Car finance for early retired person.

nifty50plus

Just visited a dealership,first one in my list and had an interesting and constructive meeting with the sales manager.
First of all I explained my situation expecting to be shown the door but he said I have sorted this situation before.
So in principle he agreed,he found a way around the usual pitfalls retired people face re finance.
I have the finance print out in front of me and its on pcp with full maintenance for 3 years,a decent mileage allowance and interest at 8.5% but he needs to pass that by his finance manager on Monday tomorrow.
He mentioned the interest rate could be 7.9% -8.9% the 8.5 quoted is a ball park figure.
I told him my part exchange car has a dodgy gear box,his answer its not our problem,it will be off to a carsupermarket within a week.


Only down side was I was not offered a tea or coffee,i told the manager that and he replied you kept me to busy to think about that.


Tomorrow,i will know more.


Thank you all.

forgotmyname

Guarantees return value in 35 months? Is there a final baloom payment?

The difference between the 26k and the advertised price?

8 or 9 % is quite poor.

Im sure you can get a better deal than that.

nifty50plus

forgotmyname wrote: »

Guarantees return value in 35 months? Is there a final baloom payment?

The difference between the 26k and the advertised price?

8 or 9 % is quite poor.

Im sure you can get a better deal than that.

Hi, the reply in #8 is still current.
No final balloon payment as I will replace the car new again.
Interest rate quoted,is the best I will get due to my circumstances although when I complete the purchase tomorrow I will try to reduce it,i have my way's.:).

missile

nifty50plus wrote: »

Hi,its easy to be over cautious,best to enjoy life while you can :beer:.

I like your style. Banger economics is not for me either!

At 8.5% finance, your deal doesn't sound very attractive to me

A.n.other well known German manufacturer gave me a cracking PCP finance deal @ 6%. Their £2,000 contribution to the finance package made it cheaper than buying my car for cash.

thebritishbloke

If you're never going to keep the car, why don't you get it on Lease instead of on PCP/HP? It'll cost you less in the long run.

jonesMUFCforever

My 2p worth - if you have had problems with a German car under warranty that they cannot fix why on earth are you giving them more of your money for a new car?

macman

If the dealer has failed to solve the problem over such a long period, then why haven't you escalated it to BMW UK?
A first class recorded delivery letter of complaint is rather cheaper than a new car.

chanz4

this sounds like a vw with a dsg box

redpete

nifty50plus wrote: »

Hi,its easy to be over cautious,best to enjoy life while you can :beer:.

Maybe so but I'm wondering what the monthly payments are to be affordable on a "small pension".

HHarry

Am I missing something? A purchase price of £26k, with a guaranteed value in 3 years of £22k - why aren't you just financing the £4k on a PCP?