MINI2

max3406 · Jun 30th, 2007, 09:59 PM

Hi,

Only just discovered this forum after returning from the dealership and putting down a deposit on a new Mini One - question is, did I get a good deal?

Mini One, Pepper Pack with metallic paint (nightfire red) + free TLC pack, £2.5K down, balance on Mini Select (15K pa, 3 years) for £195 pcm.

Is this a good deal?

Max

Scrogg · Jun 30th, 2007, 10:22 PM

Welcome aboard Max. You won't find a better place for all your MINI-related questions!

What's the APR and GMFV on the Select deal you've been offered?

Kaine · Jun 30th, 2007, 11:32 PM

Max,

Depends on APR, and GFV - normally dealer 'select' deals are not the best and many finance houses will offer better offers for similar 'select' type deals

At the end of the day though, it depends on if your happy with the figures and going with the dealer saves any extra work on your part - sometimes the difference between finance deals may come down to only a few pounds per month.

Kaine

Scrogg · Jun 30th, 2007, 11:41 PM

Quote: Originally Posted by Kaine (original)

Depends on APR, and GFV

Why do you think I asked what they are?

Until we know those figures none of us can actually answer the question, "Is this a good deal?"

Kaine · Jun 30th, 2007, 11:42 PM

I was just repeating you - I'm a copycat

max3406 · Jul 1st, 2007, 10:10 PM

The GFV is £6,209.48, but I must admit to not knowing the APR (yet)

as I was more concerned with getting them down on the monthly repayment, which started off at £220 a month - so with £195 the end result I was quite happy. Plus it saved me a fair amount of legwork.

I was just wondering whether the salesmen were having a beer on me last night or not!

Scrogg · Jul 2nd, 2007, 10:56 AM

If you could find out the APR Max it would be useful.

And I forgot to ask, what's the total price of the new car?

ScoobyDoo · Jul 3rd, 2007, 10:56 PM

Just a little advice regarding finance from MINI.

I orginally had MINI finance over 5 years when bought my R56, just after I made my first payment I moved house so rang MINI to change address. At the same time I asked how much interest I would be paying back over the 60 months, you could have knocked me over when they said nearly £7500!!!! I had the settlement figure off them and went to the Natwest and borrowed that amount over the same amount of time and I am only paying £1500 interest now - so money saved!!! Oh and the monthly payment has gone down by about £50 too.

max3406 · Jul 5th, 2007, 10:07 PM

OK - paperwork has arrived from Mini.

Total price of car - £13,212. £2.5 down. Balance - 10,712 + interest (£2,391.78) + other bits making the total charge for credit £2,541.78,

The APR based on the full amount including the residual is 10.4%, remove the residual and it's apparently a flat rate of 3.2%???

So ... did i get a good deal?

Restyle · Jul 5th, 2007, 11:09 PM

Whether or not its a good deal for You or someone else is entirely down to your personel circumstances.
For some people, their Hight St. Bank may have offered a better deal on the finance.
As long as you`re happy with the repayments over that period then its a Good deal for You

wiggis · Jul 12th, 2007, 08:09 PM

Quote: Originally Posted by max3406 (original)

OK - paperwork has arrived from Mini.

Total price of car - £13,212. £2.5 down. Balance - 10,712 + interest (£2,391.78) + other bits making the total charge for credit £2,541.78,

The APR based on the full amount including the residual is 10.4%, remove the residual and it's apparently a flat rate of 3.2%???

So ... did i get a good deal?

Though I would give you a straight answer ...........

10.4% APR is not great on a £10k loan over 3 years......

Whether you can get a better rate depends on your credit scoring, etc.

http://www.moneysupermarket.com/loan...re dLoanType=

Bank of Scotland at 6.2% APR looks like a pretty good deal so long as you have a good credit history, etc. but you would have to borrow the entire amount. For an extra £100 a month though, you would own the car after 3 years, and not have to find the GFV of 6 grand in 3 years time just to keep it.

