Finance or lease? - MINI Cooper Forum

Finance & Insurance Use this forum to discuss financing and insuring your MINI

User Tag List

 
LinkBack Thread Tools Rate Thread
post #1 of 15 (permalink) Old Mar 19th, 2014, 06:58 PM Thread Starter
MINI2 Regular
 
SeanC's Avatar
 
Join Date: Dec 2013
Local Time: 07:48 AM
Posts: 286
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 19 Post(s)

United Kingdom
 
Finance or lease?

Sorry if this sounds like a stupid post but what's peoples view on this? I'm looking in to getting a fairly new Mini one D. I've never paid a car up in my life as I've always bought mine with cash from the auctions. I notice that you usually have 2 options when paying a car up from a dealership, the first one is X amount deposit then set payments for so many months then after that you can either pay the remaining balance or hand the car back or the other option is to pay slightly more money and keep the car.

I guess with leasing the car you will be able to change it every few years but it would probably mean having to save up for another deposit again. How do you buy your cars when not paying the full asking price in cash of course?
SeanC is online now  
Sponsored Links
Advertisement
 
post #2 of 15 (permalink) Old Mar 19th, 2014, 07:07 PM
MINI2 Senior
 
Join Date: Apr 2012
Location: Suffolk - UK
Local Time: 07:48 AM
Posts: 526
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 9 Post(s)

United Kingdom Male
 
Finance, you then own the car. Also shop around, you may find that your bank offers a better rate than the dealer and to them you are then a cash buyer.

Girl I work with bought a BMW on one of those lease schemes, by the time she came to make her final payment to buy the car back, she could have actually bought a better, newer model for the money she was having to cough up as the final payment.
Mid Life Mini is offline  
post #3 of 15 (permalink) Old Mar 19th, 2014, 07:30 PM Thread Starter
MINI2 Regular
 
SeanC's Avatar
 
Join Date: Dec 2013
Local Time: 07:48 AM
Posts: 286
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 19 Post(s)

United Kingdom
 
In the short space of time looking there is quite a few differences with apr. The car I'm interested in is at Peter Vardy mini and the deals don't look as good as the ones I've seen with Arnold Clark. I think I will check out my banks interest rates now and I'd prefer to own the car at the end of the term rather than spend all that money just to hand it back
SeanC is online now  
post #4 of 15 (permalink) Old Mar 19th, 2014, 07:38 PM
MINI2 Senior
 
Join Date: Apr 2012
Location: Suffolk - UK
Local Time: 07:48 AM
Posts: 526
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 9 Post(s)

United Kingdom Male
 
Yes check out the rates at your bank, they usually do a good deal for existing customers, mine does. Dealers are usually higher, unless that are doing a truly interest free offer.
Mid Life Mini is offline  
post #5 of 15 (permalink) Old Mar 19th, 2014, 08:19 PM
MINI2 Privilege Member
MINI2 Master
 
Join Date: Mar 2012
Local Time: 07:48 AM
Posts: 3,829
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 53 Post(s)

United Kingdom Male
 
You can sometimes get quite a good deal if you go in and wave the money under their nose too, they often have a quick rethink if they think youre about to go without buying it and come back with an even better deal.
The Nun is offline  
post #6 of 15 (permalink) Old May 17th, 2014, 12:03 AM
MINI2 Newbie
 
Join Date: Mar 2014
Local Time: 07:48 AM
Posts: 17
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

United Kingdom
 
she was having to cough up as the final payment.
AdamJStephens is offline  
post #7 of 15 (permalink) Old Jun 1st, 2014, 10:47 PM Thread Starter
MINI2 Regular
 
SeanC's Avatar
 
Join Date: Dec 2013
Local Time: 07:48 AM
Posts: 286
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 19 Post(s)

United Kingdom
 
If all goes to plan I will be picking up a chocolate Dooper clubby at the weekend
SeanC is online now  
post #8 of 15 (permalink) Old Jun 2nd, 2014, 11:26 AM
MINI2 Senior
 
Join Date: Apr 2012
Location: Suffolk - UK
Local Time: 07:48 AM
Posts: 526
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 9 Post(s)

United Kingdom Male
 
Nice one - so what did you go for, Finance, Lease or good hard cash?
Mid Life Mini is offline  
post #9 of 15 (permalink) Old Jun 2nd, 2014, 06:05 PM Thread Starter
MINI2 Regular
 
SeanC's Avatar
 
Join Date: Dec 2013
Local Time: 07:48 AM
Posts: 286
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 19 Post(s)

