Motability - Can advanced payment be financed?

gregrichards

Does anyone know if it is possible or if anyone has managed to finance the advanced payment on a motability car? I have the cash but I'd rather finance it on a low interest rate of course.

Thanks.

shameless-about-money

Cannot see why you shouldn't be able to do this.

You would be better off paying in cash and putting the monthly payment back into your own account, though.

earthmother

If you mean financed through Motability, then no they don't do a scheme like that.

They do however have a grants system that will give you all bar the first £500 (I think) of the advance payment, providing you qualify.

Otherwise, where you get the money from is not of interest to them, so you could always get finance elsewhere in the form of a personal loan/low interest credit card and use that, if handing over the cash now is not an option

gregrichards

Thank you both for your responses.

I knew that there wasn't a way to finance it through motability. I just wondered if the dealer could do finance for me. I know I would be better paying it but I want to keep the money in the bank just in case I need it.

I wanted to ask here before I asked the dealer and looked daft.

shameless-about-money

I shouldn't think that the Dealer would do this type of finance, for the simple reason that the motability car is not yours.

I have my car on motability and I do not have the log book at any time - I have documents should I need to show the police in place of the log book.

gregrichards

Thanks for the reply I will just put it on my 0% card and try and clear it off or I think.

changkra

If you qualify for Motabillity and cannot afford the up front payment then depending on your circumstances they may consider paying the advanced payment for you as they are a charity. Contact Motabillity and ask them for advice.

changkra

shameless-about-money wrote:

I shouldn't think that the Dealer would do this type of finance, for the simple reason that the motability car is not yours.

I have my car on motability and I do not have the log book at any time - I have documents should I need to show the police in place of the log book.

I changed mine on 22 Jan they sent me the V5 document but for some reason they don't send it out to everyone, don't know why.

mouseymousey99

Hi greg, Just wondering - if you need things doing to your car the scheme covers that for you. They do have loads of cars that you dont have to put anything down on....

shameless-about-money

changkra wrote:

I changed mine on 22 Jan they sent me the V5 document but for some reason they don't send it out to everyone, don't know why.

Apparently you are not supposed to have the V5. Perhaps you should phone Motability and tell them that there has been a mistake.
The vehicle is not yours to keep until such time as the three years' contract is up and you have paid a final value payment in order to keep it.

Morglin

You can buy a car via Motability - provided it is trhrough one of their accredited dealers, and presumbaly any deposit would be between you and the dealer.

However, you should bear in mind that insurance, servicing, repair etc., would all be down to you.

But, you get the log book straight away and the car is yours at the end of the finance term (up to 5 years).

http://www.motabilityonline.co.uk/site/paying_for_your_car.htm

Lin