MINI2

ben__allen · Sep 18th, 2006, 05:51 PM

Discuss!!

My current MIN is just over two years old now, and I took out a loan (think it is about 5% APR - I pay off £230 a month over 4 years) for just over half, and had the other cash to put down. I feel that the current loan that I have may complicate things slightly - do I take out another loan on top, but then I will end up paying double-dos, which is obvioulsy not possible! Or is it possible to extend the current loan that I have?

Now, I am contemplating trading up to a new '07 MCS, that I reckon will come in about £19k (about three more than the original MC, so what do I do? And, how do I do it?

I really want to go in to the dealer and talk about doing the deal over the next couple of weeks, but I want to go in forarmed with a bit of info to help me along the way...

MINICooperMurph · Sep 18th, 2006, 06:58 PM

Who is your loan with? Most companies will extend loans and issue a further advance of cash rather that starting completely from scratch again. The new loan will pay off the old one and you get the rest as cash.

Nick

Sep 18th, 2006, 05:51 PM	#1
ben__allen Dooper is the dogz! Join Date: Feb 2004 Location: Lancaster Local Time: 12:11 AM Posts: 1,430 Offline	Paying for MINI - PCP, bank loan or MINI finance - advice and exerience please Discuss!! My current MIN is just over two years old now, and I took out a loan (think it is about 5% APR - I pay off £230 a month over 4 years) for just over half, and had the other cash to put down. I feel that the current loan that I have may complicate things slightly - do I take out another loan on top, but then I will end up paying double-dos, which is obvioulsy not possible! Or is it possible to extend the current loan that I have? Now, I am contemplating trading up to a new '07 MCS, that I reckon will come in about £19k (about three more than the original MC, so what do I do? And, how do I do it? I really want to go in to the dealer and talk about doing the deal over the next couple of weeks, but I want to go in forarmed with a bit of info to help me along the way...

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Sep 18th, 2006, 06:58 PM	#2 (permalink)
MINICooperMurph aka Nick Join Date: Mar 2004 Location: Oxfordshire Local Time: 12:11 AM Posts: 314 Offline	Who is your loan with? Most companies will extend loans and issue a further advance of cash rather that starting completely from scratch again. The new loan will pay off the old one and you get the rest as cash. Nick

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