Buying a Car on Finance - Any tips ??

[barmyowls]

Thinking of buying a car on finance , so much a month etc but you do hear bad story's - so tips welcome

[RiffRaff]

Thinking of buying a car on finance , so much a month etc but you do hear bad story's - so tips welcome

 

Bought my last one through Close Finance.

No problems wahtsoever, other than one that I caused by altering the date of the standing order which resulted in a £40 admin fee.

[alan p]

If it’s a new car then look for one that has interest free. I bought 2 over the years and check how long you have to pay I found that that the longer you had to pay made the monthly payment lower. I have to also say it’s a few years ago that I did it. Alan.

[alchresearch]

The thing to look for are the hidden payments. Such as arrangement fees, close of account fees and the like.

 

The last time I bought an expensive car I arranged finance with a loan from Tesco bank. The car dealership guaranteed to beat the repayments.

 

They managed to only match it, but with these two opening and closing payments, added about £400 to the total cost, whereas the Tesco arrangements were free.

[ANGELFIRE1]

Thinking of buying a car on finance , so much a month etc but you do hear bad story's - so tips welcome

 

 

Make sure you can afford the monthly payments, and always pay on time. Then you will be ok.

 

Angel1.

[Mandem]

Take out Gap insurance then if you have an accident, the gap insurance pays off the remaining finance.

[DC89216]

GAP is important yes.

 

Also just make sure you can afford the payments. Sorted.

[EmmaJones76]

Also be aware with some finance deals at the end of the 3/4/whatever years as there will be a crippling final payment of many thousand pounds in order to buy the car outright.

 

Long term vehicle leasing is also an option, do a google for "Evogo"

[Guest]

Yep just watch any manufacturers car advert that says £199/month.....in really small print you'll see the £6000 deposit and £6000 final payment required...as an example

 

---------- Post added 08-05-2018 at 13:01 ----------

 

Also if you use PCP you don't actually own the car until you've made the final payment afaik.

[spilldig]

I suppose it depends if you are running it because you have to to get to work or similar, otherwise I would say don't bother,or save up and buy one cash.