Mini Car Finance

Wonder_Woman

Hello!

I'm new here so please be gentle.

I am about to apply for car finance and would like to hear others experiences of Mini car finance. The advertisied rate is an amazing 4.9% but I assume I won't qualify for this (does anyone?!)

I obviously don't want to apply and be turned down as I could probably borrow the money from my own bank if not but not at such an excellent rate.

Does anyone know what factors they look at in their scoring?

YorkshireBoy

4.9% flat rate (approx 10% APR) or 4.9% APR?

miketaff1408

YorkshireBoy wrote: »

4.9% flat rate (approx 10% APR) or 4.9% APR?

Just had a peek on their website and it is indeed 4.9% APR.

Just randomly put in a car to see the APR. But seriously, nearly £22,000 for a Mini Cooper SD????? It's a blinkin Mini!!!

chanz4

My question, if all buy these like iphones what happens....the price falls. Be warned mini's have regular issues

Wonder_Woman

miketaff1408 wrote: »

Just had a peek on their website and it is indeed 4.9% APR.

Just randomly put in a car to see the APR. But seriously, nearly £22,000 for a Mini Cooper SD????? It's a blinkin Mini!!!

Yup 4.9% APR It won't be a brand new one but a 'nearly new' so not as expensive as £22,000!

I've never taken car finance before, only ever a bank loan and so any advice is appreciated - a friend advised on reviewing my Equifax record as this is the credit reference agency that car dealers will use (no idea if there is any truth in this)?

All looks ok apart from recent (ish) house move so have been on the electoral role less than 2 years at current address. Has anyone else been accepted when not on electoral role or only for a short period of time?

Wonder_Woman

chanz4 wrote: »

My question, if all buy these like iphones what happens....the price falls. Be warned mini's have regular issues

Chanz4, what do you mean by regular issues? Do you mean manufacturing faults? I must admit it is slightly worrying when you hear the what the GFV will be in 3 years time!!

Tiddlywinks

chanz4 wrote: »

My question, if all buy these like iphones what happens....the price falls. Be warned mini's have regular issues

What issues exactly? All cars have 'issues'... I belong to a couple of owners clubs and can assure you that the current Minis are no worse (and a lot better) than some other brands.

Wonder_Woman wrote: »

Yup 4.9% APR It won't be a brand new one but a 'nearly new' so not as expensive as £22,000!

Are you sure the 4.9% rate applies to used cars... the posters in the dealers seem to suggest that that is the rate for new cars only.

Wonder_Woman wrote: »

Chanz4, what do you mean by regular issues? Do you mean manufacturing faults? I must admit it is slightly worrying when you hear the what the GFV will be in 3 years time!!

Almost all (unless collector or some prestige) cars will depreciate and it is steepest in the first 2-3 years... that's just life.

If you want to lose less money then buy an older model.

chanz4

http://www.vosa.gov.uk/vosa/apps/recalls/searches/search.asp search bmw , mini . setting on fire, breaks not working, clutch snaps without warning, loss of control,

Wonder_Woman

Tiddlywinks wrote: »

Are you sure the 4.9% rate applies to used cars... the posters in the dealers seem to suggest that that is the rate for new cars only.

Interesting - I didn't see posters but have been for test drive etc and the saleswoman quoted 4.9% on the car we are looking at which is a 2012 plate i.e not new. I suppose it's just an example anyway isn't it? Will check the paperwork of course, assuming we get that far !!

Tiddlywinks

chanz4 wrote: »

http://www.vosa.gov.uk/vosa/apps/recalls/searches/search.asp search bmw , mini . setting on fire, breaks not working, clutch snaps without warning, loss of control,

All models have recalls... Ford has brake probs, Toyota has loss of control etc, etc...

http://www.vosa.gov.uk/vosa/apps/recalls/searches/search.asp

taylor11_2

Don't rain on the OPs parade. She came here asking for advice on Mini's criteria not what car to buy! Too many people on this site poke their oar in when it isn't wanted.

ALL cars will have faults and will depreciate. Washing machines, fridge freezers, mobile phones, televisions, laptops, tins of soup will all have effing faults. Oh and they all depreciate...

The 4.9% really is good. I have just purchased a new BMW with that rate. Good luck with your purchase. :j

Sorry if I am speaking out of turn but it infuriates me the attitude of some people.