Best Finance Options Available

[Sinth]

Hi peeps


Just taken a deposit for my m3 and it should be gone next week

Considering getting a gtr and using some of the money im getting from my m3 as a deposit and financing the rest . Ideally im looking to hand the car back in 2-3 yrs before the finance period ends and just settling the difference.

Im a bit of a noob on this so can anyone point me in the right direction as i dont want to be paying over the odds . Ideally would like a 2011 gtr

Thanks

Sinth

[CT17]

How much deposit?
Are you wanting a balloon to keep the monthly payments down? (and interest % charged up)
2nd hand MY11, so about £62k then?

If you get a GT-R, you won't miss the M3 after a while...

[Sinth]

Originally Posted by CT17

How much deposit?
Are you wanting a balloon to keep the monthly payments down? (and interest % charged up)
2nd hand MY11, so about £62k then?

If you get a GT-R, you won't miss the M3 after a while...

Hiya mate

thanks for the reply

ideally looking at something where the balloon is high so i keep the monthly payments down as you stated. Looking to put down around 8-10k deposit. Obviously the lower the better plus i was thinking if the dealer would do a guaranteed buy back at a certain price before the finance period ends so i just settle the difference.

This is what my friend who bought an audi TT-S just did and im not too clued up on these things as ive always bought my cars outright.

[CT17]

To be honest any figures I quote are going to be educated guesswork. You're better off popping into a dealer.

Because I believe putting down £10k on a £65k car and a future value set at £35k is going to end up with you looking at a monthly payment of aprox £750 per month over three years with competitive interest rates.

Problem with these PCP/balloon deals is you pay interest on not only the money you are paying back, but also the balloon that is outstanding for the whole agreement. So the percentage of what you are paying as interest is far higher than a straight forward hire purchase. It does give you a lower monthly payment so you can drive a better car though, but in the end you pay more than double the amount of interest. Basically you're going to have a big balloon, so that's a lot of interest coming out of your monthly payments to cover it.

This is why I bought one 18 months old for much less. I'm not in the MY11 club, but I'm much better off.

Hope this gives you an idea, but as I said... go see a dealer.

[Sinth]

thanks again buddy

If you dont mind me asking are you on finance? and if so what sorta plan are you on atm as you seem quite clued up on this.

thanks

Sinth

[*MrB*]

You could also try some brokers, they were cheaper than the finance deals offered by Nissan but its always worth shopping around and your personal circumstances, deposit, etc all have a bearing on the deal

[CT17]

Originally Posted by Sinth

thanks again buddy

If you dont mind me asking are you on finance? and if so what sorta plan are you on atm as you seem quite clued up on this.

thanks

Sinth

I run a transport company. I've got 100(ish) minibuses, about half are currently on finance of one type or another. Neccessary evil.

I bought a MY10 privately with cash to get a better price, then refinanced at a very, very low rate as a favour from the finance company I use, rather than have the money tied up in the car. I am looking at using the money for another buy to let which will help pay for the car.

Went this route as I looked at a MY11 and couldn't justify £30k more for 18 months newer. I did look at putting the MY11 on a PCP but the costs were incredible. I'd have been paying £1k per month for a car I could hand back in three years. I am now paying less and get to keep the car at the end.

I understand finance reasonably well, but am not a fan of PCPs as due to the balloon. You end up paying lots more interest out of the monthly payment but with nothing to show at the end. Great for getting what you want now, but not so good long term in my personal opinion.

Richard

[weebaws]

I used Jamie Garside at performance car finance to do mine. Have bought two cars through Jamie now and can highly recommend him.

Drop me a pm if you want to know the details.

[Sinth]

Originally Posted by CT17

I run a transport company. I've got 100(ish) minibuses, about half are currently on finance of one type or another. Neccessary evil.

I bought a MY10 privately with cash to get a better price, then refinanced at a very, very low rate as a favour from the finance company I use, rather than have the money tied up in the car. I am looking at using the money for another buy to let which will help pay for the car.

Went this route as I looked at a MY11 and couldn't justify £30k more for 18 months newer. I did look at putting the MY11 on a PCP but the costs were incredible. I'd have been paying £1k per month for a car I could hand back in three years. I am now paying less and get to keep the car at the end.

I understand finance reasonably well, but am not a fan of PCPs as due to the balloon. You end up paying lots more interest out of the monthly payment but with nothing to show at the end. Great for getting what you want now, but not so good long term in my personal opinion.

Richard

wow thanks

very good thinking there and considering what you said i think i might just settle for a my10 as in the long run i will probably lose less value ( hopefully).

Thanks for the advice matey, will have a phone around and see what it brings up

[Sinth]

Originally Posted by weebaws

I used Jamie Garside at performance car finance to do mine. Have bought two cars through Jamie now and can highly recommend him.

Drop me a pm if you want to know the details.

pmed !

[christer]

Originally Posted by Sinth

pmed !

I use Clydesdale Asset Finance, am paying about 4.9% APR iirc on a balloon agreement I started about 18 months ago. They are part of NAB. Let us know how you get on!

[Sinth]

Thanks for all the advice guys. Seems the best option for me will be to wait till the coming summer so the 10 plate gtrs drop in price a little more and then take the plunge.

[CT17]

Originally Posted by Sinth

Thanks for all the advice guys. Seems the best option for me will be to wait till the coming summer so the 10 plate gtrs drop in price a little more and then take the plunge.

Hang around the forum while you are waiting.
I didn't get too involved for the first six months, but I picked up a fair bit of knowledge that really helped me decide what I wanted when the right car came up.

[Monster GTR]

I called Jamie Garside following a recommendation above. Top service and good rates. Can't praise him enough.

[PhilT246]

Originally Posted by Monster GTR

I called Jamie Garside following a recommendation above. Top service and good rates. Can't praise him enough.

Jamie's a top fella. He financed my RS6 back in 2006.