MINI2

Flowki · Feb 10th, 2002, 05:31 PM

I've seen loads of posts on insurance. Anyone got any pointers on getting the best finance deal... Planning on 3 year period, either £2600 or £5200 deposit and an annual mileage of around 15000 (incl. business use). Price of the car is up in the £17000s...

I have the dealer's suggested finance form to fill in, just wondered if anyone had any pointers on "shopping around" - it would be very easy to just go with the default option.

Flowki

pob · Feb 10th, 2002, 05:42 PM

I got a quote from MINI for finance, then compared it to different types of loan available. Settled for one with a deferred amount after 3 years. Not tied in with mileage restrictions etc, keeps the monthly payment down, at the end of the loan period you can still choose to sell / trade / settle, and best of all saves well over £1000 interest over the MINI finance quote (for a £10K loan). Try Halifax or Alliance & Leicester - they both do this type of loan.

ELISEBOY · Feb 10th, 2002, 07:01 PM

have a look at this thread

http://www.mini2.com/forum/showthrea...hlight=finance

or type finance into the search box
there are loads of useful pointers there

best tip i seen is get a loan rather than HP then the car is yours from the start

Kinster · Feb 11th, 2002, 05:59 AM

I'm getting a 10k car loan with Alliance & Leicester at 8.5% APR (Internet offer). I was going to pay cash, but will probably change my car in 3 years (to Cooper S).

I will be paying around £219 a month with a 3 year deferred period of £4k

smiffy · Feb 11th, 2002, 01:03 PM

My car is costing 60 quid short of £12k. With a £1750 deposit the finance with be £246 a month & the APR is only 7.7 with BMW

Dont know if Ive been approved yet though

An_S_4_Me · Feb 11th, 2002, 05:35 PM

www.lombarddirect.com

decent rates on there, usually is 7.8% APR.

BMW said they would match the APR of the best quote I could get?

Anyone else had similar offers?

Kinster · Feb 11th, 2002, 06:18 PM

Anyone know of rates for car loans below 8.5% APR for £10k?

turnin · Feb 12th, 2002, 03:50 AM

Check out www.about-loans.co.uk

Minty · Feb 12th, 2002, 03:42 PM

I too had the finance deal met.
I got a quote from alliance and leicester (8.1%), and BMW met it.!!

It does pay to shop around though!

Kinster · Feb 12th, 2002, 03:48 PM

Quote:

Originally posted by Minty
I too had the finance deal met.
I got a quote from alliance and leicester (8.1%), and BMW met it.!!

It does pay to shop around though!

How much finance did you get to get 8.1%. I thought the minimum was 8.5%?

Did you need to provide proof for BMW so they can match it?

Thanks

An_S_4_Me · Feb 12th, 2002, 04:05 PM

8.5 is the standard phone for a loan rate

8.1 is the Internet only rate

I am going to see if I can get my dealer to match the Lombard Direct rate of 7.8

Minty · Feb 12th, 2002, 04:37 PM

They didn't need proof (but i took it with me just incase).
They just wanted to know what my monthly payment would be. Then they made a few phone calls, and agreed to match it.
At the end of the day, i wasnt worried if they could match it, I could get it elswhere, I just wanted my car.

Finance was for £7000

J.N. · Feb 12th, 2002, 06:48 PM

Howdy. First post.

Collecting my BRG/white Cooper on 1st March.

Local dealer was able to match Lombard rates for borrowing £5k.

4.2% flat rate. (None of this confusing APR nonsense!)

Kinster · Feb 13th, 2002, 06:17 AM

If you check A&L Web site:

8.9 is the phone rate
8.5 is the Internet only rate

Both apply to both standard loan and car loan.

Quote:

Originally posted by An_S_4_Me
8.5 is the standard phone for a loan rate

8.1 is the Internet only rate

I am going to see if I can get my dealer to match the Lombard Direct rate of 7.8

Kinster · Feb 13th, 2002, 06:21 AM

yeah, non of this APR nonsense. I remember getting a loan for my current car. They quoted me 2.3% flat rate, which ended up costing 10+% APR.

Gits were trying to confuse me.

Quote:

Originally posted by J.N.
Howdy. First post.

Collecting my BRG/white Cooper on 1st March.

Local dealer was able to match Lombard rates for borrowing £5k.

4.2% flat rate. (None of this confusing APR nonsense!)

turnin · Feb 13th, 2002, 06:30 AM

I agree. When I first started looking at minis last summer, one finance guy in a local dealership did not seem to like it when I started asking him about APR's. I think he expected me to take what was on the table and forget about it! The double act of the finance guy and salesman also did not like it when I picked on the contradiction on the mini having real good residual values and the mini PCP having decidedly average ones! It pays to shop around.

cas · Feb 13th, 2002, 07:04 AM

Cahoot is probably the most flexible loan you will ever need!

