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Discussion Starter · #1 ·
Hey just wondered if any here has got there Roc on finance, if so what is the monthly repayments like.

Im still under minding weather to pay the full amount of just simple get it on finance for obvious reasons... Like in the long term you get a better deal on finance like fixed service prices and the car holding its value better.

If paid in full its hard to get service deals etc.

I but £7000 deposit down, what about you guys what are your deals?...
 

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Can't help m8 paying £23k in cash when I get mine hopefully in April ! - I don't ever buy cars on finance always pay for any car in full from day one TBH.
 

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i think you might have a hard job payin 23k in cash as they wont except that much, something to do with money laundering.Unless the laws are different up you way.Try a bankers draft its safer ;)
 

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simmytt said:
i think you might have a hard job payin 23k in cash as they wont except that much, something to do with money laundering.Unless the laws are different up you way.Try a bankers draft its safer ;)
Sorry don't mean cash literally but visa debit from bank account - will phone my B/s first and warn them of transaction in case they get concerned though.
Deposit was paid with Credit card for security.
 

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Getting mine on PCP. £1500 down and £350ish a month. I have a 2.0 tdi GT with leather and sunroof - cost £20,500.

does that help? solid residuals help bring down the cost. I don't have £23k in my bank account!!!

Tommo
 

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mktommo said:
Getting mine on PCP. £1500 down and £350ish a month. I have a 2.0 tdi GT with leather and sunroof - cost £20,500.

does that help? solid residuals help bring down the cost. I don't have £23k in my bank account!!!

Tommo
Neither will I shortly :lol:
 

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Discussion Starter · #7 ·
Yeah Tommo that helps a lot, but I'm still thinking lol, i may as well just go for the 0% finance offer, but i cant for get about all my option i won that brings the car to almost 25K
 

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Hi Flux, I'm planning to put down £6K deposit on my Candy White 2.0TSI GT and then finance the remaining £15K. Can you give me some more details about the 0% finance offer that you referred to?

Cheers!
 

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Discussion Starter · #9 ·
Hey Yob... If you ask them them may offer you a 0% finance offer over 4 years which mean you'll only pay back exactly what the car is, however the 0% offer isn't always available but from what i've heard there sales are strong and with 6K deposit it seems you more than eligible for it :)

Advantages of 0%...

1) You only pay what the car is worth not an extra 2-4K.
2) The time you pay it over is fairly quick.
3) You can haggle for other offer such as fixed servicing prices.

Disadvantages of 0%...
1) You may not be eligible for it due to credit history, low deposit etc.
2) You may not get the offer is you take out a fair few options.
3) Monthly payment will be a little high, along with the final payment.
 

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im getting GT 2.0L TDI with satnav leather n parking sensors mines £4850 deposit and £402 per month for 4yrs!!!
 

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As far as I know nobody is offering 0% on scirocco and if they are its not really 0% they are just paying your interest for you. For any deposit over £4k I recommend HP. On balances over £9k its 3.99% flat for 3yrs or 4yrs and 4.25% for 5yrs.

A flat rate is worked out as follows:
eg £10k
3.99 flat over 4yrs = 4 x 3.99% = 15.96%

£10k x 15.96% = £11596

divide by 48 = £241.58pcm

Add your fees £149 on first payment and £95 on last payment and you have your total amount repayable

Why not an APR? Because we can't work it out on a calculator
eg that example above is 9%APR
Balance £25000 same flat rate, same fees, APR is 8.2%
Balance £60000 same flat rate, same fees, APR is 7.9%

Now you'll realise why the mortgage is so expensive.
 

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Discussion Starter · #12 ·
Yeah he explained then 0% is not really 0% and they pay the interest... And my dealer said 0% can be offer if eligible, but i think I'm going to pay it straight, as i cant get a positive solution because everything works in yearly quarters as my deal explained...

BM can you give me some Finance examples...

2-4K deposit... On a GT spec with DSG, leather, SAT-NAV with Dynaudio, cruise control and folding mirrors?.
 

