Best Mini APR Quote?

[Cooper '06]

Hey everyone, this is my very first post so sorry if i do anything wrong

I am in the process of ordering a Brand new MINI Cooper, but am going through the mundane task of searching for the best finance quote from my local dealers (I live in the north west) which got me wondering whats the best APR you have received from a MINI dealer and when they quote you is there much leeway to maybe try and get it a little lower?

Thankyou for any posts in advance

Keep up the good work on the site and hopefully ill be making many more posts and threads (if i havn't made a hash of this one)

Kyle

[Paul]

Cant help you on the subject, but this could be a very useful thing for people to share as the rates quoted vary wildly from what I've seen and heard on the forums over time!

Welcome to MINI2.

[Cooper '06]

Just to get it started ill put down a few of the ones i have, these are all based on MINI select over a 3 year period.

Bowker Accrington - 10.2%

&

Halliwell Jones Warrington - 12.3%

I will keep it updated with the new quotes i receive...

Kyle

[Ragamuffin]

Hi,

I am interested in getting a Mini Cooper Park Lane, so have been trying to find out as much as possible.

I have been quoted the following. These were based over 4 years with 10,000 miles a year.

12.4% LIND Norwich
10.8% Carrs Bury St. Edmunds
8.9% Sainsbury's
7.9% Freeway Cars

Both Sainsbury's and Freeway Cars (Part of the Bank of Scotland) have the Guaranteed Final Value as well. I was told on the phone that Freeway Cars are currently offering 5.9% APR for regular MINI Coopers.

I'm very interested in the quote that I have received from Freeway Cars, but I'm just a little bit wary as it sounds too good to be true. I spoke to a very helpful guy on the phone who helped me to add the extras I wanted too. If you would like his name or phone number, feel free to PM me.

[minisoopercooper]

Direct Line are running a tv advert stating typical apr is 6% but have no idea if that stands up in real life - but might be worth a try.

have you tried www.moneysavingexpert.com? He's the guy who goes on Jeremy Vines show on radio 2 and always knows the cheapest rates and where to get them

Paul

[Cooper '06]

Hi, i am only 18 so it is more difficult for me to et finance at a lower APR from companies like direct line etc, whereas the MINI dealers i have spoke to dont see a problem as long as i have a good credit rating (Fingers Crossed)

Also is there any 18 year olds on here who have taken finance out with MINI successfully? (If you prefer not to disclose this information over this thread then please don't hesitate to PM me)

Thankyou

Kyle

[Laury]

www.moneysupermarket.com or www.uswitch.com are good websites for loan comparisons, why don't you apply for a few and see what rates they offer?, who knows, you may get a better rate than your local Mini dealership....

[GR33NIE]

Quote: Originally Posted by Cooper '06

Hi, i am only 18 so it is more difficult for me to et finance at a lower APR from companies like direct line etc, whereas the MINI dealers i have spoke to dont see a problem as long as i have a good credit rating (Fingers Crossed)

Also is there any 18 year olds on here who have taken finance out with MINI successfully? (If you prefer not to disclose this information over this thread then please don't hesitate to PM me)

Thankyou

Kyle

If you've had credit in the past which has been paid back fine you shouldnt have an issue being accepted. BMW/MINI Finance are classed as a 'Prime' finance company so should offer good rates. Normally bad credit=higher interest rate. (I used to work for a finance company)

[supa-dupa-cooper]

Hi Kyle,

I got finance through BMW at 18 with no bother at all and have just been accepted again for my new car

With regards to finance APR, whilst doing some research for my new car I happened to email Halliwell Jones in Southport. Below is the details of what they sent back, and I dont mind sharing as that was based on a COOPER and I just ordered another ONE

It is based on a 5 year MINI Hire Purchase plan (with a hefty deposit though!)

