Author |
Topic: Car Finance? (Read 2908 times) |
|
Daniel
Full Member
Best cars Ever!!!
Posts: 636
|
 |
Car Finance?
« on: Feb 17th, 2013, 1:21pm » |
 Quote  Modify
|
Hi All
Can anyone explain car finance? I am thinking of getting a car on a per month contract but there are a few things i am not sure of.
Do i pay per month until the car is paid for?
Do i own the car after the contract is over?
Do i have to take a loan or can i use my wages?
I will be self empolyed is there anything stopping me from being accepted?
I would like ascorpio but they want nearly 5 grand a year to insure  so a new car is the cheapest by a long way to insure (almost 3 grand less).
Anyone know the aanswers?
Cheers
Dan 
|
|
 IP Logged |
98 Facelift 2.3 Cuirass Ghia Estate 170k miles
97 pre facelift 24v Silver Ultima Saloon 24k miles
|
|
|
Mike H
Senior Member
Renault Clio
 
Posts: 2594
|
|
Re: Car Finance?
« Reply #1 on: Feb 17th, 2013, 2:07pm » |
Quote Modify
|
Haven't done anything like this for a long time, but unless the rules have changed -
A. had to be a loan
B. paid over a maximum of 3 years only
C. paid monthly
D. you don't own it until finished paying off the loan
E. fully comp insurance req.d
|
|
IP Logged |
Mike H
|
|
|
PJDavis
Senior Member
2 x 1995 Jag X300 3.2 / 4.0 (Henley) 1957 XK140
Posts: 1474
|
|
Re: Car Finance?
« Reply #2 on: Feb 17th, 2013, 3:54pm » |
Quote Modify
|
Except 'D'. In Scotland as soon as you've paid more than half the loan, you then legally own the car! Hoorah for Scotland! 
|
|
IP Logged |
I love 'Movvy'
1995 Jaguar XJ6 X300 3.2 (Henley)
1995 Jaguar XJ6 X330 4.0 (Dopey)
1957 Jaguar XK140 USA (converted to RHD, and to have fitted Mk10 420G Engine with BW 65 Auto Trans)
|
|
|
Matt
Senior Member
Manual'd and a 4.0 in the making
Posts: 2816
|
|
Re: Car Finance?
« Reply #3 on: Feb 17th, 2013, 4:07pm » |
Quote Modify
|
Not sure how it works on second hand cars but on mine when i bough new
A. yea but you'll end up paying more then what the car is worth, normally the last payment is a bigger amount as it also includes the settlement fee
B. yes its yours, but you cannot sell it while you still have outstanding finance on it.
C. either, mine comes from my wages, depends on how much deposit they want up front.
D. bad credit, ccj's etc. it can be a bit more tricky.
E. buy a scorpio to do up, keep it sorned for a year then insure it once you have a ncb. Or ring round or go to an insurance broker, they'll do a battery price then the websites
|
|
IP Logged |
 
FDS2000 Scans - Birmingham
|
|
|
Daniel
Full Member
Best cars Ever!!!
Posts: 636
|
|
Re: Car Finance?
« Reply #4 on: Feb 17th, 2013, 7:23pm » |
Quote Modify
|
Thanks lads matt, if the right scorpio comes up i dont hink i could leave it lol would have to be a cossie though
|
|
IP Logged |
98 Facelift 2.3 Cuirass Ghia Estate 170k miles
97 pre facelift 24v Silver Ultima Saloon 24k miles
|
|
|
Daniel
Full Member
Best cars Ever!!!
Posts: 636
|
|
Re: Car Finance?
« Reply #5 on: Feb 17th, 2013, 7:34pm » |
Quote Modify
|
one more thing
Whats the difference?
PCP Finance
LP Finance
HP Finance
|
|
IP Logged |
98 Facelift 2.3 Cuirass Ghia Estate 170k miles
97 pre facelift 24v Silver Ultima Saloon 24k miles
|
|
|
Snoopy
Administrator
Very old.BAD tempered and missing friends.
Posts: 6278
|
|
Re: Car Finance?
« Reply #6 on: Feb 18th, 2013, 8:25am » |
Quote Modify
|
Google them here is an example of Quote:PCP Personal Contract Purchase (PCP) is one of our most popular car finance choices, offering great flexibility.
Together with a low deposit, low fixed monthly payments and a guaranteed future value, it means PCPs are an all-round perfect package. See our PCP EXPLAINED page for more information. |
|
Quote:LEASE PURCHASE
Lease Purchase is ideal for the more expensive car and for customers wanting even lower monthly payments
The benefits of lease purchase are:
low monthly payments and APR
Lower and higher deposits available
No mileage contract
You can Re-finance the Residual Value
|
|
|
|
IP Logged |
HELP the FORUM.Please DONATE
|
|
|
Daniel
Full Member
Best cars Ever!!!
Posts: 636
|
|
Re: Car Finance?
« Reply #7 on: Feb 19th, 2013, 9:11am » |
Quote Modify
|
Thanks snoopy ive figured it out now.
|
|
IP Logged |
98 Facelift 2.3 Cuirass Ghia Estate 170k miles
97 pre facelift 24v Silver Ultima Saloon 24k miles
|
|
|
|
Home
Help
Search
Members
Login
Reply
Send Topic
Print