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Discussion Starter #1
i'm starting to look into the financing of my mcc due on 1st september.

are any of you familiar with the balloon method of finance if so what do you think of it?

if you are using this method, what quotes have you been given?

thanx :blblack:
 

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I've got a car loan with the Alliance and Leicester that uses a balloon payment to keep the monthly payments down. I'm borrowing £12,000 and am paying £249 a month for four years (inc. repayment insurance), then have the option to either pay £3,600 as a one off or carry the loan on for another two years to pay off the remainder. Otherwise a straight loan would have cost > £300.

If I was planning on swapping the car after two-three years I may have gone for Mini finance and gone for a balloon payment option; this is a good compromise and works in a similar way. (I usually keep cars until they start to fall apart - having said that, given the comments about roof wear that may be sooner than I bargained for :p )

As a way to keep the monthly payments down it's a good idea.
If you are planning on swapping your car regularly, the Mini Finance is well worth a look.
Probably also worth haggling with your dealer for a good rate.
 
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