Finance or lease? - MINI Cooper Forum
Go Back   MINI Cooper Forum > All Models & Variants > Finance & Insurance


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

Mini2.com is the premier Mini Cooper Forum on the internet. Registered Users do not see the above ads.
Reply
Similar Threads
Thread Thread Starter Forum Replies Last Post
Mini Select PCP finance HELP!!! samjacko123 General Discussion 1 Feb 24th, 2014 07:52 AM
Mini Countryman Select Finance MinatureMin Finance & Insurance 4 Oct 4th, 2012 10:46 PM
2013 Clubman S Lease Question SergioPark Finance & Insurance 2 Sep 10th, 2012 04:28 PM

 
LinkBack Thread Tools Rate Thread
  #1 (permalink)  
Old Mar 19th, 2014, 07:58 PM
SeanC's Avatar
MINI2 Newbie
Offline
 
Join Date: Dec 2013
Posts: 36
Local Time: 05:38 AM
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?
Reply With Quote
Sponsored Links
Advertisement
 
  #2 (permalink)  
Old Mar 19th, 2014, 08:07 PM
MINI2 Senior
Offline
 
Join Date: Apr 2012
Location: Suffolk - UK
Posts: 467
Local Time: 05:38 AM
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.
Reply With Quote
  #3 (permalink)  
Old Mar 19th, 2014, 08:30 PM
SeanC's Avatar
MINI2 Newbie
Offline
 
Join Date: Dec 2013
Posts: 36
Local Time: 05:38 AM
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
Reply With Quote
  #4 (permalink)  
Old Mar 19th, 2014, 08:38 PM
MINI2 Senior
Offline
 
Join Date: Apr 2012
Location: Suffolk - UK
Posts: 467
Local Time: 05:38 AM
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.
Reply With Quote
  #5 (permalink)  
Old Mar 19th, 2014, 09:19 PM
MINI2 Premium Member
MINI2 Master
Offline
 
Join Date: Mar 2012
Posts: 3,265
Local Time: 05:38 AM
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.
Reply With Quote
  #6 (permalink)  
Old May 17th, 2014, 01:03 AM
MINI2 Newbie
Offline
 
Join Date: Mar 2014
Posts: 17
Local Time: 06:38 AM
United Kingdom
she was having to cough up as the final payment.
Reply With Quote
  #7 (permalink)  
Old Jun 1st, 2014, 11:47 PM
SeanC's Avatar
MINI2 Newbie
Offline
 
Join Date: Dec 2013
Posts: 36
Local Time: 05:38 AM
United Kingdom
If all goes to plan I will be picking up a chocolate Dooper clubby at the weekend
Reply With Quote
  #8 (permalink)  
Old Jun 2nd, 2014, 12:26 PM
MINI2 Senior
Offline
 
Join Date: Apr 2012
Location: Suffolk - UK
Posts: 467
Local Time: 05:38 AM
United Kingdom Male
Nice one - so what did you go for, Finance, Lease or good hard cash?
Reply With Quote
  #9 (permalink)  
Old Jun 2nd, 2014, 07:05 PM
SeanC's Avatar
MINI2 Newbie
Offline
 
Join Date: Dec 2013
Posts: 36
Local Time: 05:38 AM
United Kingdom
Quote: Originally Posted by Mid Life Mini (original)
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
Reply With Quote
  #10 (permalink)  
Old Jun 3rd, 2014, 10:11 AM
MINI2 Regular
Offline
 
Join Date: Feb 2014
Location: Derbyshire
Posts: 76
Local Time: 06:38 AM
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.
Reply With Quote
  #11 (permalink)  
Old Jun 3rd, 2014, 01:29 PM
SeanC's Avatar
MINI2 Newbie
Offline
 
Join Date: Dec 2013
Posts: 36
Local Time: 05:38 AM
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
Reply With Quote
  #12 (permalink)  
Old Jun 3rd, 2014, 02:31 PM
MINI2 Senior
Offline
 
Join Date: Apr 2012
Location: Suffolk - UK
Posts: 467
Local Time: 05:38 AM
United Kingdom Male
United-Kingdom

Quote: Originally Posted by SeanC (original)
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.
Reply With Quote
  #13 (permalink)  
Old Jun 3rd, 2014, 07:03 PM
SeanC's Avatar
MINI2 Newbie
Offline
 
