Help needed in getting car loan

hotlatte

Hi,

I have seen a car which is going to cost me around £14 or 15 thousand. I am going to get his car on finance. I need advise on the best way of getting a cheap finance deal on the car and not get ripped off.

I am open to suggestions so please, feel free to give them.

Cheers

dannynixon

If you have got a deposit (say 30%) dealers usually have interest free offers. Without a deposit, I think finance on a 15k car would not be worthwhile.

What about a loan?

Do you really need a 15k car? Say you buy it and choose to pay over 5 years to keep repayments down, it will be worth nowhere near your payments after a few years. Finance for a car of that value is silly because you lose so much because cars depreciate so badly.

Like I say, if you have a deposit.....

hotlatte

I agree 15K is the max I will go but I would not like to if you know what I mean. Finance with a adeposit would be feasable however, the car's depreciation breaks your back. i personally feel that loan will be a good option as you can pay it of earlier and is much easier to maintain as you deal with the bank.

Anymore suggestions...please keep them coming

ratsass

I've posted this on this forum before but worth repeating here if you're intending to buy from a dealer.

I got a quote for finance from A&L (Moneyback bank as listed on this site under the loans section). The Ford dealer I was buying from asked to see the figures and they were able to beat them, only marginally but still better. He said Ford Finance are working hard to get business at the mo. So, if you're buying from a dealer, worth showing them any finance figures you have.

CHR15

In my meagre opinion I think it is only worth financing a car up to about £7,000

By the time you have paid off the £7K the car will be of no further use. You will want a new one. It will have been paid up so you can go for another.

If you still owe £8k on it you will feel stuck with a car you don't like which is worth less than you still owe.

Don't kid yourself a £15K car will last you years and years.