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mse
Member Since: 27 Jun 2005
Location: Shropshire
Posts: 2704
  
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| Car Loan for Car Purchase |
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I wondered if anyone can help
We wanted to buy a vehicle from a business using a standard car loan product - but are struggling to find anyone to do it.
When we purchased our motorhome we access "car finance" through a broker who paid the dealer direct, as the dealer didnt have any finance abilities - that was ages ago and we cant get hold of them anyway
In our current example we need to pay the business, who dont have a finance facility, like the dealers do - anyone got any experience of how to go about it or who can provide the car finance type product?
Thanks Mike
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 16th Oct 2019 6:25 pm |
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Red Merle
Member Since: 30 Aug 2014
Location: Liskeard
Posts: 7441
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Are you looking for an unsecured loan, hire purchase or PCP agreement? What sort of value? 2011 - 2015: 3 x FL2
2015 - 2017: 2 x D4
2017 to date: FFRR SDV8
2023 to date: 2 x FL2 as “second” cars 🙄
2021 to date: Hinckley built ‘14 Triumph Trophy 1200
2022 to date: Hinckley built ‘14 Triumph Trophy 1200 & sidecar!
(One of only two known to exist in the world!)
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| 16th Oct 2019 7:14 pm |
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Scott #55
Member Since: 15 Apr 2015
Location: UK
Posts: 1683
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How’s your mortgage? If there’s enough equity in your house, you might be better getting a secured loan. The rate will be a lot lower than unsecured.
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| 16th Oct 2019 8:55 pm |
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pjm-84
Member Since: 04 Oct 2016
Location: Hampshire
Posts: 2589
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Actually looked at Sainsburys unsecured loans recently and was surprised by the 2.9% APR for 20k over 2years
https://www.sainsburysbank.co.uk/loans/car-loans
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| 16th Oct 2019 9:45 pm |
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mse
Member Since: 27 Jun 2005
Location: Shropshire
Posts: 2704
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Just the standard PCP type really - just like blackhorse (or similar) would do if you went into a dealer.
We dont really want an unsecured personal loan, ignoring the value (sort of large, not obscene) = higher monthlies come from it - actually we dont mind the sort of payment options surrounding vehicles (eg balloon type payments etc) and that helps monthly amounts until we ditch it in 1 or 2 yeards
We wont touch the house - for any reason - overpay the mortgage and minimise it is always the plan with that, we would rather focus on being mortgage free...whilst % cant be silly - thats less of a problem if the other values are right.
I just cant seem to find a way or company you can go to, like blackhorse, to finance a car with that specific product line Mike
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| 16th Oct 2019 10:06 pm |
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Pelyma
Member Since: 06 Jan 2005
Location: Patching, Sussex
Posts: 15496
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There was a guy called Kam100 used to do this on here. DS3 TDV6 HSE - Silver with Alpaca (old one) Gone
DS3 TDV6 HSE- Silver with Alpaca (new one) Gone
D4 HSE Lux - Montalcino Red Gone
Porsche Cayenne V8 Diesel S
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| 17th Oct 2019 5:55 am |
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NJSS
Member Since: 06 May 2009
Location: Catherington, Hampshire.
Posts: 10796
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Yes Paul - MHC Finance, they had a dedicated folder here but have disappeared.
They were well thought off, but Google will tell you that it's probably best not to bother.
NJSS Am I Gammon or Woke ? - I neither know nor care.
2016 Discovery 4 Landmark
2011 Mercedes Benz SL350 (R230)
1973 MG B GT V8 - 3.9L John Eales engine, 5 speed R380 gearbox, since 1975.
1959 MGA roadster - 1.9L Peter Burgess Engine - 5 speed gearbox
Past LRs - Multiple FFRs, Discos & a Series I - some petrol, some diesel,
none Electric or H2 fuel cell - yet.
There are 10 types of people in this world: Those who understand binary, and those who don’t.
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| 17th Oct 2019 6:54 am |
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betty02
Member Since: 09 Jun 2014
Location: Wakefield
Posts: 133
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I did it on my last car. Borrowed £10k over 4 years from M&S Bank. Bought the car out right.
Would do it again, gives you a slight bit of freedom with selling if you do need to sell early. Had a few mates caught short in finance and needing to sell cars etc.
It's down to personal prefrence really!
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| 17th Oct 2019 6:58 am |
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mse
Member Since: 27 Jun 2005
Location: Shropshire
Posts: 2704
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Thanks
Unfortunately we need to spend a few K - so a small load isnt really cost effective on the monthly amounts etc.
Whats silly is the deal we will get is good if we get it. Or we go through a main dealer and pay more to get less.
I'm amazed a PCP type deal isnt available outside of a dealer network...seems like monopoly to me. Mike
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| 21st Oct 2019 7:25 pm |
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adam
Member Since: 20 Sep 2005
Location: Home and Happy
Posts: 6917
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I’ve used Yorkshire Bank Asset Finance a number of times over the past 20 years.
Agree the ballon at the end of the deal, fixed monthly payments. You take the risk on the mileage (not a PCP) but if you take a conservative view on the residual, works every time. Now Golf GTI PP, 7 speed DSG.
Ex D3 and D4
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| 21st Oct 2019 8:04 pm |
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mse
Member Since: 27 Jun 2005
Location: Shropshire
Posts: 2704
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Thanks ill have a look at that
In the past mileage costs were actually cheaper, if you get the balance right, than paying more a month...its all about the costs at the end of the day Mike
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| 21st Oct 2019 9:10 pm |
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adam
Member Since: 20 Sep 2005
Location: Home and Happy
Posts: 6917
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They also deal directly with the dealer, used them for LR (x2), BMW, Mercedes, Toyota and VW 3 times. Now Golf GTI PP, 7 speed DSG.
Ex D3 and D4
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| 21st Oct 2019 9:22 pm |
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