You receive an agreed limit even though you are repaying the loan. Therefore, you can keep using the loan, time and time again without re-applying.

8% APR with total freedom to borrow and repay at any time, with NO penalties.

This really takes some beating and leaves your car unemcumbered.

Be carefull of low interest rates with up-front loading of interest.

This applies to BMW and most high street names mentioned in this thread.

Kinster · Feb 13th, 2002, 08:54 AM

Which are you guys getting and why?

Feb 10th, 2002, 05:31 PM	#1
Flowki MINI2 Newbie Join Date: Dec 2001 Local Time: 12:49 PM Posts: 35 Offline	Finance... I've seen loads of posts on insurance. Anyone got any pointers on getting the best finance deal... Planning on 3 year period, either £2600 or £5200 deposit and an annual mileage of around 15000 (incl. business use). Price of the car is up in the £17000s... I have the dealer's suggested finance form to fill in, just wondered if anyone had any pointers on "shopping around" - it would be very easy to just go with the default option. Flowki JCWorks + Open Air Filter, BRG/White, Chili, Full Leather, 17in S Spoke Alloys

Feb 11th, 2002, 05:59 AM	#4 (permalink)
Kinster BarWeetGarNarWeetNinnyBon Join Date: Jan 2002 Location: Location: Location Local Time: 01:49 PM Posts: 2,709 Offline	A&L I'm getting a 10k car loan with Alliance & Leicester at 8.5% APR (Internet offer). I was going to pay cash, but will probably change my car in 3 years (to Cooper S). I will be paying around £219 a month with a 3 year deferred period of £4k Hyper Blue/Blue MCSC with Chilli 'No man will make a great leader who wants to do it all himself' A. Carnegie

Feb 11th, 2002, 01:03 PM	#5 (permalink)
smiffy MINI2 Master Join Date: Aug 2001 Location: Here Local Time: 12:49 PM Posts: 5,778 Offline	My car is costing 60 quid short of £12k. With a £1750 deposit the finance with be £246 a month & the APR is only 7.7 with BMW Dont know if Ive been approved yet though S for Smiffy "Kids in the front seat cause accidents, accidents in the backseat cause kids!"

Feb 11th, 2002, 05:35 PM	#6 (permalink)
An_S_4_Me MINI2 Senior Join Date: Nov 2001 Location: Wakefield, UK Local Time: 01:49 PM Posts: 572 Offline	www.lombarddirect.com decent rates on there, usually is 7.8% APR. BMW said they would match the APR of the best quote I could get? Anyone else had similar offers? DS Cooper S w/white bits, DSC, 1/2 Leather all black trim, CHILI Pack, TLC - ARRIVED 01/07/02 Sold 29th May 2004 to make way for house

Feb 11th, 2002, 06:18 PM	#7 (permalink)
Kinster BarWeetGarNarWeetNinnyBon Join Date: Jan 2002 Location: Location: Location Local Time: 01:49 PM Posts: 2,709 Offline	Car loans Anyone know of rates for car loans below 8.5% APR for £10k? Hyper Blue/Blue MCSC with Chilli 'No man will make a great leader who wants to do it all himself' A. Carnegie

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Feb 10th, 2002, 05:42 PM	#2 (permalink)
pob MINI2 Regular Join Date: Dec 2001 Local Time: 01:49 PM Posts: 236 Offline	I got a quote from MINI for finance, then compared it to different types of loan available. Settled for one with a deferred amount after 3 years. Not tied in with mileage restrictions etc, keeps the monthly payment down, at the end of the loan period you can still choose to sell / trade / settle, and best of all saves well over £1000 interest over the MINI finance quote (for a £10K loan). Try Halifax or Alliance & Leicester - they both do this type of loan.

Feb 10th, 2002, 07:01 PM	#3 (permalink)
ELISEBOY MINI2 Master Join Date: Jan 2002 Location: Essex Local Time: 01:49 PM Posts: 2,163 Offline	have a look at this thread http://www.mini2.com/forum/showthrea...hlight=finance or type finance into the search box there are loads of useful pointers there best tip i seen is get a loan rather than HP then the car is yours from the start

Feb 12th, 2002, 03:50 AM	#8 (permalink)
turnin MINI2 Newbie Join Date: Dec 2001 Local Time: 12:49 PM Posts: 36 Offline	Check out www.about-loans.co.uk

Feb 12th, 2002, 03:42 PM	#9 (permalink)
Minty Man in the know! Join Date: Sep 2001 Location: Coventry/Warwick Local Time: 01:49 PM Posts: 4,005 Offline	I too had the finance deal met. I got a quote from alliance and leicester (8.1%), and BMW met it.!! It does pay to shop around though! E-Mail Me \| Minty - Reaches parts other people can't.

