Car finance

lewyboy

Hi,
This is my first post so if it's in the wrong place or ia a well covered subject please be patient!

Firstly let me explain that I've 20 years finance experience working with several different companies covering loans, mortgages and insurance.

Anyway, I'm changing my car and looked at 2 options to finance it, both of which were a diasaster:

• Dealer finance. I need to finance £15k, dealers finance man offered a PCP deal because 'everyone uses PCP these days'. OK so how does it work? I borrow £15k and pay £206 monthly for 36 months then repay the £14350 'baloon' at the end of the deal. I took a couple of seconds to process this into total to pay and was amazed and pretty angry. What an appalling deal - no thanks.
• Arrange my own personal loan at the lowest rate I can find. Trawled a few websites and found the 6.3% APR deal offerred by yourpersonalloan.co.uk. Nice rate, easy to apply online but I doubt that anyone has ever taken up the finance. The reason I say this is because I was accepted for the loan, had an email to confirm, but never received any documents. I've phoned several times, the loan is actually placed with Co op bank. During my most recent call the operator told me I was wasting his time by phoning - he fields 30 calls a day from people in my position and all for the same problem.

I've since arranged the loan through Barclaycard loans with no issues at all. I did try Sainsburys bank but the operator made me repeat every word I said, I lost patience halfway through and hung up.

Sorry for the long post, got it off my chest now and maybe warned some of you of a couple of poor choices - hope I save you the time that I wasted!