Car Finance - Whats the latest

[Gosie123]

Has anyone dealt with car finance for higher bracket lately ? EG Range Rover or BMW ?

I have dealt with Ryan @ Clydesdale aka now Virgin Money on my last deal and it works out well but they have pulled out of finance.

Current representative Apr is madness on second hand cars like 10-13%. I have £20k deposit mainly due to an insanely low final payment and am looking for something similar but the not the same as my 2019 X5 3L Diesel.

Thoughts on a postcard anyone ?

[Gastons_Revenge]

Keep an eye on the lease deals thread, also on brokers like LeaseLoco, Central Vehicle Leasing etc.

[Gosie123]

I have run the maths on a lease deal and without the positive equity I always get at the end they are way more expensive . Thanks though.

[Hammy98]

Invest the 20k and get a lease if you are buying new. Offsetting the gains against the overall cost will make the lease cheaper and you aren't taking as much of a gamble with your equity.

I've been burnt a few times expecting equity at the end and ended up with nothing - you're very much in the minority of you've ended up with 20k equity on an X5 PCP...

Alternatively buy 2-3 years old, use a specialist PCP broker like Magnitude Finance, Forza etc - they are offerring 8.9%. The saving over buying new means you don't need to use your full 20k as a deposit, and a lot of the time they offer a better GFV than main dealer finance.

[Gosie123]

Yes thanks …

I didn’t go into detail but the £20k includes a top up by me , but it was a very low GFV and I have done low milage on top

Regarding the finance Magnitude I think your right here

I have 6 mortgages and income from that so my main concern is the stress test on credit hence the high deposit , but I guess the criteria on an asset backed loan is lower than an unsecured one ..

[Actual]

Ford have a PCP 0% APR for about 50% down payment and the final payment balance to paid in a lump sum after 3 years. No interim payments. For new cars.

Edited by Actual on Thursday 19th September 16:53

[Gosie123]

Thanks . I should have clarified I’m trying to go prestige suv circa £70-72k

[CG2020UK]

Tesla Model Y is showing PCP at 0% currently on the website

[jrock78]

Alfa Romeo are offering 0% APR on 35% deposit - Get yourself a nice Stelvio Quad with that budget.

[Niguy]

Gosie123 said:

Yes thanks …

I didn’t go into detail but the £20k includes a top up by me , but it was a very low GFV and I have done low milage on top

Regarding the finance Magnitude I think your right here

I have 6 mortgages and income from that so my main concern is the stress test on credit hence the high deposit , but I guess the criteria on an asset backed loan is lower than an unsecured one ..

So how much of a ‘top up’ did you apply to get to a figure of £20k? I would be very interested to know how much equity you were left with on an X5 pcp did you buy brand new? Those cars depreciate like stones.

Have you factored your top up into overall costs compared with a lease?

[Gosie123]

I had £13k equity and topped up to the rest

The car was 18months old , I have never bought brand new

It’s got all the kit tech pack ,22s, low enough milage , ad blue etc

[Gosie123]

jrock78 said:

Alfa Romeo are offering 0% APR on 35% deposit - Get yourself a nice Stelvio Quad with that budget.

NIC looking car let me have another look properly at that , good suggestion

[bennno]

Gosie123 said:

Has anyone dealt with car finance for higher bracket lately ? EG Range Rover or BMW ?

I have dealt with Ryan @ Clydesdale aka now Virgin Money on my last deal and it works out well but they have pulled out of finance.

Current representative Apr is madness on second hand cars like 10-13%. I have £20k deposit mainly due to an insanely low final payment and am looking for something similar but the not the same as my 2019 X5 3L Diesel.

Thoughts on a postcard anyone ?

Nobody buying RR due to insurance / theft issues so bargains to be had used. Plenty for £35k so take a personal loan and add to your £20k.

BMW iX used rate 7.9%, new 3.9% but better value lightly used (40% off).

We got the iX when looking for a diesel x5. Try driving one.

[Gosie123]

Ok I will , it had crossed my radar

[Ratae]

Who do you bank with? Lloyds Bank/Black Horse are 7.4% for PCP at the moment when I got a quote this morning

[Gosie123]

Natwest . I find them useless. Good tip on Blackhorse though as they underwrite my outgoing deal.