a) Cash Price (inc. VAT) £15,195.00
(b) Less Initial Rentals / deposit £5,000.00
(c) Balance of cash price/amount of credit £10,195.00
(d) Add Charges £1,860.80
(e) Administration Fee payable with first Monthly Rental £100.00
(f) Purchase Fee payable with Final Rental (inc. VAT ) £50.00
(g) Total Charge for Credit (d) + (e) + (f) £2,010.80
(h) Balance Payable (c) + (g) £12,205.80
(i) Total Amount Payable (b) + (h) £17,205.80

Financial Details
APR 7.6 %

The balance shown at (h) above is payable by:
59 Monthly Rentals of £250.93

Followed by a final payment of £200.93 and the Purchase Fee £50.00
£200.93

Hope it helps

[GR33NIE]

Thats a very good APR, I only got 7.5%APR where i used to work

[supa-dupa-cooper]

You have to be careful though.

Im surprised they came back with that APR straight away!

I also emailed Milton Keynes and Luton (did the rounds you know ) and they both came back with about 13% at first and with both of them I said 'ooh thats a bit high don't you think, I got my current car on under 8%' . The next email back from them both came down to 7.7% and 7.8% respectivly.

But that was via emails - they didnt even know if I was telling the truth, or if I even had a MINI already!

Two can play their game

[GR33NIE]

Dealers will always try a higher rate aswell, thats where alot of their income comes in (comission!!£££)

[gIzzE]

Go onto Autotrader and look at any private sale, click on the car to see it in detail and at the bottom there is a finance search, put in the amount you want to borrow and it will come back with a load of results, even if you don't use any of these comapnies print out the reults and use it as ammo to show the dealers they are way off target!!
I just paid 5.4% APR on the BMW 5 series and 5.9% on the mini one d with Lombard.
There is a single admin fee of £125 and interest is calculated daily, not front loaded and there is no penalty for getting out early, there is a settlement fee of £50 though.

Alot of people like going with the dealer because of PCP and the ability to keep the monthly payments down, and at under 6%apr why not?
But you can do this a couple of ways if you go with someone else, we all know minis hold they value very well, so you can finance it over 72 months and after the first 12 months you should pretty much only owe what the car is worth, buy the end of the 4th year you should have a little equity in the car and by year 6 it is paid and it should still be worth around £4k at worst!
If you do this over 5 years you will be laughing, you could walk out after 3 years and have a couple of grand too.

The other way is you tell them the terms you want to buy the car on, I have just bought my wifes MOD over 48 months with a balloon payment, I am working on the fact I think the car should be worth £6k after 4 years, it ws a £15k car new back in August.
So I am financing £12k over 48 months with a final payment of £6000, but I will sell it before then, this is costing me £166 a month at 5.9%apr.
BMW finance could not (or would not) get those figures below £200 a month, and I am not prepared to pay them another £40 a month in interest and admin fees etc.
Remeber these guys can borrow at around 5% apr ( 0.5% above base rate) anything over and above that figure is them making more money out of you, so do your homework and a put a bit of effort in and save yourself 20% a month on your repayments. The dealers reply on people taking the lazy option and just signing there and then.

[Richard99]

I'm after an MC which fortunately I can put quite a sizeable deposit towards.
Shooping around the banks etc. I expect to get about 5.6%-5.8% APR. MINI dealer says they can probably beat that as MINI/BMW Finance German based.
They talked about MINI Select (PCP) mentioning that it's advantageous due to lower monthly payments. Suspect there must be a downside to this form of finance which they won't mention (for a start I wouldn't expect such a good APR).

I'm undecided about whether to go down the PCP route or traditional Hire Purchase, maybe not even putting such a large deposit towards the MINI as dealer admitted they would rather customers take out more finance through them as that's how they make their profit.

[SteveVC]

I'm after finance for my new Cooper S, I just did a google search for car finance and got a price of £386 per month to borrow £12715, the dealer wanted £416 per month at first, but have now matched the Alliance and Leicester price, they'll even include GAP cover as well. Just saved myself £1080 just for being cheeky....

Best thing is to get an offer from another source and then let the dealer match the competitive quote.

I think the dealers are struggling at the moment and will do almost anything to secure a sale.