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Old May 5th, 2014, 12:26 PM
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Thinking of buying a mini and trying to fund it

Hello,

Any advice gratefully received. I am thinking of buying either an 58, 09 or 59 mini with c.30,000 on the clock with chilli pack, panoramic sunroof etc - they are priced between 8950 (the 58 without sunroof with Bluetooth) and 9950 (sunroof without Bluetooth and leather lounge). The colour is Pepper White with black roof and trimmings. Or alternatively there is a Sidewalk 58 with 26,000 miles at 8750 but not from a main dealer and near Basingstoke which with my now carless state could be tricky to get to! I would love to have a panoramic but am concerned by all the problems people seem to have from them and can I have included in any warranty.

My bank says interest rates are quite high at the moment and I wonder whether it would be worthwhile me going for a PCP deal and then try and convert it into a loan via my bank once interest rates drop? Apparently according to the dealership I won't be penalised if I pay of the financing early? How much deposit do you recommend that I put down the APR appears to be c.11% over 3 years and the models on the website seem to say a 10% deposit is enough but I was thinking of a 1,500-2,000....the final payment appears to be c. 3,600. The salesperson did say that you can negotiate on the APR. Do you think that I could negotiate on price of car/APR? Also what do you think I should pay for the car, is this excessive? Many thanks for your help. LotsC
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Old May 5th, 2014, 04:09 PM
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Have you tried Zopa for a loan? I've had a couple through there and the rates are pretty good, but that does depend on your credit rating/risk.

If you pay the finance early won't they still want the full amount whether you pay it off after 5 months or 5 years. The amount borrowed for the car and the amount they want to make on the loan will still be the same, rare you make a saving by paying off early. You're then paying interest on the amount again? Sounds daft.

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Old May 5th, 2014, 06:02 PM
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As per Big_Nige, I thought that with these deals if you pay up early you still end up paying the interest. Be very careful what dealers tell you to get you hooked, they are probably making more money out go the finance than they are on the sale of the car.
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Old May 5th, 2014, 08:34 PM
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What about if I ask to see all the paperwork before I sign anything? Thank you for your advice. Do the car prices seem reasonable for age and mileage?
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Old May 5th, 2014, 08:47 PM
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Yes, check the paperwork very carefully and ask the question again, emphasising the are there any penalties bit.

Not sure if the prices are ok or not, sorry.
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Old May 5th, 2014, 10:30 PM
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YES read the paperwork. Main thing is to find out what the total sum payable will be over the agreement term. It'll probably cost about 1.5-2k on top of what you pay for the car.

If you can't afford it sensibily then find something cheaper. I bought my Cooper S with pan roof, leather and all the bits for half that. OK it's an 04 model and had 50k miles but it's still a good spec Mini in great condition.

And you are in a dream world if you think interest rates are going to drop anytime soon. Also who do you bank with as a 9.5k personal loan starts from around 4.5% APR online. OK you might not get that once applied due to your credit rating. But do your research first, properly!
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Old May 6th, 2014, 04:36 AM
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Yes, i would do bank over Dealer Finance anytime. Also check,out places like Tesco, Sainsburys etc they sometimes offer great deals on loans - plus clubcard/nectar points ��
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Old May 6th, 2014, 01:24 PM
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I didn't say that my bank's APR begins at 4.5% but it could work out more reasonably in the long term! Also is GAP insurance a good idea... I will definitely do my homework -

Thank you.
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Old May 6th, 2014, 02:33 PM
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I wouldnt bother with a loan, they are mill stones around your neck if youre not careful.
If you need a loan, basically you cant afford it, save up a few months wages and youre there without all the hassle.
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Old May 7th, 2014, 06:21 AM
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Ok most people need some kind of loan to fund a car. I find finance schemes too costly and inflexible and they always try to sell you extras like gap insurance. Personally I look at a lower loan from the likes of zopa which is peer to peer lending which is fully flexible allowing you to over pay to help finish the loan early without any penalties.

Setting up a finance scheme with view to pay it off with another loan is just crazy and will cost you even more.
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Old Jun 7th, 2014, 09:32 PM
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Best advice compare all your options look at several of the comparison websites as well as MINI's own finance (if your buying from dealership), also P2P and figure out what is cheaper / better for you!
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