Bmw car finance

macman

It's not pointless at all: it reduces the interest and so the total cost of ownership.
And you still haven't told us how much finance you are seeking.

Trapventures

Car = 32k (4.9% Apr) Monthly £444 dep 2000 ... I pay £306.00 pm as it is.

BoGoF

Trapventures wrote: »

What I am doing with it isn’t really relevant but general spending + saving + holidays.

And no what I quoted the dealer is my BASIC, in actual fact I earn about £15-20k above the quoted from my line of work. Addition 10k a year side work. Seperate income. To give some clarity.

Of course it's relevant and thats exactly why they want to see your statements.

Although the APR isn't too bad the amount of interest on the large amount you want to borrow will be a lot over the course of the finance (do you know how much).

Willing2Learn

@ Trapventures - You realise you are not doing this the 'money-saving-way", don't you? Why waste money on a low deposit (2K), when you can afford a much higher deposit, thus paying less interest? It just does not make sense lol. It's not the MSE way!!

Trapventures

So what do you think put a higher deposit? My view is just that I’m stingey when it comes to chunks leaving. I’d rather spread cost. Considering I’m not looking to own, just chop in when I want a newer model.

Trapventures

I think total cost of the finance is in the realm of £37-38k but that includes a £16k balloon payment I won’t be making, I have no plan of owning the vehicle.

BoGoF

If you want to pay the least possible amount over the course of the deal then you want to finance as little as possible which means paying a higher deposit.

How long would the term be?

Willing2Learn

@ Trapventures - Does that mean that you are, in effect, looking to lease the BMW for say two years and then upgrade to a newer model on a new lease at that time (after 24 monthly payments for example)? And then do the same thing over and over...

Trapventures

Correct yes

Willing2Learn

So, just looking at the BMW website, you can rent the BMW 218i M Sport Convertible for a deposit of £10,000 and 24 months rental at £227.18 (Assuming 12,000 miles annually). Is that the sort of thing you are looking at??