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Discussion Starter #1
Hi guys,
after some deliberation i have decided to purchase a mini in sept 2014, hopefully a new one. i am going to place a £2000 deposit down, then finance the rest. I am hoping to buy either a mini one, or a mini cooper.
I have been checking out my credit score, and currently my score is fair on experian. i earn a relatively small amount a year (£15,000) but i have done my sums and know i can afford the repayments min have quoted me (£250 a month on PCP)
My question is, do you think i will get accepted for finance? Has anyone else been in a similar situation and been accepted or declined? i have never missed any repayments, and i have just taken out a credit builder card, which i am going to pay in full each month. Do you think this will be enough? I would really like to buy in sept as my current cars (ford ka) MOT runs out then, and my garage don't think it will make it through another mot.
Any advice is most appreciated :)
 

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If youre going to buy a new MINI and its from a MINI BMW dealership they will check your credit there and you will get an answer usually the next day, why not pop into a dealer and tell them what you wanted to do in September and see if they will advise you its all ok or if they think theyre might be a problem?
I sure they would be only to glad to help do what they can to sell you a new one, you might even get a free cup of coffee.
A lot can change though between now and September you know?
 

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SGT Slaughter & Farm Girl
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Give Credit Where Credit Is Due....

Totally check with MINI BMW about the credit, we got a great rate of 0.9 or 0.6 on the new Countryman (one of the two percents The wife...AKA, Farm Girl knows the exact numbers) I just drive the dang thing!

They do have great deals @ MINI BMW
 

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On PCP you can pay the smallish deposit and if the car is worth worth more than the GFMV that amount over can be used to get into another new car and keep monthlys similar, the risk is if its worth less than GFMV you can hand it back and let the finance company take the loss but your starting out again having to put a deposit in. This is were mini is advantageous with low depreciation, but all dependent on what the dealer thinks the cars worth at the end of payments. either they will be lumbered with cars (setting it too high) or have people wanting to buy them as there worth more than there gonna pay for them (set below value).

Also PCP doesnt tie you to one manufacturer you can change brand if you wish
 

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Really odd as when I did the finance forms Saturday they didnt even ask me what I earnt

First time ever on a finance application

Just name and address and employer name
 

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Surprisingly enough it is more economical and affordable to buy a new car these days. It comes with a warranty and virtually no bills other than insurance, especially if you can get free service thrown in. It allows you to run a tighter and almost guaranteed budget.
APR on finance also tends to be cheaper, in some cases half that of used car finance.
 

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Hey Hey
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I was just telling someone about making sure that you do your research with the various finance options before you get into the dealership's office. They've most likely marked up the interest rates in there to be a little bit more expensive than what you might see if you go to a banker. If you think that your credit is iffy, you may want to look for a financing consultant to advise you on your options and get you a guaranteed approval financing plan so that you can head to the seller with some ballpark figures already in mind. Good luck mate!
 
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