Buying a car on finance

JAJA81

I'm looking to buy a car on finance and came across this deal on a Renault Clio. I would just want to keep the car for 3 years and I know I wouldn't be exceeding the 6000 miles.

renault.co.uk/cars/model/new-clio/offerdisplay.aspx

Is it any good?

Thanks

hewhoisnotintheknow

JAJA81 wrote: »

I'm looking to buy a car on finance and came across this deal on a Renault Clio. I would just want to keep the car for 3 years and I know I wouldn't be exceeding the 6000 miles.

renault.co.uk/cars/model/new-clio/offerdisplay.aspx

Is it any good?

Thanks

my advice is avoid car finance, everyone i know who has it generally regrets it (apart from people who do mega mileage)

JAJA81

Ok thanks. Is it better to get a loan and buy one outright?

thescouselander

I have always found non secured personal loans work out the cheapest. It all depends on your circumstances though.

Photo_Stylus

A personal loan is still finance, Problem is you borrow £12,000 and buy a car you will struggle to sell for £8000.


That site shows on the road price £12,035 £334.30 per month.

Other page shows on the road price £10,485 - £2708 discount

Pay £7777

Makes the 0% finance deal a bit of a joke, when you can purchase the same car for less than £8000

Lemonade_Pockets

Photo_Stylus wrote: »

A personal loan is still finance, Problem is you borrow £12,000 and buy a car you will struggle to sell for £8000.


That site shows on the road price £12,035 £334.30 per month.

Other page shows on the road price £10,485 - £2708 discount

Pay £7777

Makes the 0% finance deal a bit of a joke, when you can purchase the same car for less than £8000

First point 0% is always a bit of a joke as no-one can borrow money for nothing (Commercially - your mum and dad don't count).

Also your on the right track but you've missed the fact that they are two different cars with completely different spec.

To the OP.
With Renault you have two options and this applies to all their range.
a) take big a "cash" discount (i.e don't use Renault finance). This will probably be available on the dynamique too although it will be more like £2000 maybe a bit more if your really good or they are really desperate.

b) Take one of Renaults subsidised finance offers. 1) 0% Available on the dynamique not on the extreme, a dealer will be able to give you some discount but not as much as in option A £400-£800. 2) PCP (renault selections) Low rate finance 5.9% APR more discount available than 0% but probably still not as much option A £1000-£1500.

If the monthly payments are not a issue i would go into the dealer say you want to look at both options and see what works out cheapest overall.

0% may not be the cheapest way!

DISCOUNT FIGURES ARE A GUESTIMATE AS EACH DEALER WILL BE DIFFERENT. However they are the ballparks that i would be aiming for (having worked for Renault previously). Then the real haggling can start

JAJA81

Thanks for responses, I will be going to some dealers at the weekend.

bclark

hewhoisnotintheknow wrote: »

my advice is avoid car finance, everyone i know who has it generally regrets it (apart from people who do mega mileage)

I have had quite a few new Cars on finance and never regretted it. PCP deals mean that you can keep your monthly payments lower and that has meant that I have been able to drive around in nicer cars than I otherwise could.

The key is to actually get the Car for as cheap as possible. My last three Cars have been bought through internet brokers so by getting the car for about £2-5k cheaper than otherwise then slightly more expensive finance rates have not upset me too much. Having said that the first time I did a PCP I got 3.9% through the dealer on a special deal, and my latest one is 7.4% which is cheaper than I could borrow money from most people on the high street.

So my advice is to shop around.

jamesdrew

On many occassions the monthly payments work out in the long term less than the depreciation so if you get the right deal, finance can be a good option.

Inactive

jamesdrew wrote: »

On many occassions the monthly payments work out in the long term less than the depreciation so if you get the right deal, finance can be a good option.

Not quite sure how you come to that conclusion?...

Lemonade_Pockets

Inactive wrote: »

Not quite sure how you come to that conclusion?...

Not un-common. PCP is a good example, sometimes the car is worth less than the GFV, there would of been a lot of instances this time last year. When ford first launched their options programme they got their calculations badly wrong at it cost them a boat load. Customers at the time who used options benefited massively!