Alternative Mustang Finance

[matt020876]

Having recently opened a bank account with Halifax - ive found out the Halifax do a Ford options/PCP type product but unlike ford are only charging 3.6%

Is the same premise you have a deposit, finances amount and a final balloon payment.

It works out heck of a lot cheaper!

(im in no way affiliated with Halifax!)

Sponsored

 

[Kristian87]

Having recently opened a bank account with Halifax - ive found out the Halifax do a Ford options/PCP type product but unlike ford are only charging 3.6%

Is the same premise you have a deposit, finances amount and a final balloon payment.

It works out heck of a lot cheaper!

(im in no way affiliated with Halifax!)

That sounds like a good deal. You have a weblink? Or is this something I would need to talk to them about?

 

[matt020876]

http://www.halifax.co.uk/car-finance/

 

[Kristian87]

http://www.halifax.co.uk/car-finance/

Ta. Not a customer so cannot get into that part of the website. Can you throw some numbers at us? Personally I'm looking to put about £9k down, finance over 24 months & then re-finance again for the balloon payment - maybe a loan.

 

[Big_G]

I just took a personal car loan out with Lloyds at the same rate of 3.6%. Borrowed £22k over 5 years @ £400 pm. Paying £376 on the Volvo lease at the minute so not much more. Means i'm no longer tied to a set mileage per year, no final value figures, etc, etc.
Really happy with that.

 

[Toecutter]

Ta. Not a customer so cannot get into that part of the website. Can you throw some numbers at us? Personally I'm looking to put about £9k down, finance over 24 months & then re-finance again for the balloon payment - maybe a loan.

I would also like to see some numbers. Was going to just suck it up and go with fords 6.8% with a deposit of between 9 & 12 thousand over 36 months before financing the balloon.
However, I would consider transferring my current account to halifax if the savings were worth it as I have no loyalty to my bank.

 

[benanderson89]

I just took a personal car loan out with Lloyds at the same rate of 3.6%. Borrowed £22k over 5 years @ £400 pm. Paying £376 on the Volvo lease at the minute so not much more. Means i'm no longer tied to a set mileage per year, no final value figures, etc, etc.
Really happy with that.

I never knew about the Lloyds loans, they seem like good value. I got a 4.9% rate, and that's better than my actual bank! I might use them for a loan on the balloon payment.

 

[Big_G]

I never knew about the Lloyds loans, they seem like good value. I got a 4.9% rate, and that's better than my actual bank! I might use them for a loan on the balloon payment.

Their rate has just gone up last week too, it was 4.4%. The 3.6% is online exclusive for customers.

 

[matt020876]

Sorry but due to me just taking out the account im not eligible to run some numbers - as soon as I am ill post them - unless theirs another Halifax customer out there whos had their account a bit longer

 

[Travel Lad]

I am still waiting for a full figure breakdown to see if I go PCP on Ford Options or just bank loan or add to mortgage or similar.

For my EB with custom pack and metallic and £3k down they wanted £500 a month over 3 years on 9K a year or £510 on 12K

Anybody got better figures or other finance suggestions?

 

[benanderson89]

Go through your bank. Ford offering PCP only over 3 years is a bit poor. Other brands offer 5. Or stick with PCP and drop a larger deposit. I assume you're not trading in your Guilietta QV? That should be worth a few bob. ;) Quotes from Audi when I was looking at an S5 a month or so ago peg my Kia at £13,000 in "okay" (aka: minimum) condition.

£20k loan from my Bank to help pay for my car is £392.23 a month over 5 years. Though, £20k is my limit since my wages have dropped thanks to a career move, so hopefully I'll get the trade in price I want.

 

[Kiwimatt]

Sainsburys bank offering 3.5% on loans up to £15000. Don't use Ford options, way too expensive

 

[Travel Lad]

Sainsburys bank offering 3.5% on loans up to £15000. Don't use Ford options, way too expensive

Thanks guys - that's what I thought - Banks are better option.

I have had a company car for 20 years so nothing to trade in but also the idea of buying the car and 'burning' 50% of it in 3 years and still having to pay the rest seems like a waste but then all car purchases are downhill money wise anyway :headbonk:

Having the company cars means that I have been used to changing cars every 2 to 3 years so I could see myself getting itchy feet 3 years hence - so although the Ford Options is more expensive it is a way of getting rid of the car in 3 years without spending the whole £30k. Then again if I am not going back to company car land maybe I should get in for the long haul - a car like the Mustang is going to be timeless so having it for 4 or 5 years or longer should not be an issue and it should hod it's value quite well.

Decisions decisions :shrug:

 

[Big_G]

Thanks guys - that's what I thought - Banks are better option.

I have had a company car for 20 years so nothing to trade in but also the idea of buying the car and 'burning' 50% of it in 3 years and still having to pay the rest seems like a waste but then all car purchases are downhill money wise anyway :headbonk:

Having the company cars means that I have been used to changing cars every 2 to 3 years so I could see myself getting itchy feet 3 years hence - so although the Ford Options is more expensive it is a way of getting rid of the car in 3 years without spending the whole £30k. Then again if I am not going back to company car land maybe I should get in for the long haul - a car like the Mustang is going to be timeless so having it for 4 or 5 years or longer should not be an issue and it should hod it's value quite well.

Decisions decisions :shrug:

I've had a company car for years then opted out and had to lease for the same reasons you state, nothing to trade in, etc.
Decided this time though I'm buying, saved up a £8k. Lloyds online loan was 3.6% so borrowed the rest over 5 years. Works out £400 pm which is only £20 more than I was paying for the lease on the Volvo S60 that's just gone back.

 

[benanderson89]

Sainsburys bank offering 3.5% on loans up to £15000. Don't use Ford options, way too expensive

With me being 26 I don't have a hope on earth getting an interest rate that low. :(

6.8% from my bank, 6.8% from Ford. But I need £22k in cash and my bank will only give me £20k.

I could get the money I need from a company like Zopa (used them before, no issues) but the interest rate above 20k rockets to 7.2%.

So it looks like I'll be stuck with Ford Options unless the magical Christmas fairy this December leaves a fad was of cash under the tree. :headbonk:

Sponsored