Alternatively, you could do £10k over 4 years for £235 per month, and again own the car after 4 years, having only paid £1,290 credit charge total.

Cheap Loans | car, personal & secured homeowner loans - moneysupermarket UK

I reckon both of these deals would be 'better' financially, but as others have said, your personal circumstances will strongly influence the APR you get offered a loan at.

DerekH · Jul 12th, 2007, 10:29 PM

Mini Lease purchase 7% APR we got after big push and no set up fee Wiggis has given good info above, but i know with pCP deals harder to get APR down with GFV built in.

popey · Jul 15th, 2007, 04:00 PM

Remember you cant compare the APR of a PCP ot the APR of a bank loan.

Martin F · Jul 15th, 2007, 04:03 PM

Quote: Originally Posted by popey (original)

Remember you cant compare the APR of a PCP ot the APR of a bank loan.

Why not?

Jun 30th, 2007, 09:59 PM	#1
max3406 MINI2 Newbie Join Date: Jun 2007 Local Time: 07:20 AM Posts: 3 Offline	Did I get a good deal? Hi, Only just discovered this forum after returning from the dealership and putting down a deposit on a new Mini One - question is, did I get a good deal? Mini One, Pepper Pack with metallic paint (nightfire red) + free TLC pack, £2.5K down, balance on Mini Select (15K pa, 3 years) for £195 pcm. Is this a good deal? Max

Jul 3rd, 2007, 10:56 PM	#8 (permalink)
ScoobyDoo Back in a first gen. My Classifieds Join Date: Jul 2003 Location: DBRally Local Time: 07:20 AM Posts: 1,419 Offline	Just a little advice regarding finance from MINI. I orginally had MINI finance over 5 years when bought my R56, just after I made my first payment I moved house so rang MINI to change address. At the same time I asked how much interest I would be paying back over the 60 months, you could have knocked me over when they said nearly £7500!!!! I had the settlement figure off them and went to the Natwest and borrowed that amount over the same amount of time and I am only paying £1500 interest now - so money saved!!! Oh and the monthly payment has gone down by about £50 too. http://www.dbrally.net

Jul 5th, 2007, 11:09 PM	#10 (permalink)
Restyle Damned My Classifieds Join Date: Jun 2002 Location: Shropshire Local Time: 07:20 AM Posts: 4,313 Offline	Whether or not its a good deal for You or someone else is entirely down to your personel circumstances. For some people, their Hight St. Bank may have offered a better deal on the finance. As long as you`re happy with the repayments over that period then its a Good deal for You In da Wud

Jul 15th, 2007, 04:00 PM	#13 (permalink)
popey Blackpool Mini My Classifieds Join Date: Oct 2006 Location: Blackpool Local Time: 07:20 AM Posts: 1,426 Offline	Remember you cant compare the APR of a PCP ot the APR of a bank loan. Now With Toyo Rubber!!

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Jun 30th, 2007, 10:22 PM	#2 (permalink)
Scrogg Almost There... Join Date: Jul 2006 Location: Gloucester Local Time: 07:20 AM Posts: 14,982 Offline	Welcome aboard Max. You won't find a better place for all your MINI-related questions! What's the APR and GMFV on the Select deal you've been offered?

Jun 30th, 2007, 11:32 PM	#3 (permalink)
Kaine MINI2 Regular Join Date: Sep 2005 Location: hills of shropshire Local Time: 06:20 AM Posts: 140 Offline	Max, Depends on APR, and GFV - normally dealer 'select' deals are not the best and many finance houses will offer better offers for similar 'select' type deals At the end of the day though, it depends on if your happy with the figures and going with the dealer saves any extra work on your part - sometimes the difference between finance deals may come down to only a few pounds per month. Kaine

Jun 30th, 2007, 11:41 PM	#4 (permalink)
Scrogg Almost There... Join Date: Jul 2006 Location: Gloucester Local Time: 07:20 AM Posts: 14,982 Offline	Quote: Originally Posted by Kaine (original) Depends on APR, and GFV Why do you think I asked what they are? Until we know those figures none of us can actually answer the question, "Is this a good deal?"

