Sti UK - Contract Hire figures
09 February 2002, 10:44 PM
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Sasman
Your better off with a straight 5 year loan. Settlement at 3 years will be under 12k nearer 11.5k if you get a good deal. Only use the PCP if your worried about residuals.
Dealers will push you towards a PCP as with the extra 1.5k in interest your paying (interest calculated differently to a straight loan) the dealer get a nice comission.
Jonathan
Jonathan
Your better off with a straight 5 year loan. Settlement at 3 years will be under 12k nearer 11.5k if you get a good deal. Only use the PCP if your worried about residuals.
Dealers will push you towards a PCP as with the extra 1.5k in interest your paying (interest calculated differently to a straight loan) the dealer get a nice comission.
Jonathan
Jonathan
10 February 2002, 01:03 AM
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Jonathan, i had a 5 year on a Fiat coupe, i usually change after 12 - 18 months, they wanted more than i paid for the car after 12 months. I think 5 years is front loaded with interest is that right? The salesman got the settlement drastically reduced because i had always changed after that period, SOUND right to you?
10 February 2002, 07:09 AM
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Sasman
You keep your cars a lot longer than me !!. I'm usually at 6 months. The best way is still a five year agreement on balanced payments. Interest is calulated daily, and interest is not front loaded. A PCP is even worse than a conventional loan for front loading of interest. Only problem is that for balanced payments you USUALLY need to borrow 25k. IM offer balanced payment, but might only offer 4 years. Lombard apparently are very good. If you dont go balanced payments, worse case get a loan with no early settlement charges. www.moneyextra.com lets you select loans of this type.
Its even more important to do this when you dont see out the terms of the contract.
Jonathan
You keep your cars a lot longer than me !!. I'm usually at 6 months. The best way is still a five year agreement on balanced payments. Interest is calulated daily, and interest is not front loaded. A PCP is even worse than a conventional loan for front loading of interest. Only problem is that for balanced payments you USUALLY need to borrow 25k. IM offer balanced payment, but might only offer 4 years. Lombard apparently are very good. If you dont go balanced payments, worse case get a loan with no early settlement charges. www.moneyextra.com lets you select loans of this type.
Its even more important to do this when you dont see out the terms of the contract.
Jonathan
11 February 2002, 09:26 AM
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Hmm, I change my car fairly regulary (every 18 - 24 months) and always seem to owe my than the cars worth, regardless of loan type, thats why I wondered if anyone had used Contract Hire, where in theory as you are not buying the car, there is no apr involved ?
The Contract Hire period would need to be kept short, I have been quoted figures of £330pm for a new standard WRX on 2 years Contract Hire (from Subaru Dealer) as opposed to £417pm for three year PCP, he does not have figures for the STi yet though, does anyone out there have contract hire figures for the Sti (PCP on Sti is £509pm)?
The Contract Hire period would need to be kept short, I have been quoted figures of £330pm for a new standard WRX on 2 years Contract Hire (from Subaru Dealer) as opposed to £417pm for three year PCP, he does not have figures for the STi yet though, does anyone out there have contract hire figures for the Sti (PCP on Sti is £509pm)?
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