Finance People

[Jimboy2]

But chances of 0% on a mustang are zero right? Plus the availability of the car makes it difficult to wait out for a good deal as we don't know when the car will turn up. May look at a loan. Will be over 6 years tho. Never committed to anything that long before!

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[Lone Survivor]

Cheaper than 0% means on the ticket price. I've never seen a cheaper finance deal from a dealer, ever!

Not only has the dealership to make a few quid, the finance house does as well, no? Well that's paying twice for a loan in my book.

Are you saying the finance on a Mustang from you is cheaper than a loan from a bank offering 3.4%?

Give me your repayment plan, over 3 years with £20k down, without a balloon payment. Show me and I'll get it from my dealer.

 

[j-rowe14]

Cheaper than 0% means on the ticket price. I've never seen a cheaper finance deal from a dealer, ever!

Not only has the dealership to make a few quid, the finance house does as well, no? Well that's paying twice for a loan in my book.

Are you saying the finance on a Mustang from you is cheaper than a loan from a bank offering 3.4%?

Give me your repayment plan, over 3 years with £20k down, without a balloon payment. Show me and I'll get it from my dealer.

On say a Fiesta at the moment, Ford are offering £1060 finance deposit allowance and then 0.9% APR over 2 years. Did a quote earlier where the interest was £154 over 2 years and still got the £1060 off so much better than if you paid cash or got a bank loan.

Mustang is 5.8% so on that car, the loan from the bank at 3.8% APR is cheaper. With dealership finance, we can offer PCP or options which banks can't.

 

[stevec]

I just went with 1500 deposit (was going to do more but decided to buy a house so that where my money is going). Balloon is around 17k in 3 years. Cant remeber what monthly payments are, 5 hundred and something.

In three year I will probably pay off finance unless the 2018 Mustang is something special!

 

[Zerocool]

I compared the ford finance against a bank loan and the bank loan was nearly 1% cheaper over the same term.

 

[Lone Survivor]

On say a Fiesta at the moment, Ford are offering £1060 finance deposit allowance and then 0.9% APR over 2 years. Did a quote earlier where the interest was £154 over 2 years and still got the £1060 off so much better than if you paid cash or got a bank loan.

Mustang is 5.8% so on that car, the loan from the bank at 3.8% APR is cheaper. With dealership finance, we can offer PCP or options which banks can't.

We're talking Mustang, on a Mustang Forum, but thanks for proving my point, you can't beat a personal loan!

Don't try and tell us otherwise, typical salesman patter mate.

Stick to pulling the wool over someone who can't count eyes. It's stuff like this that gets your industry a bad name.

Now back on topic, for finance on a MUSTANG, a bank loan is cheaper always, the end.

 

[jord79]

The Halifax do something similar to a PCP loan for car purchases, with a balloon payment. I think it's only for existing customers and I can't get a quote as I don't hold my main current account with them.

 

[j-rowe14]

We're talking Mustang, on a Mustang Forum, but thanks for proving my point, you can't beat a personal loan!

Don't try and tell us otherwise, typical salesman patter mate.

Stick to pulling the wool over someone who can't count eyes. It's stuff like this that gets your industry a bad name.

Now back on topic, for finance on a MUSTANG, a bank loan is cheaper always, the end.

Mate I wasn't saying typical salesmen patter, I was just trying to say that not all dealership finance is more expensive that a personal loan.

Regarding Mustang you are right that you can get a cheaper personal loan from the bank.

Ford offer finance which is a certain rate, its fixed for the entire agreement and like said before, the finance is applied to the car.

 

[Timewarp]

Has anyone got one on personal lease hire? My local dealer said that there was a lot of criteria to meet for this option.

 

[j-rowe14]

We can offer personal lease hire but i haven't sold a mustang on this option yet.
The criteria is fine for personal lease hire, just need normal finance details.