United Kingdom
 
Quote:
Originally Posted by Mid Life Mini View Post
Nice one - so what did you go for, Finance, Lease or good hard cash?
I went in with a £1000 deposit and ended up just paying a £100 deposit as the payments between £1000 and £100 were only £20 of a difference per month. The APR is 7.7% over 4 years but I'll probably end up paying the car off early. The bank couldn't come anywhere near the deal that Arnold Clark offered
SeanC is online now  
post #10 of 15 (permalink) Old Jun 3rd, 2014, 09:11 AM
MINI2 Regular
 
Join Date: Feb 2014
Location: Derbyshire
Local Time: 06:48 AM
Posts: 76
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

United Kingdom
 
I know you've already done the deal but I've financed our past 3 cars using a personal loan from Zopa. Provided you obviously pay the monthly minimum the loan is otherwise flexible being able to overpay at any point within the loan term on a monthly basis and as such pay the loan off much earlier if you wish. Rates have always been very competitive too but this depends on your credit rating.

It's peer to peer which I like as you are not joining in the high street banks money lending game.
Big_Nige is offline  
post #11 of 15 (permalink) Old Jun 3rd, 2014, 12:29 PM Thread Starter
MINI2 Regular
 
SeanC's Avatar
 
Join Date: Dec 2013
Local Time: 07:48 AM
Posts: 286
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 19 Post(s)

United Kingdom
 
We have the option to clear the finance off at any point and won't be penalised for doing so as I understand it from what the salesman said. My wife works in lloyds bank and even she admitted that she couldn't even get a staff loan as good as our deal which was reassuring.

We're not in the habit of taking out loans and apart from this we just have our mortgage

That's the insurance in place so now we just have to wait until Saturday then its ours
SeanC is online now  
post #12 of 15 (permalink) Old Jun 3rd, 2014, 01:31 PM
MINI2 Senior
 
Join Date: Apr 2012
Location: Suffolk - UK
Local Time: 07:48 AM
Posts: 526
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 9 Post(s)

United Kingdom Male
 
United-Kingdom

Quote:
Originally Posted by SeanC View Post
We have the option to clear the finance off at any point and won't be penalised for doing so as I understand it from what the salesman said.
I hope you got that in writing. From what I know about car finance, if you pay it off early they still charge the interest because that's how they make their money.

Only a problem if you intend paying it off early though.
Mid Life Mini is offline  
post #13 of 15 (permalink) Old Jun 3rd, 2014, 06:03 PM Thread Starter
MINI2 Regular
 
SeanC's Avatar
 
Join Date: Dec 2013
Local Time: 07:48 AM
Posts: 286
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 19 Post(s)

United Kingdom
 
The finance is the wifes department but it will probably run for the term
SeanC is online now  
post #14 of 15 (permalink) Old Jun 11th, 2014, 08:50 AM
MINI2 Privilege Member
MINI2 Master
 
Join Date: Mar 2012
Local Time: 07:48 AM
Posts: 3,829
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 53 Post(s)

United Kingdom Male
 
Quote:
Originally Posted by SeanC View Post
My wife works in lloyds bank and even she admitted that she couldn't even get a staff loan as good as our deal which was reassuring.
I used to work for an insurance company and even with staff discount insurance was still much more than doing it yourself on line with the same company, and when I queried why they didnt have a answer except "thats how it is"
Somehow gives the impression the prices are all guess work especially as you can log on the next day with the same details and the price is different.
The Nun is offline  
post #15 of 15 (permalink) Old Dec 22nd, 2014, 07:26 AM
MINI2 Newbie
 
Join Date: Dec 2014
Local Time: 06:48 AM
Posts: 2
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

United Kingdom
 
SeanC I agree with Mid Life Mini, first of all you should check the rates at your bank. The Nunís shared information is also really helpful and informative.

My friend suggests me http://squarmilner.com/squar-milner-...agement-group/ for my company.
Quinby is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the MINI Cooper Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Rate This Thread
Rate This Thread:



Similar Threads
Thread Thread Starter Forum Replies Last Post
Mini Select PCP finance HELP!!! samjacko123 General Discussion 1 Feb 24th, 2014 06:52 AM
Mini Countryman Select Finance MinatureMin Finance & Insurance 4 Oct 4th, 2012 09:46 PM
2013 Clubman S Lease Question SergioPark Finance & Insurance 2 Sep 10th, 2012 03:28 PM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome