Thoughts on Finance for Used Cars

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Thoughts on Finance for Used Cars

Post by Zelandeth » Sun Mar 23, 2014 9:15 pm

Evening all.

Just an idea that I'm currently throwing around for the next automotive purchase which will likely be coming up in the next month or three (assuming that we ever get into the house anyway...Entry date has just been pushed back yet another week).

Looks like my budget it likely to be somewhere around the £7-10K mark, less anything I were able to get for the Saab when I sold it as it would be that place in the fleet that this would be taking. To be honest, that bit I've not even considered yet, and I haven't the foggiest idea what that's worth these days. Will certainly need a few gremlins addressing before the sale anyway.

Planning for the next car to be one to be held onto for a good long while, assuming I get along with it anyway.

We're hoping that we will be able to just pay by cash anyway - but bearing in mind the fact that we have just bought a house, and will need to get some stuff sorted out when we get in, and that there are some costs coming up for the Skoda too, it may make our lives a bit easier if it were possible to spread the payments out a bit, even if it does cost a bit extra in the long run.

I did have a brief poke around on Google, but as usually seems to be the case I ended up finding so many things there which generally just seemed to leave me with a sea of numbers that I got hopelessly lost in a hurry.

So I thought I would ask here and see what experience anyone here might have had in the field. Whether it may be a personal loan with the bank or some specialised automotive finance company.

Just curious really to know what sort of monthly payments we would be expecting for the numbers above on three or five year plans, and what sort of interest rate is good?

Just know that you guys are the font of all knowledge generally so were worth asking!

Hopefully we'll just be paying cash anyway, but nice to have options which might well make the difference between going for the cheaper or better condition options.
LOZ: Oddball cars, lighting information, and anything else I remember to upload!
Current fleet: 96 Citroen Xantia Activa, 90 Mercedes 208D Autotrail Navajo, 85 Jaguar XJ-S V12 HE, 85 Sinclair C5, 73 AC Model-70.

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Re: Thoughts on Finance for Used Cars

Post by sch4463 » Thu Mar 27, 2014 8:17 pm

is there any merit in paying part on credit card - even say £100.
seem to think you then get consumer credit protection for the full purchase price if it turns out to be a lemon?
someone will no doubt agree/correct me...

spikey dapikey

Re: Thoughts on Finance for Used Cars

Post by spikey dapikey » Fri Mar 28, 2014 12:54 pm

Google Money Saving Expert, that site has some very good advice.

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