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A couple of thoughts from my perspective:

I always used to buy outright, until speaking with a friend one day last year and he posed the following question: If you were going to buy a house and know the value will surely go down would you rent it or buy it... and the answer has to be rent. So the same applied to a car would mean you would also rent/lease/pcp rather than buy outright.
Once I got over the thought that you are paying for something you will not own (unless you pay the baloon) and start thinkiing of the monthly payment as rent I felt much more comfortable with the finance route. In addition you do not have the worry about the car being hard to sell for a decent price due to the GFV and option of being able to hand it back to dealer at end of term, in other words the risk of the depreciation is with the dealer.
I choose pcp for the Touran as VW were running a campaign on both the list price and the finance deals making it a very affordable car.
Another thing to consider is the monthly depreciation of the vehicle, for the wifes Touran this is 60% over 3 years (roughly split 25%, 20% and 15% for yrs 1-3) or in other words £400 per month for the 1 st year, £300 for the 2nd year and £250 in yr 3 which when you consider the monthly payments of £220 per month PCP begins to make sense. Of course you have to factor in the deposit (£3K in this instance, or £83 per month over the term) but it still makes a very attractive proposition although is certainly more geared towards those that want another new car in 3yrs time with no hassles or bother of selling the current car.
Now on the recent Scirocco I brought, the pcp payments were quite frankly rubbish as VW finance were not offering any competitive rates (I am also friends with 3 people who all work in sales at separate main VW dealers and checked the varios stories I was hearing) so I went online and got much better HP (7.2%) and PCP rates (10%). HP is always lower % as the residual value (RV) is not guranteed and you do not have the option to hand the car back to dealer and walk away. I decided on a HP agreement with a ballon ((same as RV) over 3 years and stuck £5.5k down as deposit and financed £15k over 36 months paying £200 per month. I then intend to voluntary terminate (using standard right unde the consumer credit agreement) at month 34 (once 50% of the total cost has been repaid) and hand the car back to the finance company and then start over.
One other advantage of obtaining finance independently to VW is that if you choose you can opt to put down more than 30% on a PCP, but considering the way this scheme operates the biggest benefits go to people who put down smaller deposits so not sure why someone might want to do this, except to keep the monthy payment to a predetermined budget.

Right, that's me for now. Last word ultimately it comes down to personal choice, preference and circumstances.

Cheers, Justin
 

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Re: Finance
by LouLou on Sun Feb 22, 2009 5:20 pm

im getting GT 2.0L TDI with satnav leather n parking sensors mines £4850 deposit and £402 per month for 4yrs!!!
LouLou, would I be right to think this finance package is a straight HP purchase with no balloon, i/e you will own the car outright after 48 months?

Tks, Justin
 

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Le_Savage said:
I decided on a HP agreement with a ballon ((same as RV) over 3 years and stuck £5.5k down as deposit and financed £15k over 36 months paying £200 per month. I then intend to voluntary terminate (using standard right unde the consumer credit agreement) at month 34 (once 50% of the total cost has been repaid) and hand the car back to the finance company and then start over.
Where did you get the finance from mate?
Cheers
 

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i opted for a lease purchase agreement through brokers4cars the rate is 6 percent on a purchase price of 23996 and putting down 2400 leaves me with 36 monthly payments of 371 and a balloon of 11200, i dont have the option to hand the car back at the end of the term but if i happened to be in negative equity with it i would just refinance the balloon. i specced the car right up specifically to future proof it for this scenario. they also have very competitive rates for pcp and i know of at least 3 other people on here who have gone through them.
 

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polts23, I used a company called www.car-finance.net and dealt with a very nice chap called Will. I am sure that there are very many other companies that can offer same/better deals if you have the time to do the leg work, I found this lot very quickly and the offer was so much better than what I had on paper from VW I snapped it up as it also came in at my magic £200 pcm figure.

Just to reiterate that all PCP have the option to hand the car back to dealer at end of term. While all HP (with or without ballon) agreements have the legal right to terminate early and hand the car back to the finance company, there are no excpetions to this as it is part of the consumer credit act and will be clearly shown on the first page of the credit agreement under the heading 'Termination - Your Rights' or similar wording.
 

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Thanks mate, that's very useful
Cheers.
 

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The car itself is £26125 so £23600 assuming it comes out of stock after a 10% Scirocconet discount.

Firstly VWFS PCP £2k deposit and 3yrs 10kpa miles.

£407.60pcm x 36 1 x £11593.80 £149 acceptance fee and £105 option to puchase 9.9% APR

over 3.5yrs

£392.88pcm x 41 1 x £10695.27 £149 acceptance fee £105 option 2 purchase 9.9% APR

I've looked at longer term but to be honest financially the higher rate charged on longer agreements mean they just don't make sense.

Secondly 5yr HP

£436.50 x £60 same fees 8.6% APR
 
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