[Tigger, Eeyore & Roo]

Quote: Originally Posted by ARCrawford (original)

I hadn't thought about it quite like that - very crafty! And I thought it was just the interest rates they were after.

Theeeeeeeee wonderful thing about Tigger,
Is that he explains wonderful things:
The finance deals that confuse us,
And turn dealers into Kings,
They're tricky, tricky, tricky, tricky, tricky sorts of things!

The wonderful thing about Tigger is that he's a helpful one.
Heeeeeeeeee's a helpful one!

Woohoohoohooooooo!

All the best,
Andrew.

!

Tigger.

[1 AJC]

Hmm, well its a toughy. I plan to buy around august time and will be looking at the 6-12 month old mark. I will have the funds to buy the car outright and it would be considerably cheaper than taking the select route but having listened to the pro's and con's of it maybe it is not as bad as it seems.

I would much rather hold on to the 17k or so and earn interest in the ISA instead of splashing the lot on the car. That way I have capital in the future for whatever reason as opposed to it being tied up on a depreciating asset on the drive.

If the salesman was right in that 95% of the custom take select then I'm assuming most of those cannot afford to buy the car outright and they are therefore putty to the hand of the dealership. However, because I could afford to, but am tempted by the select deal surely the boot is on the other foot and I could negotiate a better rate of interest. Adding to the fact that the car will be returned to them in 2/3 years time and they will be able to sell it on their forecourt then again, surely there is more to negotiate on. If so, and to those that have done this, what rates were you given?

In addition, would I be right in thinking that a new build would work out better value (ie. lower monthly payments) considering its final value after 3 yrs will be higher than the 6-12 month car which is only slightly cheaper to buy in comparison? The reason I ask is that I wouldnt consider making the final balloon payment at the end of the deal and thus the higher the figure of this, the lower the payments will be each month.

[sammyjdawson]

hi
i am interested in buying a 2008 mini one around 13.5K on a min select
i have 2K deposit, any idea on how much the payments would be and how much would be left to pay at the end to keep it.? prob do it for 3 or 4 years. also dont understand where you pay interest, is it on monthly payments or on the balloon payment at the end ?

thanks for any help

[sammyjdawson]

hi
can anyone tell me how much a would be paying for a 2008 mini one a 13.5K with mini select over 3 or 4 years and how much the final payment would be. also does the mini select plus lower interest rate still exist. also where do you pay the interest? is it on the monthy payments or the balloon payment?

thanks for any help

[sammyjdawson]

oh 4got to add i have a 2k deposit for my mini

[I love MINI, Laura]

The interest would be on all of the loan not just the monethly payments. I'm borrowing £15290 and paying approx £3500 more in interest. I'm paying £250 month with a £7300 lump sum at the end of 4 years.

Theres no real easy way of working it all out payment wise (all depends on their interest etc) but to go and speak to your dealer. I went for MINI Select cos it was more affordable a month than a straight out loan. Go and weigh up the options from highstreet bank loans to MINI loans to Select and see which works out best for you. Its also an idea to think how long you want to be keeping the car? If you will want a new MINI in 2-3 years then its a great scheme as you basically trade in to cover the outstanding finance then start again.