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BMW select V bank loan
Hi, Wonder if anyone can assist. I am buying a new car and my dealer has offered me BMW select (PCP plan). Basically I tend to change my car every 2 years, I always fund this with a bank personal loan. I currently owe 11739.08 on my loan. the dealer is giving me 20100 for my car and i have already given a 2k deposit in cash. . Price of new car is 29670.00. right deal I've been offered is they take my car pay off my current loan which leaves equity of 10360.22 (inc dep paid) in my current car. They propose I take out a pcp over 2 years @ 393.00 p month with a further dep (from equity) of 7618.79. they guarante the minimum value of car in 2 yrs will be 17362.00 (either to settle or return car) this is a MINIMUM with a projected figure of 21000. which will leave a dep for new car as replacement. They will also give me a cheque back on collection of my car of 2742.13 (remaining eqity). or bank loan 20k over 5 years @7.3% = monthly payments of 393.00 and in 5 yrs I own car outright. Now my quandry is that I always change my car every 2 yrs so would I be better off with the PCP plan or buying it with a loan??? Maybe I wont have to find such a big deposit next time if I use the PCP route.
My head is spinning all advice gratfully received
Dave
My head is spinning all advice gratfully received
Dave
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Comments
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You may get some good advice on http://bmwland.co.uk/ regarding BMW Select finance.0
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I never buy what I can't afford in cash, taking loans to buy cars is just crazy IMO.
It's all rather materialistic...
Your literally throwing away money hand over fist for what? to impress people who you don't even know? to make people think you have more money than you really do?
Anyone can throw themselves into debt.... Hell.... What could I buy with the £500 I put into savings every month?
Im not sure why you come to a money saving forum to get people to help you throw away money?“I may not agree with you, but I will defend to the death your right to make an a** of yourself.”
<><><><><><><><><<><><><><><><><><><><><><> Don't forget to like and subscribe \/ \/ \/0 -
I think I will ignore this replyfor the following reason, Do you own your own home (as I do) or are you IMPRESSING PEOPLe by taking out a Mortgage from your bank to buy a property instead of renting???. I asked for an opinion on how I can best SAVE MONEY be t finance or bmw select. If you cannot answer this properly the SOD OFF!0
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