Feb 12th, 2002, 03:48 PM	#10 (permalink)
Kinster BarWeetGarNarWeetNinnyBon Join Date: Jan 2002 Location: Location: Location Local Time: 01:49 PM Posts: 2,709 Offline	Quote: Originally posted by Minty I too had the finance deal met. I got a quote from alliance and leicester (8.1%), and BMW met it.!! It does pay to shop around though! How much finance did you get to get 8.1%. I thought the minimum was 8.5%? Did you need to provide proof for BMW so they can match it? Thanks Hyper Blue/Blue MCSC with Chilli 'No man will make a great leader who wants to do it all himself' A. Carnegie

Feb 12th, 2002, 04:05 PM	#11 (permalink)
An_S_4_Me MINI2 Senior Join Date: Nov 2001 Location: Wakefield, UK Local Time: 01:49 PM Posts: 572 Offline	8.5 is the standard phone for a loan rate 8.1 is the Internet only rate I am going to see if I can get my dealer to match the Lombard Direct rate of 7.8 DS Cooper S w/white bits, DSC, 1/2 Leather all black trim, CHILI Pack, TLC - ARRIVED 01/07/02 Sold 29th May 2004 to make way for house

Feb 12th, 2002, 04:37 PM	#12 (permalink)
Minty Man in the know! Join Date: Sep 2001 Location: Coventry/Warwick Local Time: 01:49 PM Posts: 4,005 Offline	They didn't need proof (but i took it with me just incase). They just wanted to know what my monthly payment would be. Then they made a few phone calls, and agreed to match it. At the end of the day, i wasnt worried if they could match it, I could get it elswhere, I just wanted my car. Finance was for £7000 E-Mail Me \| Minty - Reaches parts other people can't.

Feb 12th, 2002, 06:48 PM	#13 (permalink)
J.N. MINI2 Regular Join Date: Feb 2002 Location: Norfolk UK Local Time: 12:49 PM Posts: 133 Offline	Howdy. First post. Collecting my BRG/white Cooper on 1st March. Local dealer was able to match Lombard rates for borrowing £5k. 4.2% flat rate. (None of this confusing APR nonsense!)

Feb 13th, 2002, 06:17 AM	#14 (permalink)
Kinster BarWeetGarNarWeetNinnyBon Join Date: Jan 2002 Location: Location: Location Local Time: 01:49 PM Posts: 2,709 Offline	If you check A&L Web site: 8.9 is the phone rate 8.5 is the Internet only rate Both apply to both standard loan and car loan. Quote: Originally posted by An_S_4_Me 8.5 is the standard phone for a loan rate 8.1 is the Internet only rate I am going to see if I can get my dealer to match the Lombard Direct rate of 7.8 Hyper Blue/Blue MCSC with Chilli 'No man will make a great leader who wants to do it all himself' A. Carnegie

Feb 13th, 2002, 06:21 AM	#15 (permalink)
Kinster BarWeetGarNarWeetNinnyBon Join Date: Jan 2002 Location: Location: Location Local Time: 01:49 PM Posts: 2,709 Offline	yeah, non of this APR nonsense. I remember getting a loan for my current car. They quoted me 2.3% flat rate, which ended up costing 10+% APR. Gits were trying to confuse me. Quote: Originally posted by J.N. Howdy. First post. Collecting my BRG/white Cooper on 1st March. Local dealer was able to match Lombard rates for borrowing £5k. 4.2% flat rate. (None of this confusing APR nonsense!) Hyper Blue/Blue MCSC with Chilli 'No man will make a great leader who wants to do it all himself' A. Carnegie

Feb 13th, 2002, 06:30 AM	#16 (permalink)
turnin MINI2 Newbie Join Date: Dec 2001 Local Time: 12:49 PM Posts: 36 Offline	I agree. When I first started looking at minis last summer, one finance guy in a local dealership did not seem to like it when I started asking him about APR's. I think he expected me to take what was on the table and forget about it! The double act of the finance guy and salesman also did not like it when I picked on the contradiction on the mini having real good residual values and the mini PCP having decidedly average ones! It pays to shop around.

Feb 13th, 2002, 07:04 AM	#17 (permalink)
cas MINI2 Newbie Join Date: Oct 2001 Local Time: 12:49 PM Posts: 22 Offline	Cahoot is probably the most flexible loan you will ever need! You receive an agreed limit even though you are repaying the loan. Therefore, you can keep using the loan, time and time again without re-applying. 8% APR with total freedom to borrow and repay at any time, with NO penalties. This really takes some beating and leaves your car unemcumbered. Be carefull of low interest rates with up-front loading of interest. This applies to BMW and most high street names mentioned in this thread.

Feb 13th, 2002, 08:54 AM	#18 (permalink)
Kinster BarWeetGarNarWeetNinnyBon Join Date: Jan 2002 Location: Location: Location Local Time: 01:49 PM Posts: 2,709 Offline	standard loan vs car loan Which are you guys getting and why? Hyper Blue/Blue MCSC with Chilli 'No man will make a great leader who wants to do it all himself' A. Carnegie

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