Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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Thought this would get a better quality response in here  I haven't looked at financing a car for years so need some help please.....
I'm currently driving a battered old vectra which is going to start costing me money to fix sooner rather than later. I have just had a decent payrise (which got me thinking about this) which equates to about £160 extra per month and i'm not that far off paying off my final 'young n stupid' loan which is around £130 per month. I'm thinking I can afford to throw about £200 per month at a new car (preferrably a bit less). My credit rating is at an all time high and my earnings are too so I think I should be ok for a loan or car finance.
I'm wondering what is the best thing to do in the next few months, considering dealers don't like taking cash and I will want to chop in my old Vectra on the deal? I do about 800 miles per month so looking for something newish with half decent MPG and low-ish miles. I don't/won't have much of a deposit so wondered what people thought my best options are:
A. Get finance from a dealer and throw in my current shed?
B. Get a personal loan and either buy private or from a dealer (with or without shed p/x)?
C. Go and get a brand new car (ford options kind of thing, will this require a big deposit)
D. Lease something for 2/3 years (again will I need a deposit)?
If I get a loan over 7k I can get a rate of about 8% = £220ish over 3 years. Assume similar finance deals can be had from dealers?
I would love a MK6 Golf GTI if i'm honest, but if I can get the right deal on something less flashy I would have to consider it.
[Edited on 14-09-2011 by Tom]
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Ben G
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Registered: 12th Jan 07
Location: Essex
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ford finance is 4.9% iirc.
sainsburys are currently doing 6.3% apr on loans over £7500.
get a new car from ford if you want something slow, like my fiesta. doesn't require a big deposit, mine was £99 and i pay £132 p.m over 2 years.
otherwise buy a used motor (2-3 years old) and take the sainsburys loan which i currently the best on the market iirc.
[Edited on 14-09-2011 by Ben G]
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Daniel_Corsa
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Registered: 21st Apr 04
Location: Wigton, Cumbria
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0% credit card, buy car pay off monthly as much as possible, after 0% period do a balance transfer onto another 0% card.
Obviously depends how much you want to spend and the amount would let you put on a card.
If you do this don't go silly, try aim to pay it off before 0% expires. Current deals of 12-14 months on purchases.
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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John
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Registered: 30th Jun 03
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You'd never get a full mk6 gti on a credit card and I've still not found a garage that will take one as payment.
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AndyKent
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Registered: 3rd Sep 05
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I'd like to see you get a new/nearly new GTi for under £200 a month! Think there's a bit of a gap between your expectations and ability to pay tbh.
Plus you'd want a hefty deposit to cut out the chance of negative equity.
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Cavey
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Registered: 11th Nov 02
Location: Derby
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Not a golf, but Vauxhall currently have 5 years interest free credit on 61 regs iirc
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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quote:
Originally posted by AndyKent
I'd like to see you get a new/nearly new GTi for under £200 a month! Think there's a bit of a gap between your expectations and ability to pay tbh.
Plus you'd want a hefty deposit to cut out the chance of negative equity.
Sorry, probably wasn't clear enough. I would like a Mk5 golf GTI, which can be had for around £7500 which I would probably get a loan for/get finance from a dealers. My other options would be something newer and more sensible/less desirable.
Ben, when you say you paid £99 deposit and £132 PM over 2 years, is that pure options (as in limited milage allowance, hand it back after 2 years)? What could I get for £200 on a similar deal?
I don't think paying on a credit card is the way to go tbh, looking for something with longer and more stable terms!
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Ben G
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Registered: 12th Jan 07
Location: Essex
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yeah thats the options deal where i can either give it back after 2 years, trade it in after 9 months or sell privately after 12 months.
i paid £3 extra per month to up the mileage from 6k to 9k.
£200 will only get you a new fiesta really with a low deposit. mine was only priced up at £8k because it was a special deal for people who worked at a specific ford plant.
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Mertin
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Registered: 12th Oct 05
Location: Scotland
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Vauxhall are currently doing 0% finance, no deposit required and 100,000mile warranty. Maybe worth checking out unless your set on a golf?
Plus with your budget, you may end up having to go for a cheaper / higher mileage golf and may experience problems and not have warranty resulting in an expensive fix. For doing high miles Id want to get a low mileage car and preferably with alot of warranty
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by Ben G
yeah thats the options deal where i can either give it back after 2 years, trade it in after 9 months or sell privately after 12 months.
i paid £3 extra per month to up the mileage from 6k to 9k.
£200 will only get you a new fiesta really with a low deposit. mine was only priced up at £8k because it was a special deal for people who worked at a specific ford plant.
Thanks for that Ben, so it's a new Fiesta on options then inmy budget... might rule that one out now!
quote:
Originally posted by Mertin
Vauxhall are currently doing 0% finance, no deposit required and 100,000mile warranty. Maybe worth checking out unless your set on a golf?
Plus with your budget, you may end up having to go for a cheaper / higher mileage golf and may experience problems and not have warranty resulting in an expensive fix. For doing high miles Id want to get a low mileage car and preferably with alot of warranty
You're doing a good job of talking me out of a mk5 gti  Sensible option would probably be a TDI mk5. I'm really not keen on any of the current budget vauxhalls.
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whitter45
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Registered: 15th Nov 02
Location: Norton
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PCP's are good if you want a new car - other than that its pointless TBH
The VXR was on a PCP and for us it cost very little due to its high value at the end.
I bought it outright and then sold it.
So for 2 years of ownership it cost 2.5k
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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Is HP on a used car any good? As in smallish deposit, monthly amount and then no balloon payment at the end? Anyone used these and got decent rates?
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Mertin
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Registered: 12th Oct 05
Location: Scotland
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The new vauxhall astra GTC is on the deal too.
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dan_m1les
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Registered: 8th May 06
Location: Burnham, Buckinghamshire
User status: Offline
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We can do any new vauxhall on 0% between 2-5 years with no deposit, vauxhall also give you a £750.00 deposit to help you out.
VXR corsa on PCP at the moment is £749 down then £249 a month for 2 years
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by dan_m1les
We can do any new vauxhall on 0% between 2-5 years with no deposit, vauxhall also give you a £750.00 deposit to help you out.
VXR corsa on PCP at the moment is £749 down then £249 a month for 2 years
That's pretty decent, how much balloon payment at the end?
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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quote:
Originally posted by dan_m1les
We can do any new vauxhall on 0% between 2-5 years with no deposit, vauxhall also give you a £750.00 deposit to help you out.
VXR corsa on PCP at the moment is £749 down then £249 a month for 2 years
I really must come and see you sometime soon...
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