Car finance

Confused_I_am

Hope I am posting this to the right forum

I am looking at getting a car on finance just because I don't want to save first as it will take longer to obtain a car. I can afford £150 p/m.
I did a search online and a company called carfinance247 came up so I applied and have been having phone calls saying to get excepted I needed to choose a car then they can apply for credit which I have done the car was £3200 and I have viewed my credit profile and all is fine couple of late payments middle of last year but nothing untoward anyway they accepted me but I would have to pay back £2000 interest. I was just wanting some other peoples opinions on wether you think I could probably get a better deal else where or wether I am better off giving up and playing the long game (saving)
Hope that all makes sense any advice opinions would be great thanks

CherlokHomes

Car finance 24/7 is normally for those who've struggled to get finance elsewhere hence your interest on a 3k loan.

Santander motor finance, close motor finance, motonovo finance are market leaders in financing a motor.

Confused_I_am

Thanks I will have a look at those see if I am get a better deal

Tixy

Well obviously you will pay less overall if you wait and save up first so most people would probably advise you to do that. But of course its your choice to spend your money.

What APR have carfinance offered you?

If you do want to buy now before you have the money saved then if there is nothing/little wrong with your credit history have you looked at mainstream lenders or even considered if you can get a bank loan at a cheaper APR than carfinance have offered.

forgotmyname

Advertised at £3200 so a cash sale £300 - £500 off?

So in reality its barely worth £2000 and your going to pay nearly £5500 for it.

You can afford £150 per month. Is is taking into account the insurance, MOT's, Repairs and servicing?

Clive_Woody

Confused_I_am wrote: »

Hope I am posting this to the right forum

I am looking at getting a car on finance just because I don't want to save first as it will take longer to obtain a car. I can afford £150 p/m.
I did a search online and a company called carfinance247 came up so I applied and have been having phone calls saying to get excepted I needed to choose a car then they can apply for credit which I have done the car was £3200 and I have viewed my credit profile and all is fine couple of late payments middle of last year but nothing untoward anyway they accepted me but I would have to pay back £2000 interest. I was just wanting some other peoples opinions on wether you think I could probably get a better deal else where or wether I am better off giving up and playing the long game (saving)
Hope that all makes sense any advice opinions would be great thanks

Just had a quick look at their website, one thing that sets alarm bells ringing is:

"as a business we provide the finance and the vehicle as a package but all cars we supply are prepared to a main dealer standard"

You need to check any car they offer and see how much cheaper you could get the same spec car elsewhere (a lot cheaper I would imagine). Also they seem very keen on offering joint/guarantor loans which really is not a good idea.

I would really avoid this bunch if I were you or I suspect you will end up paying an awful lot of money for a very low value car.

Confused_I_am

forgotmyname wrote: »

Advertised at £3200 so a cash sale £300 - £500 off?

So in reality its barely worth £2000 and your going to pay nearly £5500 for it.

You can afford £150 per month. Is is taking into account the insurance, MOT's, Repairs and servicing?

No insurance and everything else would be on top of the £150 per month.
The APR they have offered is 11% so payments would be £111 per month.

I don't intend on paying it I will look else where just wasn't sure if that was a good rate ! And apparently not

chanz4

Sounds like flat rate, more like 22%