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Discussion Starter #1
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
 

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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.
 

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BarWeetGarNarWeetNinnyBon
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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
 

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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 :D :D :D :D

Dont know if Ive been approved yet though :eek: :eek: :eek:
 

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BarWeetGarNarWeetNinnyBon
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Car loans

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

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BarWeetGarNarWeetNinnyBon
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Minty said:
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
 

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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
 

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Man in the know!
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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
 

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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!)
 

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BarWeetGarNarWeetNinnyBon
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If you check A&L Web site:

8.9 is the phone rate
8.5 is the Internet only rate :p

Both apply to both standard loan and car loan.

An_S_4_Me said:
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
 

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BarWeetGarNarWeetNinnyBon
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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.

J.N. said:
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!)
 

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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.
 

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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.
 
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