Car Finance, better deal last year?
Discussion
Hi all,
Well I thought I might pop into Nissan today and get some finance figures for a Navaro, on a car that costs 12,995 with a grand deposit they are giving me figures back roughly of £335 a month, based on 10k a year with the offset based on a agreed final valuation of the car in 3 years time, so not the normal finance package. What I find odd is when last year I popped into BMW and almost purchased a BMW 645CI it was listed for 25k, and with a 2k deposit I was quoted about £400 when £90 of that was tyre protection insurance and a paintwork protection or something like that, so its almost the same monthly figures over the same amount of time but a car purchased at twice the price
I am quite apprehensive about buying a car on finance for two reasons, I like to out right own my stuff ( except my house at the moment
) and I don't really want to be tied down to finance agreement unless the payments were quite low as I like to have free cash.
Normally I purchase cars with cash that are in the value of around 5 - 6k which is normally funded from the sale of the previous car, No credit checks were carried out on me for either cars, so its not because of credit rating, I assume my credit rating is quite good.
my question is, why are the payments almost the same for a car that was twice the price of the navaro? I forgot to ask what the interest rate was for the navaro as nothing has been done official yet.
Well I thought I might pop into Nissan today and get some finance figures for a Navaro, on a car that costs 12,995 with a grand deposit they are giving me figures back roughly of £335 a month, based on 10k a year with the offset based on a agreed final valuation of the car in 3 years time, so not the normal finance package. What I find odd is when last year I popped into BMW and almost purchased a BMW 645CI it was listed for 25k, and with a 2k deposit I was quoted about £400 when £90 of that was tyre protection insurance and a paintwork protection or something like that, so its almost the same monthly figures over the same amount of time but a car purchased at twice the price
I am quite apprehensive about buying a car on finance for two reasons, I like to out right own my stuff ( except my house at the moment
) and I don't really want to be tied down to finance agreement unless the payments were quite low as I like to have free cash. Normally I purchase cars with cash that are in the value of around 5 - 6k which is normally funded from the sale of the previous car, No credit checks were carried out on me for either cars, so its not because of credit rating, I assume my credit rating is quite good.
my question is, why are the payments almost the same for a car that was twice the price of the navaro? I forgot to ask what the interest rate was for the navaro as nothing has been done official yet.
Edited by jdbecks on Tuesday 12th January 00:04
Always remember to look at the total cost of the package to get the true cost.
Deposit + Sum of monthly payments + Residual Balloon = Total cost.
As mentioned above, the Nissan will seem expensive because the residual/balloon will be very low (30% of purchase price at best I'd guess?)
Deposit + Sum of monthly payments + Residual Balloon = Total cost.
As mentioned above, the Nissan will seem expensive because the residual/balloon will be very low (30% of purchase price at best I'd guess?)
Always remember to look at the total cost of the package to get the true cost.
Deposit + Sum of monthly payments + Residual Balloon = Total cost.
As mentioned above, the Nissan will seem expensive because the residual/balloon will be very low (30% of purchase price at best I'd guess?)
Deposit + Sum of monthly payments + Residual Balloon = Total cost.
As mentioned above, the Nissan will seem expensive because the residual/balloon will be very low (30% of purchase price at best I'd guess?)
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