Arrange my own car finance or go through dealer?

Bobster64

It depends Omar few factors. Dealers will sometimes offer bigger discounts if you take finance due to kickbacks they receive or may use some of that money to boost the offer of a Px.

If its a new car sometimes the finance companies will offer huge discounts if you take their finance. I know one company who offered £3k off a new people carrier if you took at least £1,500 on finance. It was a bit of a no brainer. Even if you had all the cash it was still worth asking the £1,500 on finance to get the £3k off. Then simply pay the £1500 off ASAP.

First try the dealer then tell them you want to shop around for finance. They will probably try to match any offer. Don't be put off by APR's just because one company has a higher apr it may not actually be the best deal. Sounds daft I know but it is the amount per month repaid that maters and the period. Some companies offer cash back if you don't complete early etc.

shortchanged_2

There are a couple of things to consider here.

Firstly if the car is bought with finance at the point of sale then there will be some cover under section 75. i.e the finance company are jointly and equally liable for the sale. So for example if the garage you buy from go bankrupt and there are issues you should be able to pursue the credit provider for any relevant compensation etc.

You will not get this cover for a personal loan as it is unlikely to be directly linked to the transaction.

Do you have a relatively low rate credit card? That can be an option and will also give you section 75 cover. Also you could look at 0% balance transfer offers. The only thing is the fees can be quite large.

exponential

Just an update.....

They have not been back in touch with me which is disappointing so I decided to do a bit of digging. I rang Carillion myself and they confirmed that they have no record of the car before the 37.5k service!

So, not only are they advertising a car with FSH falsly, but it clearly has more than one owner!

Ridiculous. Their website goes on about honesty and reliability etc etc yet they don't even have the decency to ring me to explain themselves.

Total waste of time (and a credit search)

Clive_Woody

exponential wrote: »

Ridiculous. Their website goes on about honesty and reliability etc etc yet they don't even have the decency to ring me to explain themselves.

Welcome to the wonderful worlds of car dealers. Question everything they tell you, believe nothing unless it is in writing. If you are unsure walk away, there are lots of cars for sale.

One search shouldn't have any significant impact on future credit applications.

exponential

Clive_Woody wrote: »

Welcome to the wonderful worlds of car dealers. Question everything they tell you, believe nothing unless it is in writing. If you are unsure walk away, there are lots of cars for sale.

One search shouldn't have any significant impact on future credit applications.

Well i've never heard a truer word said!! After this experience, I will certainly be making sure that everything is down in black and white..... and check everything BEFORE having a credit check done! LOL

Hope you're right about the search!

Just gotta bide my time and wait for the right car eh .....


Thanks so much to everyone who helped and advised me along way!
Shame about the outcome but you live and learn.

Mike.