Paying for MINI - PCP, bank loan or MINI finance - advice and exerience please

[ben__allen]

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]

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