Need to get a car, panic!

KingElvis

Blitz01 wrote: »

Most people would be getting a loan for their car anyway (if its anywhere near half decent), so it would belong to the bank anyway.

Where YOU are missing the point, is that:
a). I want a prestige car, not an 'everyday' car
b). I have a new car every 1-2 years
c). I have the financial ability to lease rather than buy
d). I own 1 car already which my wife uses (Range Rover Sport), so do i NEED to buy another car??
e). I use the lease car for business for the most part

Nope, if you get an unsecured personal loan the car belongs to you, not the bank

Of course, on HP that's different.

The problem with leases is the low milage they allow, the nil return and the charges when you hand the thing back and they spot a small chip, the forum has many posts of people who have been stung for large wedges of cash when handing back their cars.

Range Rover Sport is a bit too "hairdresser" for me but for cars of that value, you're probably right, it does make sense

Babache

lawrie28 wrote: »

Doea it say how much they charge for there own insurance? .

No, but then was only a first enquiry. Could be that by the time I pay the deposit and their insurance, I'd be better off getting the hire car at £160 / week or £500 / month

So annoying and frustrating though. Based on what I'd be paying / month, I could get a car loan (circa £3000 for a 05 plate Focus as said earlier) and pay it off over 6 months) as my bank said I'd got a "fair" credit rating but don't want to jeopardise that with rash applications

Apples2

Anyone who can satisfy only 6,000 miles a year would probably be better off on the bus or Taxi's.

Almost £400 per month for a car barely in use does not sound good to me.


EDIT: DOH! just noticed only 6 Month term. That'll learn me to read the post properly!!

Babache

Apples2 wrote: »

Anyone who can satisfy only 6,000 miles a year would probably be better off on the bus or Taxi's.

Almost £400 per month for a car barely in use does not sound good to me.


EDIT: DOH! just noticed only 6 Month term. That'll learn me to read the post properly!!

hahaha Happens to us all, Apples
I've asked these people for more precision on both lease types available. As Lawrie28 pointed out, if the co's insurance is high-ish, I might as well rent! However, if they have an opt-out policy in case I don't get a permanent position (as some do), I'd be quids in with a 48 month lease - no deposit, own insurance and 200 squid / month. They're not rapid in their replies tho'



(Avis £595 / month with TP ins, no deposit, totally flexible terms:eek:)

sroditis

Not sure the motives some people have, but personal contract hire leasing is cheaper than taking a loan, buying outright a new car and forget car rental that is the most expensive.

As an example, if you lease a car that could cost £20,000, but will be worth as a used car only £13,000 after 36 months, you pay for the £7000 difference (this is called depreciation) plus finance costs.

When you buy a car with cash or with a bank loan, you pay the entire £20,000, plus loan interest charges, plus fees.

This is fundamentally why leasing or hiring offers significantly lower monthly payments than buying, these contracts also allow you to drive a more expensive car than you could afford if buying outright, and a new car every two or three years.

sroditis

Car leasing companies do check for credit history. Its not like hiring a car from a rent a car company. With personal contract hire you have to be approved by the funder and the underwriters plus on a 6 month lease you will have to use their insurance which will make the lease more expensive.

However if you lease a car for 3 to 4 years you can use your own insurance and on this time4leasing website I found zero deposit deals for as low as 85 to 160 quid + vat per month!! on cars like the new megane coupe convertible and the new vauxhall astra sports version.

Leasing is far cheaper than taking a loan or buying a car.

Babache

Thanks for that, sroditis ...

For me, it's a no-brainer or, at least it's the way I'd prefer to go. On a long term lease I mean except that if the company don't employ me beyond the 6 month initial period, what then? I've asked time4leasing about their opt-out clause(s) in this worse-case scenario but they aren't so rapid in their response times!

Again, this would be easier as despite the hours I've put in on this site looking for help on CCs / sub CCs and loans, have yet to get any decent advice ...

Plus, my bank say I have a fair credit rating - despite lack of history since returning to UK - so good chance of being accepted (hope so anyway!).

Thanks again

Babache

sroditis wrote: »

on cars like the new megane coupe convertible and the new vauxhall astra sports version.

Leasing is far cheaper than taking a loan or buying a car.

My choice of car would be far more modest in the first instance although don't want a piddly little thing either

wee_den

sroditis wrote: »

Car leasing companies do check for credit history. Its not like hiring a car from a rent a car company. With personal contract hire you have to be approved by the funder and the underwriters plus on a 6 month lease you will have to use their insurance which will make the lease more expensive.

However if you lease a car for 3 to 4 years you can use your own insurance and on this time4leasing website I found zero deposit deals for as low as 85 to 160 quid + vat per month!! on cars like the new megane coupe convertible and the new vauxhall astra sports version.

Leasing is far cheaper than taking a loan or buying a car.

I really really like the look and spec of the Megane Coupe but a mechanic has told me they are not good cars, anyone know different?? on the time4leasing site they have a fantastic deal for the megane coupe! Also fancy the new Audi A1 anyone got experience with this one??

Babache

wee_den wrote: »

I really really like the look and spec of the Megane Coupe but a mechanic has told me they are not good cars, anyone know different?? on the time4leasing site they have a fantastic deal for the megane coupe! Also fancy the new Audi A1 anyone got experience with this one??

Tried TopGear? Or something of that ilk? Sorry, but I'm sure there's a motoring section somewhere