Jun 30th, 2007, 11:42 PM	#5 (permalink)
Kaine MINI2 Regular Join Date: Sep 2005 Location: hills of shropshire Local Time: 06:20 AM Posts: 140 Offline	I was just repeating you - I'm a copycat

Jul 1st, 2007, 10:10 PM	#6 (permalink)
max3406 MINI2 Newbie Join Date: Jun 2007 Local Time: 07:20 AM Posts: 3 Offline	The GFV is £6,209.48, but I must admit to not knowing the APR (yet) as I was more concerned with getting them down on the monthly repayment, which started off at £220 a month - so with £195 the end result I was quite happy. Plus it saved me a fair amount of legwork. I was just wondering whether the salesmen were having a beer on me last night or not!

Jul 2nd, 2007, 10:56 AM	#7 (permalink)
Scrogg Almost There... Join Date: Jul 2006 Location: Gloucester Local Time: 07:20 AM Posts: 14,982 Offline	If you could find out the APR Max it would be useful. And I forgot to ask, what's the total price of the new car?

Jul 5th, 2007, 10:07 PM	#9 (permalink)
max3406 MINI2 Newbie Join Date: Jun 2007 Local Time: 07:20 AM Posts: 3 Offline	OK - paperwork has arrived from Mini. Total price of car - £13,212. £2.5 down. Balance - 10,712 + interest (£2,391.78) + other bits making the total charge for credit £2,541.78, The APR based on the full amount including the residual is 10.4%, remove the residual and it's apparently a flat rate of 3.2%??? So ... did i get a good deal?

Jul 12th, 2007, 08:09 PM	#11 (permalink)
wiggis VW GT Sport 170 TDI My Classifieds Join Date: Dec 2006 Location: Oxford Local Time: 07:20 AM Posts: 342 Offline	Quote: Originally Posted by max3406 (original) OK - paperwork has arrived from Mini. Total price of car - £13,212. £2.5 down. Balance - 10,712 + interest (£2,391.78) + other bits making the total charge for credit £2,541.78, The APR based on the full amount including the residual is 10.4%, remove the residual and it's apparently a flat rate of 3.2%??? So ... did i get a good deal? Though I would give you a straight answer ........... 10.4% APR is not great on a £10k loan over 3 years...... Whether you can get a better rate depends on your credit scoring, etc. http://www.moneysupermarket.com/loan...re dLoanType= Bank of Scotland at 6.2% APR looks like a pretty good deal so long as you have a good credit history, etc. but you would have to borrow the entire amount. For an extra £100 a month though, you would own the car after 3 years, and not have to find the GFV of 6 grand in 3 years time just to keep it. Alternatively, you could do £10k over 4 years for £235 per month, and again own the car after 4 years, having only paid £1,290 credit charge total. Cheap Loans \| car, personal & secured homeowner loans - moneysupermarket UK I reckon both of these deals would be 'better' financially, but as others have said, your personal circumstances will strongly influence the APR you get offered a loan at.

Jul 12th, 2007, 10:29 PM	#12 (permalink)
DerekH MINI2 Master Join Date: Mar 2007 Location: Fraserburgh Local Time: 07:20 AM Posts: 827 Offline	Mini Lease purchase 7% APR we got after big push and no set up fee Wiggis has given good info above, but i know with pCP deals harder to get APR down with GFV built in.

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Jul 15th, 2007, 04:03 PM	#14 (permalink)
Martin F Making it add up Join Date: Apr 2006 Location: Sussex Local Time: 07:20 AM Posts: 619 Offline	Quote: Originally Posted by popey (original) Remember you cant compare the APR of a PCP ot the APR of a bank loan. Why not?