Thinking of buying a mini and trying to fund it - 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
 
LinkBack Thread Tools Rate Thread
  #1 (permalink)  
Old May 5th, 2014, 12:26 PM
MINI2 Newbie
Offline
 
Join Date: May 2014
Posts: 4
Local Time: 04:21 PM
United Kingdom
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
Reply With Quote
Sponsored Links
Advertisement
 
  #2 (permalink)  
Old May 5th, 2014, 04:09 PM
MINI2 Regular
Offline
 
Join Date: Feb 2014
Location: Derbyshire
Posts: 76
Local Time: 04:21 PM
United Kingdom
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.

Last edited by Big_Nige; May 5th, 2014 at 06:52 PM.
Reply With Quote
  #3 (permalink)  
Old May 5th, 2014, 06:02 PM
MINI2 Senior
Offline
 
Join Date: Apr 2012
Location: Suffolk - UK
Posts: 440
Local Time: 04:21 PM
United Kingdom Male
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.
Reply With Quote
  #4 (permalink)  
Old May 5th, 2014, 08:34 PM
MINI2 Newbie
Offline
 
Join Date: May 2014
Posts: 4
Local Time: 04:21 PM
United Kingdom
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?
Reply With Quote
  #5 (permalink)  
Old May 5th, 2014, 08:47 PM
MINI2 Senior
Offline
 
Join Date: Apr 2012
Location: Suffolk - UK
Posts: 440
Local Time: 04:21 PM
United Kingdom Male
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.
Reply With Quote
  #6 (permalink)  
Old May 5th, 2014, 10:30 PM
MINI2 Regular
Offline
 
Join Date: Feb 2014
Location: Derbyshire
Posts: 76
Local Time: 04:21 PM
United Kingdom
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!
Reply With Quote
  #7 (permalink)  
Old May 6th, 2014, 04:36 AM
MINI2 Senior
Offline
 
Join Date: Apr 2012
Location: Suffolk - UK
Posts: 440
Local Time: 04:21 PM
United Kingdom Male
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 ��
Reply With Quote
  #8 (permalink)  
Old May 6th, 2014, 01:24 PM
MINI2 Newbie
Offline
 
Join Date: May 2014
Posts: 4
Local Time: 04:21 PM
United Kingdom
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.
Reply With Quote
  #9 (permalink)  
Old May 6th, 2014, 02:33 PM
MINI2 Premium Member
MINI2 Master
Offline
 
Join Date: Mar 2012
Posts: 2,862
Local Time: 04:21 PM
United Kingdom Male
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.
Reply With Quote
  #10 (permalink)  
Old May 7th, 2014, 06:21 AM
MINI2 Regular
Offline
 
Join Date: Feb 2014
Location: Derbyshire
Posts: 76
Local Time: 04:21 PM
United Kingdom
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.
Reply With Quote
  #11 (permalink)  
Old Jun 7th, 2014, 09:32 PM
MINI2 Newbie
Offline
 
Join Date: May 2014
Posts: 5
Local Time: 04:21 PM
United Kingdom
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!
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

» Recent Threads
Mini space saver wheel and fitting kit
Jul 15th, 2014 02:57 PM
by greggs
Last post by greggs
Today 02:55 PM
1 Replies, 410 Views
Panoramic roof????
Yesterday 11:44 PM
Last post by The Nun
Today 11:17 AM
1 Replies, 215 Views
Cooper D reving faster than engine speed
Yesterday 09:37 PM
Last post by Angib
Today 08:28 AM
1 Replies, 211 Views
Music Video Mini?
Today 05:02 AM
by Teal
Last post by Teal
Today 05:02 AM
0 Replies, 137 Views
GTI vs Cooper S True Cost to Own?
Jul 21st, 2014 03:39 AM
by hkyktms
Last post by hkyktms
Today 04:33 AM
3 Replies, 573 Views
Cold start issue
Yesterday 11:20 PM
Last post by pokeyjoe
Today 01:47 AM
1 Replies, 191 Views
phone function SMS question
Yesterday 08:49 PM
by nimpy
Last post by nimpy
Yesterday 08:49 PM
0 Replies, 197 Views
Fault code
Yesterday 08:06 PM
Last post by Caveman
Yesterday 08:19 PM
1 Replies, 155 Views
Blower controls
Jan 25th, 2014 01:36 PM
by andykb
Last post by Restyle
Yesterday 07:50 PM
5 Replies, 795 Views
Too good to be true?
Nov 24th, 2010 08:06 PM
Last post by mjbb
Yesterday 06:41 PM
5 Replies, 1,389 Views
Charge air pressure control deviation 2884
Feb 10th, 2012 05:37 PM
Last post by gloria
Yesterday 05:07 PM
3 Replies, 2,749 Views
Mini Cooper N/A rally build
Apr 10th, 2012 02:08 PM
Last post by Rally370
Yesterday 04:33 PM
91 Replies, 34,018 Views
Celebrate this Mother’s Day in a unique way with this gift
Yesterday 11:55 AM
Last post by flowersusa
Yesterday 11:55 AM
0 Replies, 140 Views
Engine overheating problem when idle
Jul 21st, 2014 05:58 PM
Last post by kelv1962
Yesterday 10:24 AM
2 Replies, 356 Views
Countryman one petrol needs more power!
Jul 22nd, 2014 07:51 PM
Last post by davidscott
Yesterday 09:03 AM
1 Replies, 231 Views
How much do you pay in insurance?
Jul 24th, 2010 03:01 PM
Last post by bennyjs123
Yesterday 06:46 AM
81 Replies, 28,345 Views
Strange noise after dealer ecu (dme) flash
Aug 25th, 2013 10:56 PM
Last post by Wirthmo
Yesterday 03:32 AM
1 Replies, 1,119 Views
New Feature Validation Project
Yesterday 03:02 AM
by ATak623
Last post by ATak623
Yesterday 03:02 AM
0 Replies, 196 Views
Mini Monstah Night
Yesterday 02:24 AM
Last post by auburnmarie
Yesterday 02:24 AM
0 Replies, 174 Views
automatic transmission fix
Yesterday 01:45 AM
Last post by pforbes54
Yesterday 01:45 AM
0 Replies, 204 Views
» Premium
» Auto Insurance
» Wheel & Tire Center

Powered by vBadvanced CMPS v3.2.1

All times are GMT. The time now is 03:21 PM.



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