Buying a car with loan money

Dangermouse99 · 30 August 2019 at 2:00PM

Hi, my girlfriend has recently been approved for a loan and we're in the process of trying to buy a car. We think it might be a used car we go for, the budget is around £8500. I was wondering if you can haggle with dealers on the price of cars given we have the cash upfront?

Any advice is greatly appreciated! Thanks

LeafGreen · 30 August 2019 at 2:22PM

It really does depend - where you are buying it from, how keenly it is priced to begin with, how quickly the seller wants to get rid etc etc.

Cash isn't as powerful as it once was, these days dealers want to flog you some finance / other extras that they get further commission on., but it is possible to get a discount.

My tip (which worked a few years ago at a main dealer) assuming you are buying through a dealer - if you have found a car you want, decide on a fair & sensible offer, ask if you buy the car there and then will they accept it. Stay confident, maintain your gaze, let them break the silence. They will probably need to go and "check with their manager" but the more you give the impression you will go elsewhere the more luck you might have. They will want to make a sale and not see you walk out of the door as you might not return. Obviously if they say no or make a counter offer you will need to decide what to say/do :-)

LeafGreen · 30 August 2019 at 2:24PM

Also - sensible money saving hat on, to me that is a lot of money to borrow (and have to pay back over what will probably be quite a few years) for a car.

Mr.Everready · 30 August 2019 at 2:27PM

The answer will most probably be no, unless it's some back street garage. Big garages couldn't care less if you have cash or not, it's going in to the companys bank, not their back pocket.

Mr.Everready · 30 August 2019 at 2:28PM

grahamgoo wrote: »

Also - sensible money saving hat on, to me that is a lot of money to borrow (and have to pay back over what will probably be quite a few years) for a car.

Are you his mother ?

EdGasketTheSecond · 30 August 2019 at 3:17PM

You will get a better deal taking the car dealer's finance as that is where the dealer makes money; they aren't much interested in cash I'm afraid these days.