Finance a £40k car

[gingerbeard]

Hi all, I hope I am posting in the right place but please feel free to move it if not.

I have been offered an outstanding deal on a MK1 Sierra cosworth for £40k when they are about £70k currently.

What is the best way to finance this please as it is my dream car and I do not want to miss this opportunity.

Many thanks in advance for all of your help

Chris

[Ben Lowden]

Worth having a chat with our finance partner Charles & Dean https://www.charlesanddean.com/pistonheads-banner

[gingerbeard]

Thank you, I will

[Stella Tortoise]

Sainsbury’s lend up to £40k now.

Nationwide maybe £50k.

Both at the cheaper end of the market usually.

[chrisch77]

gingerbeard said:

.....
I have been offered an outstanding deal .... for £40k when they are about £70k currently.

There's a red flag if every I heard one. Why have YOU been offered this amazing deal, does it not sound dodgy as f@ck?

[Deep Thought]

chrisch77 said:

gingerbeard said:

.....
I have been offered an outstanding deal .... for £40k when they are about £70k currently.

There's a red flag if every I heard one. Why have YOU been offered this amazing deal, does it not sound dodgy as f@ck?

+1

Alarm bells ringing. Who knowingly gives away £30,000 when they dont have to? Its not like everyone and their granny doesnt know how much a Cosworth makes.

[Deep Thought]

Assuming it all checks out, a personal loan would likely be the cheapest.

Try somewhere like money saving expert as they'll have a loans checker and can do soft checks and give a probability score etc.

https://www.moneysavingexpert.com/eligibility/loan...

[Muzzer79]

Deep Thought said:

chrisch77 said:

gingerbeard said:

.....
I have been offered an outstanding deal .... for £40k when they are about £70k currently.

There's a red flag if every I heard one. Why have YOU been offered this amazing deal, does it not sound dodgy as f@ck?

+1

Alarm bells ringing. Who knowingly gives away £30,000 when they dont have to? Its not like everyone and their granny doesnt know how much a Cosworth makes.

OP has posted in another thread saying it's a H-reg car, which makes it a Sapphire, probably a 4x4.

Needs to be an exceptional Sapphire to be worth £70k....

[Niguy]

The OP has asked for advice on how to fund the purchase of this vehicle, not opinions on whether it’s a good purchase or not.

OP I would suggest a personal loan. If you intend to keep the vehicle, great, if not you can sell it on after the loan is finished and claw back some capital.

[Deep Thought]

Niguy said:

The OP has asked for advice on how to fund the purchase of this vehicle, not opinions on whether it’s a good purchase or not.

OP I would suggest a personal loan. If you intend to keep the vehicle, great, if not you can sell it on after the loan is finished and claw back some capital.

So not worth at least highlighting the potential risk of buying a £70K car for £40K?

[VeeReihenmotor6]

Go for personal loan to own however I am with the others pointing out the gap in perceived value vs the buying price offered. For that reason I'd look at one of the specialist brokers to talk through options. They could offer something based on the future value of the car (i.e a balloon payment) so you're getting another pair of eyes on the market and value of the car.

[OddCat]

Niguy said:

The OP has asked for advice on how to fund the purchase of this vehicle, not opinions on whether it’s a good purchase or not.