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Car Loan for Car Purchase
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mse
 


Member Since: 27 Jun 2005
Location: Shropshire
Posts: 2702

United Kingdom 2015 Discovery 4 3.0 SDV6 Landmark LE Auto Indus SilverDiscovery 4
Car Loan for Car Purchase

I wondered if anyone can help

We wanted to buy a vehicle from a business using a standard car loan product - but are struggling to find anyone to do it.

When we purchased our motorhome we access "car finance" through a broker who paid the dealer direct, as the dealer didnt have any finance abilities - that was ages ago and we cant get hold of them anyway

In our current example we need to pay the business, who dont have a finance facility, like the dealers do - anyone got any experience of how to go about it or who can provide the car finance type product?

Thanks
 Mike  
Post #209291716th Oct 2019 6:25 pm
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Red Merle
 


Member Since: 30 Aug 2014
Location: Liskeard
Posts: 7438

United Kingdom 

Are you looking for an unsecured loan, hire purchase or PCP agreement? What sort of value?
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Post #209292616th Oct 2019 7:14 pm
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Scott #55
 


Member Since: 15 Apr 2015
Location: Glasgow
Posts: 1656

United Kingdom 2010 Discovery 4 3.0 TDV6 HSE Auto Nara BronzeDiscovery 4

How’s your mortgage? If there’s enough equity in your house, you might be better getting a secured loan. The rate will be a lot lower than unsecured.
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Post #209297516th Oct 2019 8:55 pm
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pjm-84
 


Member Since: 04 Oct 2016
Location: Hampshire
Posts: 2406

Ukraine 

Actually looked at Sainsburys unsecured loans recently and was surprised by the 2.9% APR for 20k over 2years

https://www.sainsburysbank.co.uk/loans/car-loans
  
Post #209298116th Oct 2019 9:45 pm
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mse
 


Member Since: 27 Jun 2005
Location: Shropshire
Posts: 2702

United Kingdom 2015 Discovery 4 3.0 SDV6 Landmark LE Auto Indus SilverDiscovery 4

Just the standard PCP type really - just like blackhorse (or similar) would do if you went into a dealer.

We dont really want an unsecured personal loan, ignoring the value (sort of large, not obscene) = higher monthlies come from it - actually we dont mind the sort of payment options surrounding vehicles (eg balloon type payments etc) and that helps monthly amounts until we ditch it in 1 or 2 yeards

We wont touch the house - for any reason - overpay the mortgage and minimise it is always the plan with that, we would rather focus on being mortgage free...whilst % cant be silly - thats less of a problem if the other values are right.

I just cant seem to find a way or company you can go to, like blackhorse, to finance a car with that specific product line
 Mike  
Post #209298416th Oct 2019 10:06 pm
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pjm-84
 


Member Since: 04 Oct 2016
Location: Hampshire
Posts: 2406

Ukraine 

https://www.halifax.co.uk/car-finance/compare/

Offer a PCP option
  
Post #209299416th Oct 2019 10:49 pm
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Pelyma
  


Member Since: 06 Jan 2005
Location: Patching, Sussex
Posts: 15496

England 

There was a guy called Kam100 used to do this on here.
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Post #209300817th Oct 2019 5:55 am
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NJSS
 


Member Since: 06 May 2009
Location: Catherington, Hampshire.
Posts: 10464

United Kingdom 2016 Discovery 4 3.0 SDV6 Landmark LE Auto Waitomo GreyDiscovery 4

Yes Paul - MHC Finance, they had a dedicated folder here but have disappeared.

They were well thought off, but Google will tell you that it's probably best not to bother.

NJSS
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Post #209301517th Oct 2019 6:54 am
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betty02
 


Member Since: 09 Jun 2014
Location: Wakefield
Posts: 133

United Kingdom 

I did it on my last car. Borrowed £10k over 4 years from M&S Bank. Bought the car out right.

Would do it again, gives you a slight bit of freedom with selling if you do need to sell early. Had a few mates caught short in finance and needing to sell cars etc.

It's down to personal prefrence really!
  
Post #209301817th Oct 2019 6:58 am
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mse
 


Member Since: 27 Jun 2005
Location: Shropshire
Posts: 2702

United Kingdom 2015 Discovery 4 3.0 SDV6 Landmark LE Auto Indus SilverDiscovery 4

Thanks

Unfortunately we need to spend a few K - so a small load isnt really cost effective on the monthly amounts etc.

Whats silly is the deal we will get is good if we get it. Or we go through a main dealer and pay more to get less.

I'm amazed a PCP type deal isnt available outside of a dealer network...seems like monopoly to me.
 Mike  
Post #209418921st Oct 2019 7:25 pm
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adam
 


Member Since: 20 Sep 2005
Location: Home and Happy
Posts: 6917

United Kingdom 

I’ve used Yorkshire Bank Asset Finance a number of times over the past 20 years.
Agree the ballon at the end of the deal, fixed monthly payments. You take the risk on the mileage (not a PCP) but if you take a conservative view on the residual, works every time.
 Now Golf GTI PP, 7 speed DSG.
Ex D3 and D4 
 
Post #209419821st Oct 2019 8:04 pm
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mse
 


Member Since: 27 Jun 2005
Location: Shropshire
Posts: 2702

United Kingdom 2015 Discovery 4 3.0 SDV6 Landmark LE Auto Indus SilverDiscovery 4

Thanks ill have a look at that

In the past mileage costs were actually cheaper, if you get the balance right, than paying more a month...its all about the costs at the end of the day
 Mike  
Post #209421621st Oct 2019 9:10 pm
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adam
 


Member Since: 20 Sep 2005
Location: Home and Happy
Posts: 6917

United Kingdom 

They also deal directly with the dealer, used them for LR (x2), BMW, Mercedes, Toyota and VW 3 times.
 Now Golf GTI PP, 7 speed DSG.
Ex D3 and D4 
 
Post #209421921st Oct 2019 9:22 pm
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