORE SIGNING, NOT AFTER, look at the APR (not the interest rate they say), look at the early repayment terms, look at your options if you can no longer pay after a couple of years...research research research.

bclark

CHR15 wrote: »

If they delve too deeply into the financial position of MOST of their customers, none of them would qualify for finance.

They get the signatures as soon as possible.

Only once the customers get home do they post on here complaining how they have been duped into spending £24,000 for a 3yr old Ford Ka, which is making funny noises, and has something leaking from the engine.

If the people who buy from them could afford a car, they wouldn't be in Motorpoint in the first place.

Research before committing yourself to ANYTHING.

Inspect the finance agreements with a fine tooth comb BEFORE SIGNING, NOT AFTER, look at the APR (not the interest rate they say), look at the early repayment terms, look at your options if you can no longer pay after a couple of years...research research research.

To be fair you seem to be confusing Motorpoint a little bit with the likes of Carcraft as Motorpoint don't sell a lot is 3 year old Cars, you won't often see a lot older than 18 month old cars on their books. They also don't get the signatures as soon as possible or do that hard a sell on the finance but it is quite expensive at about 17%.

Having said that I bought my last Car from them and when I collected it they had lost the service history and hadn't valeted the Car as I had paid for. To top it off it then turned out that the Car had been extensively resprayed therefore must have been in an accident, which they denied.