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7/3/2007 7:10:08

sjmcbride

Posts: 40
Since: 5/3/2007
Status: offline

Ok, i've found the car for me, now i need to pay for it!
I'm buying a 99T GT with 48k on the clock. I want to finance 11k and keep the month repayments as low as possible. A balloon payment at the end would be perfect, but the company that the dealer uses doesn't extend this service to cars of this age. Does anybody know of anywhere that could help?

7/3/2007 11:08:53

Johncwl

Posts: 123
Since: 20/11/2006
Status: offline

Hi sjmcbride welcome to the forum

The best way to finance the 11K would be with a personal loan, Northern Rock are petty competitive at the moment 6.4% apr works out 335.84 per month over 36 months thats without insurance, up to 372.93 with gold cover

7/3/2007 17:25:25

pacoryan

Posts: 903
Since: 31/10/2006
Region: Salisbury
Status: offline

Do not under almost any circumstances (i.e. unless you are a diabetic steeplejack) buy payment protection insurance on your personal finance - it is poor value (£35 p.m. + for c.£4,000 p.a. of cover??) and you can do better with an alternative type of insurance (ask for PHI) - ask someone you trust who they use for Financial Advice and then get a recommendation from that person (make sure they are independent).

IIRC Alliance & Leicester do a personal loan for car purchase with a balloon but I haven't looked in to it, I don't think it is car specific but I will happily be proven wrong!

< Message edited by pacoryan -- 7/3/2007 17:28:46 >

8/3/2007 7:34:59

sjmcbride

Posts: 40
Since: 5/3/2007
Status: offline

Thanks for your help, all sorted now, money is in the bank for aprrox 1 hour before i transfer it to the dealer! Picking the car up later today, V. excited. looking forward to being an active part of this forum and attending some meets. In fact that reminds me, i have got my name down for the Italian show in Bristol, which is great, the only problem is i'm down to be with the GTV boys(&girls?). I'll have to see if they can find me a spot with the maser's now that i have graduated!

Thanks again.

8/3/2007 16:32:07

Johncwl

Posts: 123
Since: 20/11/2006
Status: offline

quote:

ORIGINAL: Johncwl

Hi sjmcbride welcome to the forum

The best way to finance the 11K would be with a personal loan, Northern Rock are petty competitive at the moment 6.4% apr works out 335.84 per month over 36 months thats without insurance, up to 372.93 with gold cover

8/3/2007 16:48:38

Johncwl

Posts: 123
Since: 20/11/2006
Status: offline

I'm replying to my self here can't seem to get the hang of this editing thing. I totally agree wouldn't pay for insurance on a loan, its a total rip off,they will always find a way of not paying

. I was simply explaining some figures to our new member sj Mcbride

9/3/2007 4:33:17

pacoryan

Posts: 903
Since: 31/10/2006
Region: Salisbury
Status: offline

Well done SJ !!

John - the sad state is the majority feel obliged to take out the insurance when it is basically a profit machine - that's why I shout about so loudly !!

Since I heard Dixons made more money from selling warranties than it did from selling electrical goods I vowed never to buy insurance unless under professional advice (or legal requirement!!!)

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