Best way to finance a new car

Gailje

Hi

I need help. I haven't bought a car for eons and I am having problems getting my head around the different finance options. Hopefully someone has some wise words.

I am looking a a 3yr old Ford Fiesta - Titanium or Zetec, 1.4. Cost about £8000. I could whip up about £2000 deposit, have a 10yr old battered Focus as a part ex, but what is the best way of funding the rest? Options seems to be either to:

* get a low loan for the (approx) %000 difference (best apr about 9%)
* get a M&S car loan at 6.1 for £7500 and keep the savings. Very tempting as I would like to keep some money in the bank
* (possible last option), give in & get a new car with low road tax/higher MPG (am thinking the Eco option), with a PCP deal, although this is probably out of my budget (about £200/month).

I also have a 0% credit card with a £4000 limit for the next 12 months or so , but from my limited experience, it looks like this could only be used for part payment anyway..

Help. Head spinning, Where do I start?

Thanks!

Gailje

5000 not %000 :-).

Gailje

Am going to post this over in loans..

YorkshireBoy

So where would you like your replies...here or over in loans?

Because if you're abandoning this thread I'm not going to waste my time giving you a 3% APR, or maybe even a <1% APR option (at least in the first year or so), both of which involve credit cards...and you haven't posted on that board yet.

forgotmyname

Identical question now in the loans section.

knightstyle

0% credit cards if you can pay them off in a year, 3% fee so not really 0%!