after some deliberation i have decided to purchase a mini in sept 2014, hopefully a new one. i am going to place a £2000 deposit down, then finance the rest. I am hoping to buy either a mini one, or a mini cooper.
I have been checking out my credit score, and currently my score is fair on experian. i earn a relatively small amount a year (£15,000) but i have done my sums and know i can afford the repayments min have quoted me (£250 a month on PCP)
My question is, do you think i will get accepted for finance? Has anyone else been in a similar situation and been accepted or declined? i have never missed any repayments, and i have just taken out a credit builder card, which i am going to pay in full each month. Do you think this will be enough? I would really like to buy in sept as my current cars (ford ka) MOT runs out then, and my garage don't think it will make it through another mot.
Any advice is most appreciated :-)
If youre going to buy a new MINI and its from a MINI BMW dealership they will check your credit there and you will get an answer usually the next day, why not pop into a dealer and tell them what you wanted to do in September and see if they will advise you its all ok or if they think theyre might be a problem?
I sure they would be only to glad to help do what they can to sell you a new one, you might even get a free cup of coffee.
A lot can change though between now and September you know?
Totally check with MINI BMW about the credit, we got a great rate of 0.9 or 0.6 on the new Countryman (one of the two percents The wife...AKA, Farm Girl knows the exact numbers) I just drive the dang thing!
On PCP you can pay the smallish deposit and if the car is worth worth more than the GFMV that amount over can be used to get into another new car and keep monthlys similar, the risk is if its worth less than GFMV you can hand it back and let the finance company take the loss but your starting out again having to put a deposit in. This is were mini is advantageous with low depreciation, but all dependent on what the dealer thinks the cars worth at the end of payments. either they will be lumbered with cars (setting it too high) or have people wanting to buy them as there worth more than there gonna pay for them (set below value).
Also PCP doesnt tie you to one manufacturer you can change brand if you wish
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