Mini Car Finance

chanz4

Minis are over priced, and the op could by an actual bmw which will hold is value and be better quality.

Wonder_Woman

taylor11 wrote: »

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.

Thanks Taylor11. So some people DO get the advertised rate! If you don't mind me asking, what information do BMW ask for?

Oh and which model did you go for? :cool:

taylor11_2

Firstly, Mini's are not overpriced - they are premium vehicles and I believe that they offer good value for money. When I was looking for my car I glanced at an Audi A1 S Line which with a 1.6 Diesel engine was £23K. Now that is overpriced for what is essentially a Polo.

You will probably find that buying a brand new car may work out cheaper per month.

BMW dealers have offers for the 1 series 3dr for under £250 per month with a £250 deposit. I'm sure mini is doing something similar.

I have ordered a 1 Series M sport which will be here at the start of April. Can't wait!!

[Deleted User]

Wonder_Woman wrote: »

So some people DO get the advertised rate!

Of course. At least 51% of accepted applicants, to be precise.

taylor11_2

Also - should have mentioned. With car finance you usually get the rate advertised Well I always have...

marathon_man_3

I have a superb Kia C'eed 1.6 car and, in my mid 60's having passed my test at age 17, it is most definitely the best car (of many) that I have ever had (and that includes a few paid-for company cars before I retired).

redpete

For the possibility of getting 4.9% I would definitely apply for it and not worry about the small effect the application might have on your credit record.

And as you haven't asked for opinions of the Mini I won't give any.

pheonixrising21

taylor11 wrote: »

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.

Well said! IMO, this is a loans board and should be for advice on the loan only (what the OP asked for). If they were unsure of the type of car to buy, there's a board for that (here and/or elsewhere). The OP has chosen the car they want to buy, and seems to have negotiated a price. We should only really get involved here to answer their question or to offer advice on getting that particular car, now, cheaper than they currently are (i.e. money saving).

Added to the fact that almost everything we buy is not actually "needed" but rather "wanted" by the individual, I always think its a bit rich when people go on about new cars being a waste of money. Its even more hypocritical when they make such comments on an internet forum, which means that at the very least they have probably bought a laptop and have a phone line and broadband (none of which are a necessity for the majority of people).

Also, the higher depreciation on a new car can be seen to be off-set by the full maufacturer's warranty which is a major asset (especially if the car in question has "issues"). Personally, if I had not bought new cars with warranty over the last 8 years I would have spent about £6k in repairs on faults which were fixed under warranty. Thats £60 a month in repairs, my finance costs about £33 in interest...

OP, IMO car finance is easier to get than a personal loan due to it being secured on the car (i.e. they can take the car back to recover some or all of the loan if you stop paying them). This makes it more likely that you will be accepted and more likely that you will be accepted at the headline rate. Obviously, its not guaranteed, but probably more likely than a high street bank's headline rate for an unsecured personal loan. Both the bank and the car finance have to stick to regulations which mean that at least 51% of successful applicants must be given the headline APR.

pheonixrising21

taylor11 wrote: »

Firstly, Mini's are not overpriced - they are premium vehicles and I believe that they offer good value for money. When I was looking for my car I glanced at an Audi A1 S Line which with a 1.6 Diesel engine was £23K. Now that is overpriced for what is essentially a Polo.

You will probably find that buying a brand new car may work out cheaper per month.

BMW dealers have offers for the 1 series 3dr for under £250 per month with a £250 deposit. I'm sure mini is doing something similar.

I have ordered a 1 Series M sport which will be here at the start of April. Can't wait!!

Its true when you say that the A1 is similar to the Polo (and both are overpriced when you can buy a SEAT Ibiza/Skoda Fabia). I used to work for VW Group and when I was there, the entire group was built on slight variations of just 4 chasis platforms.
However, I believe Mini share engines/drive-trains with Peugeot-Citroen, so essentially the Mini is a DS3/208, which by the same logic would make it as overpriced as the Audi...

iolanthe07

!!!!!!, if the OP wanted advice on the car to buy she would have posted on the motoring board!

Yes - 4.9% is a very good APR these days, but do read the small print; car dealers are renowned for quoting headline flat rate and then hiding the APR on page 42 of the agreement in 6 point font. If you do buy it I hope it gives you a lot of pleasure. Good luck.