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Thread: Car loans / funding the purchase

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    Default Car loans / funding the purchase

    Anybody know what decent deals are out there for car loans?

    You would have thought that with the low BoE base rate that loans would be cheap but can't see much below 8%.

    Thinking about sticking it on the mortgage but there is the usual admin fee to extend the mortgage.

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    Regular Member keith1983's Avatar
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    I wouldn't go down the sticking it on the morgage route personally, it may be a small interest rate compared with loans but before you do it ask them to quote you the difference between the total amount payable before and after adding that to it. You may be suprised!

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    Have you thought about PCP (personal contract plan) you pay a small deposit, 24 or 36 relatively small payments, and a final payment, the final payment is predicted at slightly less than the value of the car, so you can sell it and pocket the difference, or you can hand it back and provided it is in good condition and been serviced thats the end of it. Its a bit like long term rental or leasing, lots of people are doing it nowadays. Motorpoint do a version called Boomerang, and they have loads of 08 vectras from around £7k. Dont put it on your mortgage, thats the most expensive way possible, even a high rate loan will be massively cheaper.

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    I bought mine off my Credit card but then again i only paid £1800 for it.

    Barclays do a card that is only 6.4% APR so is cheaper than loans!!!

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    aa are not too bad for car loans but you will be very lucky to get below 8%

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    Quote Originally Posted by chrishaigh View Post
    Have you thought about PCP (personal contract plan) you pay a small deposit, 24 or 36 relatively small payments, and a final payment, the final payment is predicted at slightly less than the value of the car, so you can sell it and pocket the difference, or you can hand it back and provided it is in good condition and been serviced thats the end of it. Its a bit like long term rental or leasing, lots of people are doing it nowadays. Motorpoint do a version called Boomerang, and they have loads of 08 vectras from around £7k. Dont put it on your mortgage, thats the most expensive way possible, even a high rate loan will be massively cheaper.
    Don't see how this would be the most expensive way ever unless you actually took 25 years to pay the loan off. My thought would be to pay the equivalent monthly repayments as for a 4 year loan as overpayments to the mortgage, so benefitting from the low rate but also being able to pay it off early if the funds allow. Also allows me to sell my current car after the purchase of the new one, not being forced into a p/x for penuts.

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    Regular Member muffking's Avatar
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    The low rates seem to be applicable to Mortgages, bank loans & credit cards. I've not seen any deals on car finance, but sticking it on a card seems like a good idea.

    Do a search on moneysupermarket.com as I just took out a Virgin Money card through them with 6 months interest free on purchases and balance transfers. Couple that with the fact that other cards have extended low rates on transfers then you can simply transfer the credit to another card when the rate expires on the one you bought the car on.

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    In the current financial climate which will get much worse, I would not advise anyone to take on any form of credit. If you cannot afford to pay cash, simply wait until you can, or lower your ambitions to something you can afford to pay cash for.

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    Quote Originally Posted by i320 View Post
    Don't see how this would be the most expensive way ever unless you actually took 25 years to pay the loan off. My thought would be to pay the equivalent monthly repayments as for a 4 year loan as overpayments to the mortgage, so benefitting from the low rate but also being able to pay it off early if the funds allow. Also allows me to sell my current car after the purchase of the new one, not being forced into a p/x for penuts.
    But surely the admin fee for the mortgage extension would negate the low rate?

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    Regular Member solorider's Avatar
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    Quote Originally Posted by chrishaigh View Post
    But surely the admin fee for the mortgage extension would negate the low rate?
    but the rate may be lower but how much extra would the car cost?

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