How did u finance your car?

SL22UK · Post by **SL22UK** » Tue Apr 20, 2004 12:10 am

Hi all,

Just want to know is Peugeot Passport thing the best way or standard finance.

Cheers

MattB · Post by **MattB** » Tue Apr 20, 2004 8:39 am

I've always gone for seperate finance. It's much lower APR and the loan isn't tied to the car (ie if you don't pay then they can't reposess your car... not that that's ever been a problem for me).

Check out Cahoot (excellent flexible loans), Tesco, Sainsburys etc for loans with much lower APR than car finance.

bif · Post by **bif** » Tue Apr 20, 2004 9:38 am

I got an AA loan at 6.3% which I thought was ok.

The trouble is with a loan you have not got the option of voluntary termination that you have with some car loans.

MattB · Post by **MattB** » Tue Apr 20, 2004 9:41 am

I believe that with all loans you are entitled to settle them at any point as long as you can stump up the money (I may be wrong here, but this is the case with every loan I've looked at).

Also, car finance often limits your mileage - I know that Pug Passport does.

bif · Post by **bif** » Tue Apr 20, 2004 10:52 am

Sometimes there are penalties for early repayment on loans.

MattB · Post by **MattB** » Tue Apr 20, 2004 10:54 am

True, so it's important to make sure you can pay off early with penalities if you go for a third party loan.

Phnarr · Post by **Phnarr** » Tue Apr 20, 2004 12:51 pm

Northern Rock have a 5.9%APR loan at the moment, but my best tip would be to keep an eye on MoneyFacts when you actually need to apply for the loan - that way you get the best deal at the time...

And always understand the terms and conditions of whatever loan you go for.

Greenday · Post by **Greenday** » Tue Apr 20, 2004 5:10 pm

The passport was way higher than any of the ones i looked at, just rob a bank than the only interest you'll get is from the police

Greenday · Post by **Greenday** » Tue Apr 20, 2004 5:12 pm

The passport was way higher than any of the ones i looked at, just rob a bank than the only interest you'll get is from the police

Derek · Post by **Derek** » Tue Apr 20, 2004 5:23 pm

just save up and pay cash - much simpler.

if borrowing, at the end of the day, the best deal is the lowest rate / total payavle whether it be with a dealer or financial institution