Best current finance deals/loans?

JohnC

JohnC

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Has anyone found any good finance deals/loans lately? I've been looking into the best way to purchase a new 1200 and the best I've found so far for a loan of £7300 over 24 months are:

Direct Line (no arrangement fees etc, £398 charges) 5.6% APR

Northern Rock (no arrangement fees etc, £405 charges) 5.7% APR

BMW 8.6% APR (*based on £6885 of credit, credit arrangement fee £140 + £60, purchace fee, charges £502, total charges £702)

Looks like Direct Line is a no-brainer but perhaps someone has had a better deal. The plus point for going with the BM deal I suppose would be pure convenience I guess.
 
Hmm, I dont think my credit limit stretches to £7000, plus the other half has been using this method for a while now with her credid cards. I think the credit card companies are wise to this now as they share details. Good idea though and I'll deff look into it. Cheers for the link m8 :thumb
 
Have you looked at the BMW select plan with the final residule payment?

Will not compete with credit card deals but if your putting down the maximum deposit they accept (30% from memory) the payment is about £130 a month with the final payment in 2 years being around £4500.
 
lol, wondered when someone would say that. I've plenty in the bank m8, just stuffed 17 years of enhanced redundancy payment in, but I'd rather keep that little pot for emergencies than blow it on a bike. Lets face it, £400 interest over two years for £7K, another no-brainer for me :D

Perhaps yer mam told you this when the average APR was 30% + ;)
 
An advantage with Northern Rock is that there is no penalty for early repayment if you come into a bit of cash. Most companies charge 2 months interest.

Mike R
 
Pondboy said:
Become a Credit card Tart.

Bounce the money off 2-3 0% interest credit cards. Get new ones as the 0% term runs out and do a balance transfer from the old to the new. Then cut up the old card.

You can finance at 0% and the only fee you will hit is the balance tranfers fee.

See here for the best info.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107775287,62749,#longest

PB
Click to expand...

I did this when I bought my GS. The cost to change was £3k. Got 2% cashback from Halifax then bounced it onto 0% Egg & Morgan Stanley cards for 12 months. The cash was in the bank earning about 5% too. £210 profit for a few clicks on the internet.

Not quite the same now: most cards charge 2% for balance transfers now.
 
JohnC said:
Perhaps yer mam told you this when the average APR was 30% + ;)
Click to expand...

Where did you get your figure of £400 interest from? If you borrow £7,300 at 5.6% APR, pay it back monthly, and add in the fees (which they will add on to the loan, and charge you interest on...), you will pay back a total of £8496, which is a cost of £1196 for borrowing the money.
 
I think John was talking about the total amount of interest payable when he was referring to "fees".
 
With a PCP - BMW for instance - you declare the mileage as 10k and if you do more so what, you part-ex the bike or re-finance. The mileage only kicks in if you 'hand it back' at the end which is a dumb thing to do.

:beerjug:
 
JohnC said:
lol, wondered when someone would say that. I've plenty in the bank m8, just stuffed 17 years of enhanced redundancy payment in, but I'd rather keep that little pot for emergencies than blow it on a bike. Lets face it, £400 interest over two years for £7K, another no-brainer for me :D

Perhaps yer mam told you this when the average APR was 30% + ;)
Click to expand...


was slightly less than 30%... but applied to savings.

I've never had a credit card in my life... I'd rather save and pay cash.
or... save and get a small bank-loan. which is how I bought my current bike

was the way i was brought up... didn't mean to cause any offense.

Almost daily I get junkmail telling me how i can consolidate all my debts.


err... what debts?

I've only got the mortgage... which after 6 years of overpayments is now £80 a month. :beer:


To be honest I dont understand these new deals where, even when the payments end... you are still left owing £1000's

makes no sense to me at all... :confused:
 
ssi said:
With a PCP - BMW for instance - you declare the mileage as 10k and if you do more so what, you part-ex the bike or re-finance. The mileage only kicks in if you 'hand it back' at the end which is a dumb thing to do.

:beerjug:
Click to expand...

What he said :D

If you look at the residuals on GS's and BMW in general the trade in value alone would leave enough "deposit" to roll over into another contract.
 
NorthernBoy said:
Where did you get your figure of £400 interest from? If you borrow £7,300 at 5.6% APR, pay it back monthly, and add in the fees (which they will add on to the loan, and charge you interest on...), you will pay back a total of £8496, which is a cost of £1196 for borrowing the money.
Click to expand...

Here :)

http://www.moneysupermarket.com/loa...yOffExisting=0&MonthlyAmount=322.08&PPI=0&d=1

Your Loan

Loan Amount £7,300
APR 5.7% Typical APR
24 monthly payments of £322.08
Total charge for credit £429.92
Total amount repayable £7,729.92

OK it's £429.92 ;)

:clap
 
tony.nottm said:
was slightly less than 30%... but applied to savings.

I've never had a credit card in my life... I'd rather save and pay cash.
or... save and get a small bank-loan. which is how I bought my current bike

was the way i was brought up... didn't mean to cause any offense.

Almost daily I get junkmail telling me how i can consolidate all my debts.


err... what debts?

I've only got the mortgage... which after 6 years of overpayments is now £80 a month. :beer:


To be honest I dont understand these new deals where, even when the payments end... you are still left owing £1000's

makes no sense to me at all... :confused:
Click to expand...


No offence taken m8, it's just that I like having all my cash in the bank, just in case I need it quick. I'll say no more than that :)
 
tony.nottm said:
To be honest I dont understand these new deals where, even when the payments end... you are still left owing £1000's

makes no sense to me at all... :confused:
Click to expand...

Nor me mate, more like financial suicide. It makes a lot of sense to the loan agents though, who arrange finance for the "must-haves" then give them a chance to either refinance half a bikes value (plus interest) every two years or find a final settlement figure they cant afford for a bike they have paid top whack for.

Thats why it is so hard to strike a deal for cold hard cash these days, because finance deals and repayments are where the real profit is made.
 
JohnC said:
Here :)

http://www.moneysupermarket.com/loa...yOffExisting=0&MonthlyAmount=322.08&PPI=0&d=1

Your Loan

Loan Amount £7,300
APR 5.7% Typical APR
24 monthly payments of £322.08
Total charge for credit £429.92
Total amount repayable £7,729.92

OK it's £429.92 ;)

:clap
Click to expand...


erm.... as you've got the money in the bank already. why not use that and simply set up a standing order to repay your savings. Pay YOURSELF £429.92 interest. instead of the loan company.

I bet your savings account doesn't pay 5.7% interest




added...
sorry... didn't see your reply above.
 
Nippy Normans supply Touratech, Wunderlich, Desert Fox and many other makes of accessories.
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