Join Date: Dec 2013
Posts: 36
Local Time: 05:38 AM
United Kingdom
The finance is the wifes department but it will probably run for the term
Reply With Quote
  #14 (permalink)  
Old Jun 11th, 2014, 09:50 AM
MINI2 Premium Member
MINI2 Master
Offline
 
Join Date: Mar 2012
Posts: 3,265
Local Time: 05:38 AM
United Kingdom Male
Quote: Originally Posted by SeanC (original)
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.
Reply With Quote
Sponsored Links
Advertisement
 
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not 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

Similar Threads
Thread Thread Starter Forum Replies Last Post
Mini Select PCP finance HELP!!! samjacko123 General Discussion 1 Feb 24th, 2014 07:52 AM
Mini Countryman Select Finance MinatureMin Finance & Insurance 4 Oct 4th, 2012 10:46 PM
2013 Clubman S Lease Question SergioPark Finance & Insurance 2 Sep 10th, 2012 04:28 PM

» Recent Threads
engine will not start properly
Aug 12th, 2014 03:37 PM
by genik
Last post by MKuRNDY
Today 02:44 AM
4 Replies, 770 Views
New Owner with a Question.
Today 01:44 AM
Last post by Steve Ball
Today 01:44 AM
0 Replies, 61 Views
Heater not working
Dec 15th, 2014 08:03 AM
Last post by mab01uk
Yesterday 11:49 PM
4 Replies, 345 Views
Review - AEM Cold Air Intake
Nov 27th, 2014 10:13 AM
Last post by deej_bb
Yesterday 11:02 PM
1 Replies, 341 Views
AGM Battery
Mar 28th, 2013 11:06 AM
Last post by SteveM3
Yesterday 11:01 PM
10 Replies, 5,772 Views
This don't look right to me.
Dec 6th, 2014 03:04 AM
by Avro
Last post by SteveM3
Yesterday 10:47 PM
8 Replies, 612 Views
Dash and Door Trim Replacement
Dec 15th, 2014 03:52 AM
Last post by SteveM3
Yesterday 10:42 PM
1 Replies, 209 Views
Engine Oil consumption boy is the Cooper that thirsty?
Dec 15th, 2014 06:23 PM
by Sian1
Last post by deej_bb
Yesterday 10:41 PM
3 Replies, 249 Views
Hub centric rings
Dec 9th, 2014 10:22 PM
Last post by SteveM3
Yesterday 10:35 PM
4 Replies, 356 Views
Automatic stop start issues!
Yesterday 06:57 PM
Last post by ideal_leigh
Yesterday 06:57 PM
0 Replies, 117 Views
Mini One R56 2007 idling problem when engine is warm
Dec 16th, 2014 12:10 PM
by ryonski
Last post by The Nun
Yesterday 05:49 PM
3 Replies, 268 Views
Rubbing/grinding noise from front wheel
Yesterday 03:52 PM
Last post by The Nun
Yesterday 05:44 PM
1 Replies, 124 Views
Is my car tuned? Anyone's car?
Yesterday 05:42 PM
by miniamg
Last post by miniamg
Yesterday 05:42 PM
0 Replies, 118 Views
Help needed
Yesterday 05:24 PM
Last post by aikmanmosquito
Yesterday 05:24 PM
0 Replies, 105 Views
Buzz/scrape (not abs) at end of braking on L front wheel
Yesterday 04:47 PM
Last post by jrolli1509
Yesterday 04:47 PM
0 Replies, 113 Views
Transmission swap, need advice
Dec 15th, 2014 04:33 PM
by dirocyn
Last post by dirocyn
Yesterday 01:49 PM
6 Replies, 402 Views
Excessive Brake Pedal Travel
Dec 14th, 2014 05:39 PM
Last post by The Nun
Yesterday 12:00 PM
4 Replies, 364 Views
Xenon lights problem
Dec 16th, 2014 07:49 PM
Last post by The Nun
Yesterday 11:48 AM
1 Replies, 207 Views
Drivers windows help
Dec 16th, 2014 09:08 PM
by Scotta
Last post by Scotta
Yesterday 11:14 AM
2 Replies, 277 Views
$90 @ Streets of Willow - December 27-28, 2014
Yesterday 08:16 AM
by harvie
Last post by harvie
Yesterday 08:16 AM
0 Replies, 138 Views
» Premium
» Auto Insurance
Ľ Wheel & Tire Center

Powered by vBadvanced CMPS v3.2.1

All times are GMT. The time now is 05:38 AM.



Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.3.2