nick whale deals
Discussion
hi, im going down to nick whale in birmingham at the weekend to look for an elise s2 but am unsure how to pay! i definitely cant afford to pay the full amount straight away! the option i was thinking was to pay around £3000 deposit then pay for 4 years monthly, then have the final payment! they say this is fine. trouble is im not going to be able to afford the final payment so i'll obviously have to sell the car back to them which means the car will never be mine! do u think im crazy or do u think owning an elise for 4years is worth losing a bit of money over?! i dont want an s1! i wanted to take a bank loan out but they wont give me one for the amount i need 
any advice would be appreciated! cheers james
any advice would be appreciated! cheers james
thanks for replying!
Hi James,
You won't regret purchase however, if you are considering finacing via a dealer with/without a final balloon check these points:
1.Flat rate of interest charged, with BOE at 3.50% don't pay more than 4.00% FLAT.
2.Interest Calculation (Daily/Annually), daily apportionment is preferable as the Capital part of your payment reduces total debt immediately. This will make a huge difference if you increase payments/repay early or trade in mid-term. Alot of agreements are structured so that you repay all the interest first, leaving a potential shock mid-term.
3.What additional redemption charges would be incurred for repaying/refinancing mid-term. Alot of these agreements don't go full term mainly due to write off's or trading up gitters, so a penalty of 3months interest will only eat into any equity.
5.Administration charges paid at start & end of contract, don't add any initial charges as interest paid for full term.
I financed my S1 Sport 160 through dealer finance on a flexible daily charged contract, that is Base Rate linked. I was especially careful as have previously traded up before reaching the 3 year term. Oh and don't have any fear about balloon as long as it is set realistically, take a look a Glasses Guide values.
Good luck!!
You won't regret purchase however, if you are considering finacing via a dealer with/without a final balloon check these points:
1.Flat rate of interest charged, with BOE at 3.50% don't pay more than 4.00% FLAT.
2.Interest Calculation (Daily/Annually), daily apportionment is preferable as the Capital part of your payment reduces total debt immediately. This will make a huge difference if you increase payments/repay early or trade in mid-term. Alot of agreements are structured so that you repay all the interest first, leaving a potential shock mid-term.
3.What additional redemption charges would be incurred for repaying/refinancing mid-term. Alot of these agreements don't go full term mainly due to write off's or trading up gitters, so a penalty of 3months interest will only eat into any equity.
5.Administration charges paid at start & end of contract, don't add any initial charges as interest paid for full term.
I financed my S1 Sport 160 through dealer finance on a flexible daily charged contract, that is Base Rate linked. I was especially careful as have previously traded up before reaching the 3 year term. Oh and don't have any fear about balloon as long as it is set realistically, take a look a Glasses Guide values.
Good luck!!
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