Mini Car Finance

Tiddlywinks

chanz4 wrote: »

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

Why are they overpriced exactly?

Have you looked at the Which depreciation figures? Mini does well.

Also, why are you comparing a Mini to an "actual BMW"?

I didn't buy my Mini because I couldn't afford a BMW (it actually cost way more than some new BMWs).. I bought the Mini because I wanted a Mini.

The OP asked for advice about the finance rate of 4.9% - which is a great rate - not for advice about whether a Mini was the right car to buy.

InsideInsurance

Mercedes are offering 2.9% APR, Toyota 0%, Vauxhall 0% etc

Money is cheap to lend at the moment and with PCP etc they have security of the vehicle so there are a lot of low rates out there.

As has been said, there has to be 51% or more getting the rate to be able to promote it. I have to say with vehicle manufacturers finance it tends to be more straight forward, from my limited experience, that you either get it at the advertised rate or not at all. If you go via a more traditional finance house (Lombard etc) then theyre more likely to offer alternative rates

Cornucopia

The implication of the vehicle being overpriced is that it is subsidising the low rate finance.

Any car purchase needs to ensure good VFM on both the vehicle price and the finance (and any trade-in) as separate considerations.

Neglecting to do this leaves you vulnerable to the tricks of the trade.

Wonder_Woman

Thanks for the advice everyone. I've just been going over the quote and the numbers don't make sense to me (although quite possible I am being a bit daft)

The deal is essentially a PCP deal I think - so £700 deposit, £300 per month for 48 months and then a balloon payment of £6,146.

I work this out to mean that I am paying a total back of £21,246. The price of the car is £15,860 so total interest £5,286. This seems an awful lot if the rate is as low as 4.9%?

Also, the saleswoman said that I would have the option to trade up after 3 years and so the balloon payment (the GFV) of £6,146 surely applies after 36m and not 48?

I thought I had it sorted but I've confused myself! I did ask her to explain when I was at the dealership but she just kept repeating that I wouldnt want to keep the car as no one on these deals ever does and so I shouldnt worry about the balloon payment etc as I would just trade up!

Is this a croc of a deal? Help

Wonder_Woman

InsideInsurance wrote: »

Mercedes are offering 2.9% APR, Toyota 0%, Vauxhall 0% etc

Money is cheap to lend at the moment and with PCP etc they have security of the vehicle so there are a lot of low rates out there.

As has been said, there has to be 51% or more getting the rate to be able to promote it. I have to say with vehicle manufacturers finance it tends to be more straight forward, from my limited experience, that you either get it at the advertised rate or not at all. If you go via a more traditional finance house (Lombard etc) then theyre more likely to offer alternative rates

Thank you, this is really helpful to know

taylor11_2

I've just had a quick look on the Mini website and you can get a Mini Cooper for £239 per month with a £700 deposit...

Or... a Cooper S for £306.33 with £750 deposit...

Both are over 48 months -

http://www.mini.co.uk/model-range/mini-offers/personalise-a-finance-deal/?range=Hatch&model=MINI%20Cooper

Its worth looking at a new car. I don't think that you are getting the 4.9% APR. I think the saleswoman may be pulling a fast one and selling 4.9% APR as 4.9% flat.

Cheers
taylor11

taylor11_2

Wonder_Woman wrote: »

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

Meant to include this in an earlier reply.

They only asked for

Name
Address
DOB
Bank Account details and length of time with the bank
Employment history

That was pretty much it - no affordability check etc.

Cheers
taylor11

Wonder_Woman

taylor11 wrote: »

Meant to include this in an earlier reply.

They only asked for

Name
Address
DOB
Bank Account details and length of time with the bank
Employment history

That was pretty much it - no affordability check etc.

Cheers
taylor11

That's great, thanks ever so much, I am hopeful of being accepted. Just want to make sure I'm not being ripped off now!!

Didn't add earlier - it's a countryman I'm looking at and so a new one would start at about £18-£19k I think (out of my price range) but then if it's at a cheaper interest rate it might work out better? Someone did mention earlier that 4.9% was only on new vehicles - perhaps the saleswoman has made a mistake?

charlearose

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,

I have a mini cooper s - i bought it from the bmw dealer one owner it 5 years old now and the clutch & fly wheel has gone on it
Its only got 23,000 mile on it
its cost me over 1k to get it bloody fixed but apart from that i love it

charlearose

Just be aware that if anything goes wrong in year 4 your out of the warranty so wont be covered by the warranty (unless you have a extended warranty)

I bought my mini outright from BMW 3 years ago
My mini copper s is 5years old and only has 23,000 miles on the clock and I'm the second owner and the clutch has just gone costing me over 1k I hardly ever drive it anywhere just around town and in the 3 years that i have had it I've only done about 8,000 miles in it since i have had it

check that there are no penalties for getting out in year three and trading up to a different car My dh leases an Audi tt convertible he only paid £1,000 deposit and pays 335 a month for three years including the tax
check if it includes road tax as well. You might find a better deal from leasing rather than going direct to the bmw look at lings car leasing and see what prices that they have

just checked lings prices and they are coming in at 314 for the coupe ( new model over three years inc tax so you would put down around 900 but at the end of the three year you just hand it back Ive leased from her in the and had no problems
plus this would be a 13 plate not a 12 plate So a newer car

Wonder_Woman wrote: »

Thanks for the advice everyone. I've just been going over the quote and the numbers don't make sense to me (although quite possible I am being a bit daft)

The deal is essentially a PCP deal I think - so £700 deposit, £300 per month for 48 months and then a balloon payment of £6,146.

I work this out to mean that I am paying a total back of £21,246. The price of the car is £15,860 so total interest £5,286. This seems an awful lot if the rate is as low as 4.9%?

Also, the saleswoman said that I would have the option to trade up after 3 years and so the balloon payment (the GFV) of £6,146 surely applies after 36m and not 48?

I thought I had it sorted but I've confused myself! I did ask her to explain when I was at the dealership but she just kept repeating that I wouldnt want to keep the car as no one on these deals ever does and so I shouldnt worry about the balloon payment etc as I would just trade up!

Is this a croc of a deal? Help