urban

iTrader: (1)

Guys,

Seems that there are quite a few owners on here now so

What car do you have and what are you paying per month for it

Cheers,
Shaun

scooby L

2008 (08) Euro STI Premium
Paid 27k June 2008
£550 pcm
£8k balloon payment after 3 years

Mikkel

£27,800 if you did not also have to pay a deposit by my calculations.

You're far better off getting a personal loan to buy a car if you don't have the cash in your pocket.

scooby L

Yeah, I was being lazy..

Sorry, part ex'd my Cayman in as deposit

Mikkel

How does that work out of interest? If you p/ex a car in against a car you take finance out on, does the value of the p/ex not have to come off the balloon payment?

As you can probably tell, I've never had car finance and was just interested in how it works out.

scooby L

Right..

(Remembering the whole package)

27k for car
£2k Deposit (from car & cash, car had a grand equity in it's remaining finance)
so took £17k finance with £8k to pay after 36 months
Monthly is about £550 (not 100% sure have not got paperwork here, but is around that figure)
total finance to pay £19,800
Chop car in after 3 years and any value over £8k is new deposit

Abx

iTrader: (15)

not sure if you are after new or secondhand but 20k should get you a good O8 with a few toys and good mileage. Monthly cost depends so much on deposite, trade in etc

urban

iTrader: (1)

I want new - the last 4 Subarus have all been from new
I looked at a 330S yesterday (Just happens to be in the colour I want too)
They offered my approx 10K for my car (MY05 STI PPP with 61K) thus approx 22K to change

I thought that wasn't too bad in the great scheme of things.
I reckoned he was trying to ride me over finance though - approx £470 per month (straight HP) over 60 months.

scooby L

You'd probably get a cheaper deal going personal loan though... HP is never the best %

that's about 28.5% interest by my calcs (£6200 on a £22,000 loan) so 5.7% per annum?

Not sure how they calc (disguise) it

Abx

iTrader: (15)

Personal loan all the way, trade in price seems ok though and hassle free, i found when talking finance you lost sight of the actual price of the car in the interest numbers, certainly did when I was looking at the FRS, better to walk into showroom with a sum you know you can spend and go from there, also no finance on car then.

urban

iTrader: (1)

Actually he was trying to ride me on the finance - it was £480 odd that he said
And I'm now confused with your comments HP/Loans etc

If I look at money supermarket - I'm looking at say 460 from Sainsburys and £459 from some other crowd I've never heard of.

SPG

Personal loans can generally be better on APR, however what if for any reason you suddenly needed another loan for something unforseen, the bank would say hang on, we've already lent you 20K we're not going to lend you any more!

Vehicle finance is seperate and shown against a fixed asset.

Also do banks don't do do PCP do they?! roughly a 5 year bank loan works out similar to dealer pcp monthly payment over 3 years, the bank loan may have lower APR but you will have an extra two years of interest.

stilover

As the dealer gets a kick-back for every finance deal he secures, he want's you to take out his Finance deal.

The way I used to do it, was find the best personal loan you can get. Even one you don't qualify for. Say to dealer, I'll take your finance deal out if you match this. Every time they did it.

Saves the hassle of sorting loans out, you get the best finance deal, and the salesman is happy as he gets his kick-back.

The Trooper 1815

iTrader: (31)

Finanace needs to be cleared should you decide to sell the car at some stage. Personal Loan - you can flog it and walk.

jho!

Agree with the above, everybody has a maximum ammount a bank or building socity can lend you against an unsecured loan (dependant on your earnings). A hire purchase agreement however is secured and therefore not affected.

Also you have more rights with HP ie if the car market went **** up (or you owned a rover a few years ago) once you have paid 'half the total ammount payable' you can hand it back and walk away. Instead of owning something that is worth far less than you owe.

Finally there is allways room to neogotiate a better rate of interest, take in the best offer you have had online and ask them to match or beat it.

SunnySideUp

Dealers generally quote a flat rate .... which may look like, say, 4.8% ... ask for the APR - this will be roughly double the flat rate - in this case 9.6%!!

Add to that the set-up charges (which don't apply on a personal loan) - and the exit charges too - then the Dealer Finance is rarely worth having!

I had a flexible mortgage when I bought mine, so I just increased the mortgage a fraction and paid it off in 18 months - cheap money!

bloodshotsti

Hi All if anyone is interested I have a number plate for sale, perfect for a new impreza
The plate is ST10 SUB
please pm me for details
thanks for reading

urban

iTrader: (1)

We'll I've bought the STI 330S

Just need to sort insurance - Greenlight won't touch it as its over 30K in value which is strange - they're my current insurer

I've had a couple of quotes and it looks like its going to be about £50 more to insure the new car compared to renewing the MY05 STI PPP - go figure?

urban

iTrader: (1)

UPDATE

330S deal now done
Pick it up tomorrow

Brand new delivery miles 330S - Dark Grey complete with optional fog lights fitted and the "expensive" bluetooth cable fitted

Traded in my MY05 STI PPP with 62,500 miles
End price £20,500 which I thought was quite good

Also even better was the insurance because its only costing me £20 per year more than the 05STI - go figure?

scooby L