General > Random Chat
Loan or Finance?
stealthwolf:
Buying outright will be cheapest. Loans slightly more expensive and PCP costs even more.
B3n:
Lease Purchase is very simillar to a PCP but the main difference is with a LP is that the balloon figure is not guarunteed. So you can defer a larger balloon figure but if it all goes tits up you wont have the hand back option at the end.
To the op how much deposit are you looking to put down? If its more than 30% of the value of the car you wont be able to go on a PCP.
Saint Steve:
Lease agreement means no mods.
MAT ED30:
--- Quote from: Saint Steve on May 20, 2010, 07:59:16 pm ---Lease agreement means no mods.
--- End quote ---
yeah but plenty still do it :surprised: :confused:
Lean:
I'm sure someone will point out if I'm wrong - but I'm 100% sure that unless you buy outright, then you should get a personal loan.
Try your bank first (they understand your balance etc) and are more likely to give you a good rate then try others money supermarket is a genuinely good way to see the market. Be aware that rates will be tailored to your credit rating good or bad will mean varying rates - however even a 'bad' personal loan from the major banks etc will be better than a finance deal from the dealers.. garage in the long run.
Don't do gimmicks, cash back crap - nothing is free in this world! ;) keep it straight simple.
ps. Also be careful how many times you apply for a loan - it will effect your rating after 3 or so trys So don't just try lots of places - use the comparison sites and then cherry pick the few you think are good and may accept you.
So in summary..
1. Try your bank (if you have a good banking history with them)
2. Personal loan is the way forward if you don't have the £ in cash - not many do
3. Don't worry to much about a small rate difference of just look at the end figures - there is never much between them unless your talking upwards of 3%
4. Personal loans mean YOU own the car and you if you scratch it well only you have to worry about it! :smiley:
5. Enjoy the car!! :happy2:
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