General > Random Chat
Loan or Finance?
Poverty:
finance it on HP. Then if it turns out to be a dog, you can dump your problems onto the finance company, as its a tri party agreement.
Oli:
--- Quote from: Ifti on May 20, 2010, 10:12:54 am ---If you havent got the cash to hand, dont buy the car.
Personally i wouldnt want to get into debt over a car. My mortage is the only debt I have, and the only one I ever want to have!
--- End quote ---
That is a ridiculous quote, and lucky you for having lots of money to buy what you want. I always buy cars on a lease purchase, with a large enough deposit, so I'm always the right way round. Large lumps of cash should be used to pay off your mortgage, not buy cars. But hey it good we are all different!
In my humble view, cars should be looked at as a tool for getting around and business(alright a very nice tool), but paid for on a monthly basis, so at the end the depreciation doesn't look too bad!
Oli:
Oh and remember, if you do finance it, because of the halves rules on a regulated agreement, once you have paid half the total amount payable, you can just hand the car back to the finance company, as long as its in a servicable conditon - Bonus!!!!
Oli:
--- Quote from: B3n on May 20, 2010, 12:18:08 pm ---My basic opinions are
If your looking to mod the car get a Loan.
If you want the minimum monthly payment and will probably look to change the car every 3 years get a PCP.
If you want the in-between get a Hire purchase agreement.
With all VWFS finance agreements (except Contract hire) if you buy the car from a main dealer there are no early settlement charges.
--- End quote ---
You can modify the car on HP and LP, the car is yours, unless you stop paying and then it wont make any difference, as it will be repossessed, and sold at auction and they will come after you for the shortfall!
PCP is expensive as they guarantee the balloon, Lease purchase is essentially the same, but no guaranteed balloon, so less risk for the finance company, so cheaper.
Most finance companies only charge 1 months interested if you settle early, unless it is scratchers finance!
Hurdy:
--- Quote from: B3n on May 20, 2010, 12:18:08 pm ---My basic opinions are
If your looking to mod the car get a Loan.
If you want the minimum monthly payment and will probably look to change the car every 3 years get a PCP.
If you want the inbetween get a Hire purchase agreement.
With all VWFS finance agreements (except Contract hire) if you buy the car from a main dealer there are no early settlement charges.
--- End quote ---
I agree with this...if you can't buy outright. :smiley:
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