Advice on buying cars

redgirl75

Can anyone advise me the best way to Finance buying a car? I have looked into the Ford Options as then I can get a brand new car. What does anyone think about that? Or, if I bought a nearly new car - how should I finance this (dealer finance, bank loan, etc)? Any help would be great, thanks.

ilovebanksMCMLXXXI

That would depend on how much money you've got as a deposit and how important it is for you to have a new car?

All manufacturers offers a 'Ford Options' style package; for instance Renault do Selctions, Honda to Aspirations etc.

These plans are known as PCP; you pay a desposit plus monthly repayments and at the end you basically have three options:

(1) Give the car back and walk away
(2) Pay off the final balloon payment and keep the the car
(3) Trade the car in, get a new one and do the cycle again

It is a good product if you get the right deal.

Also, if you plan on keeping the car for the duration of your credit agreement you can get standard Hire Purchase - If you think you may get bored of it after a while it may be better to get a bank loan because that would not be registered against the car on HPi and therefore becomes much easier to sell the car.

Hopefully that's a bit of advice you can use.

Best of luck

opinions4u

Save up the money. Better than finance any day of the week.

redgirl75

Thanks. It is not so important to have a brand new car but I would quite like one with quite a lot of the three years warranty still on it. I'm going to try to give my car as part exchange and hope to get anywhere between £1k-£2k for it.