 

[Timewarp]

We can offer personal lease hire but i haven't sold a mustang on this option yet.
The criteria is fine for personal lease hire, just need normal finance details.

I'm wondering what to do as I'm thinking of only keeping the Mustang for three years. Suppose it depends if the optional final payment on PCP ends up being less for a decent deposit.

 

[Heretian]

I was going to go with 6k deposit (or more if car takes longer to arrive) and PCP the rest but temped with going lower and using the cash for something else. I don't want to fall into a trap that at the end of 3 years my loan payments go up to keep the car or I have little equity to buy the next one. I think keeping deposit low and payment higher means its more likely to be inline with clearing the balance in 3 years or just finding a low deposit for the next one and using the equity (if any) as a bonus.

 

[benanderson89]

If its anything like buying my Kia, the day before I go to collect it! I'm trading in a car so it makes sense that it'd be just before I'm ready to grab the keys.

Yeah, I'm aware of that, some people might not know though. What I do know from 35 years of buying cars is that more than often, unless there's a 0% offer on, dealership finance is more expensive than a bank personal loan.

I'm sure that works well for just about everyone.

For everyone over a certain age. Plus, getting dealer PCP will reduce the monthly payments, making them cheaper on a month by month basis than a bank loan in 99% of cases. The best loan I can definitely get is 6.8% over 5 years, I haven't got a hope in hell of getting the 3.4% Sainsburys loan because I'm in my 20s, despite a flawless credit rating (bank manager was taken by surprise, said it was better than most people in their mid 30s) and no debt outside my present car.

Ford's PCP package even at the older rate of 6.8% is over £100 cheaper a month because of the GFMV keeping everything down.

If I feel like keeping the car I can just get a loan over 3 years to pay the GMFV.

Will I end up paying more overall after 6 years? Yes. Do I care? No. Because I'd rather pay £325 a month instead of £452 allowing me to put more money aside in a savings account each pay-day.

 

[Jimboy2]

If its anything like buying my Kia, the day before I go to collect it! I'm trading in a car so it makes sense that it'd be just before I'm ready to grab the keys.



For everyone over a certain age. Plus, getting dealer PCP will reduce the monthly payments, making them cheaper on a month by month basis than a bank loan in 99% of cases. The best loan I can definitely get is 6.8% over 5 years, I haven't got a hope in hell of getting the 3.4% Sainsburys loan because I'm in my 20s, despite a flawless credit rating (bank manager was taken by surprise, said it was better than most people in their mid 30s) and no debt outside my present car.

Ford's PCP package even at the older rate of 6.8% is over £100 cheaper a month because of the GFMV keeping everything down.

If I feel like keeping the car I can just get a loan over 3 years to pay the GMFV.

Will I end up paying more overall after 6 years? Yes. Do I care? No. Because I'd rather pay £325 a month instead of £452 allowing me to put more money aside in a savings account each pay-day.

This is the route I think I'm going. Putting 10k down which is my current car if it sells for roughly what I want.
That then gets the payments to 350 or so which is what I'm paying at the moment.
So it feels like nothing is changing I'm just getting a better car. Plus I'm saving 45 a month for year one as no tax. And no mot to worry about and maintenance SHOULD be low ish.

Yes I'm sinking 10k which I will never see again
And yes it's probably going to take 6 years to pay off the whole car.

Man maths is well and truly kicking in :lol:

 

[benanderson89]

This is the route I think I'm going. Putting 10k down which is my current car if it sells for roughly what I want.
That then gets the payments to 350 or so which is what I'm paying at the moment.
So it feels like nothing is changing I'm just getting a better car. Plus I'm saving 45 a month for year one as no tax. And no mot to worry about and maintenance SHOULD be low ish.

Yes I'm sinking 10k which I will never see again
And yes it's probably going to take 6 years to pay off the whole car.

Man maths is well and truly kicking in :lol:

Man maths is best maths. Just look at the Euro Zo-

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