GS 3.9% APR - anybody got an info on how long it will last?

[Tyzer]

0% being offered at AJ's , have to be registered before end of December though !

 

[sven]

This is correct. The 3.3 % is a representative rate, if you have a below par credit history or indeed no credit history , that rate will rise accordingly .

I've just handed my company car back and taken a car allowance instead, so instead of leasing I took out a loan from Sainsbury's (they gave me the 3.3% rate). This allowed me to avoid the depreciation and buy a 12 month old Golf GT DSG estate with 7k miles on the clock and a saving of £10k off list price. There's no final payment to worry about and I'll have £6-8k residual value in it in four years to use as a deposit for the next one.

I want to do the same with my next bike and get out of the PCP trap in April and thankfully I've saved up enough for the £6200 final payment I really don't need a £13k bike for 6000 miles/year

 

[JohnnyBoxer]

I've just handed my company car back and taken a car allowance instead, so instead of leasing I took out a loan from Sainsbury's (they gave me the 3.3% rate). This allowed me to avoid the depreciation and buy a 12 month old Golf GT DSG estate with 7k miles on the clock and a saving of £10k off list price. There's no final payment to worry about and I'll have £6-8k residual value in it in four years to use as a deposit for the next one.

I want to do the same with my next bike and get out of the PCP trap in April and thankfully I've saved up enough for the £6200 final payment I really don't need a £13k bike for 6000 miles/year

Wise words

 

[Deleted account 251212001]

I've just handed my company car back and taken a car allowance instead, so instead of leasing I took out a loan from Sainsbury's (they gave me the 3.3% rate). This allowed me to avoid the depreciation and buy a 12 month old Golf GT DSG estate with 7k miles on the clock and a saving of £10k off list price. There's no final payment to worry about and I'll have £6-8k residual value in it in four years to use as a deposit for the next one.

I want to do the same with my next bike and get out of the PCP trap in April and thankfully I've saved up enough for the £6200 final payment I really don't need a £13k bike for 6000 miles/year

Motorcycling is rarely about NEED tho.

Sounds like a good option though, I avoid PCP as u end up paying more interest for it. I opted out of the company car scheme in 2010. I have a 2015 car now, that I own outright. Some guy at work was talking the other day about a freelander sport he'd just taken out on PCP for £500 a month. Insane.

There are some good lease deals at the moment, Audi A4 £140+vat per month. That's got to be less than depreciation.

 

[Deleted account 210604001]

Absolutely, as Johnnyboxer said, wise words.

RBW.

I've just handed my company car back and taken a car allowance instead, so instead of leasing I took out a loan from Sainsbury's (they gave me the 3.3% rate). This allowed me to avoid the depreciation and buy a 12 month old Golf GT DSG estate with 7k miles on the clock and a saving of £10k off list price. There's no final payment to worry about and I'll have £6-8k residual value in it in four years to use as a deposit for the next one.

I want to do the same with my next bike and get out of the PCP trap in April and thankfully I've saved up enough for the £6200 final payment I really don't need a £13k bike for 6000 miles/year

 

[B11RGER]

This is correct. The 3.3 % is a representative rate, if you have a below par credit history or indeed no credit history , that rate will rise accordingly .

The Sainsbury rate will also drop if a competitor supplies you with a better rate... I was offered 3.3 with Tesco and 3.5 with Halifax so it would appear it is purely Sainsbury trying to rip off people as opposed to ones credit rating

 

[Davey B]

Wise words

I am finding myself down this road too. Last new bike I bought was a last of the line 63 plate Hexhead GSA that I'll be selling in April, I prefer my 03 1150gsa (now sitting next to a lovely 26yr old CBR1000f)
Funny old world

 

[wessie]

You need a pencil and a big piece of paper if buying a new bike, or a spreadsheet as the permutations are many.

I bought a new RS in September. I put a £5000 deposit on a 0% credit card, paying back around £50 a month. I looked at paying the rest off from savings and considered various finance options. I eventually took the BMW HP deal at a nominal 5.9% APR. Not the best finance rate but the overall purchase price was lower than a cash purchase (or bank loan) as the dealer was able to offer a bigger discount on the bike by cutting their commission on the loan. Interest will be around £950 over the 4 year term if I complete the payments. I have the option to end the finance early and save myself a few hundred quid, either by using my savings or getting a cheaper loan. I probably won't bother unless I decide to trade the bike within the 4 years.

So, work out all of the permutations as each finance package earns the dealer a kickback which will vary and may lead to a discount on the bike. Cash sales are rarely the best deal - often better to take out a finance deal and pay off the finance with the cash at a later date.

 

[chasbmw]

Or even pay off the finance package during the cooling off period.


Sent from my iPhone using Tapatalk