Bmw car finance

Trapventures

No, car is 32k. Deposit 2k, Monthly £444 (ex demo)

ceredigion

BoGoF wrote: »

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?

Ordinarily I would agree with you, but if the OP has the money (which I doubt) . The lone at 4.9 % could be offset against some shrewd investments neutralising it down to nil . So you can retain your lump sum and still get the car. The fly in the ointment is inflation though.

System

Trapventures wrote: »

I done the initial application yesterday and he come back saying it was a “maybe” they want to see my pay slips and bank statements as they feel I am “stretched”.

This is not the case, I earn around £3000 a month after tax and my outgoings do not exceed £1000. Affordability isn’t the issue.

Apparently it is the issue if you have a £3,000 income, £1000 outgoings and only have £2000 available for a deposit.

If your finances were as you claim you'd be able to afford to buy one outright with less than 18 months savings. And that's why they're wanting to see your wage slips and bank statements as the deposit you're putting down doesn't quite match the financial picture you're painting them.

Trapventures

That’s BS. Sorry but it is.

Nobody with common sense buys a 32k vehicle outright, in 2 years it would be worth 20k. I’d of lost 12k.

Buying a car with the !!!! already fallen out of it, yes I agree with. Buying a brand new/almost new? Nope.

There is also no point me putting down a large deposit on a car I have no plans seeing the agreement out on, I plan to switch in 2 years. Which has been worked into the agreement.

BoGoF

If that last parsgraph is anything to go by then you dont have the faintest idea about being financially savvy.

Trapventures

Why would I deposit say 5-10k on a car I have no plans on owning. Please elaborate.

BoGoF

And your figures make no sense either, are you sure it is a 2 year term?

paddyandstumpy

I think there is something very dark about this thread and I'm not sure what's the matter.

Who has a take home of £3k per month and still lives with their parents?!

BoGoF

Trapventures wrote: »

Why would I deposit say 5-10k on a car I have no plans on owning. Please elaborate.

It's been explained before.....the less you finance the less interest you pay.

jonesMUFCforever

Trapventures wrote: »

Correct yes

IMO well stupid - but the lenders will absolutely love you for making them so much money.

Just think if you start today and do this for say the next 6 years - how much actual capital will you have shelled out? then add the interest on top?? and what do you end up with - absolutely zilch.

Talk about throwing your money away.