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Used car market - financing
Not sure if this is the best place for it...
I am looking to buy a new (sued) car - top end of the budget is £3500. I will prob have £1000 cash.
What is car financing direct from dealer like at this end of the market? Is it hard to get or not? I guess interest rates will be fairly high.
Any reason to go direct to the bank as oppsed to getting it from the dealer?
The other issue I spose is that a 3500 car from a dealer could probably be had for 3000 from a private seller.
I have agood credit history as far as I know.
Anyway - I suppose the overall question is, do most second ahnd car dealers offer finance on cheaper cars or is it mainly on the newer/more expensive stuff? Will have have to spend mroe time specifically looking aroudn for dealers or can I assume they will all offer finance in some way?
I am looking to buy a new (sued) car - top end of the budget is £3500. I will prob have £1000 cash.
What is car financing direct from dealer like at this end of the market? Is it hard to get or not? I guess interest rates will be fairly high.
Any reason to go direct to the bank as oppsed to getting it from the dealer?
The other issue I spose is that a 3500 car from a dealer could probably be had for 3000 from a private seller.
I have agood credit history as far as I know.
Anyway - I suppose the overall question is, do most second ahnd car dealers offer finance on cheaper cars or is it mainly on the newer/more expensive stuff? Will have have to spend mroe time specifically looking aroudn for dealers or can I assume they will all offer finance in some way?
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Comments
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The ideal is an interest free loan, and if you only require £2500 you could probably stick that on a 0% interest credit card for purchases and pay back over a period of between 6 to 20+ months depending on the 0% deal you can get (but you must remember to make at least the minimum repayments each month, and pay off in full - if you do it shouldn't cost you anything in interest)0
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I was going to suggest a 0% card too. The good thing about this is you will see exactly how much you owr at any given time. Bad thing is there may be a temptation to use it. I'm generally very good with managing/ not using available credit yet have accumulated 2k on a 0% card through purchases I actually had cash in the bank for, the pain comes in the next 2 months whilst its paid off.
Be aware thar you will find traders selling cars you could get for say 3k but also some selling cars you could get for half the money or less at that price, some people just try it on at first especially with vag group or any german cars really. If you're happy to take one of the Koreans cars, older japanese or even an older French motor (just be picky) you could easily spend your 1k on a car the same age as a 3.5k car0
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