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Thread: Options V Loan

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    Learning All The Songs Dyer's Avatar
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    Question Options V Loan

    Im a bit puddled with buying a new car and if theres any advice anyone can offer it'd be much appreciated.

    I have a voucher that entitles me to 20% off a new ford so have put the Audi hunt on hold

    I'd have to lend about £10k given that i can put a small-ish deposit down (more if i can get the scrappage £ for the one i drive now). Is it better to get the car on the options that Ford offer or just go to the bank and get a loan?
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    Quote Originally Posted by Dyer View Post
    Im a bit puddled with buying a new car and if theres any advice anyone can offer it'd be much appreciated.

    I have a voucher that entitles me to 20% off a new ford so have put the Audi hunt on hold

    I'd have to lend about £10k given that i can put a small-ish deposit down (more if i can get the scrappage £ for the one i drive now). Is it better to get the car on the options that Ford offer or just go to the bank and get a loan?
    If the bank loans you the money (unsecured loan) then you own the car. If you buy on Ford Options the interest rates could well be higher than a fixed rate bank loan and the car won't be yours until the Ford options deal is paid off or you trade it in for another Ford car on options.

    Before you do anything read the fine print and don't rush into it. Shop around as there's loads of car offers on. Also be prepared to travel to get a new one for a better offer. A family member recently bought a brand new car from a Nissan dealer in Newcastle as it was £2000 cheaper buying from a dealer in the North East than one in the North west.
    Last edited by parrsaint; 13th April 2009 at 00:03.

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    In The South Stand Greengrass's Avatar
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    I'd deffo make the salesman know you are interested but it all hinges on the lowest %apr loan you can get as to whether you buy or not, I am sure he will probably beat a bank loan by some distance.
    On the Back foot looking for the front one.

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    Learning All The Songs Dyer's Avatar
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    Thanks

    Its interesting that travelling some distance would save so much £. Saying that, there are plenty A3's up in Scotty land within my price range but dad wont travel more than 30miles away to view an A3 with me

    I saw adverts for £2500 off 08 plate cars at the weekend - it's a buyers market alright!
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    In The South Stand peter soutos tash's Avatar
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    Quote Originally Posted by Dyer View Post
    Thanks

    Its interesting that travelling some distance would save so much £. Saying that, there are plenty A3's up in Scotty land within my price range but dad wont travel more than 30miles away to view an A3 with me

    I saw adverts for £2500 off 08 plate cars at the weekend - it's a buyers market alright!
    try motorpoint i got a 57 plate last june for 8000
    it had 1400 miles on the clock
    so why buy new?
    good luck
    ps get the money off the bank

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    Quote Originally Posted by parrsaint View Post
    If the bank loans you the money (unsecured loan) then you own the car. If you buy on Ford Options the interest rates could well be higher than a fixed rate bank loan and the car won't be yours until the Ford options deal is paid off or you trade it in for another Ford car on options.

    .
    Secured lending is generally cheaper than unsecured and any HP / PCP deal will also be fixed rate. Manufacturer Finance Houses generally offer attractive rates also to shift the metal.

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    Apparently you should not buy a new car as the second you drive away you lose money so it is advised that you buy a car about 2/3 years old.

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    Test drive is booked for tomorrow

    I've shopped around and the loan from a bank would be more sensible (7.9% over 5 years). The offer on options from Ford atm is 3.9% for 2 years. I'd have to ask them to then match the loan the bank can offer for 3 years thereafter.

    Whatcar.com gives a guide price of what you should expect to pay for the car which has been really helpful. I've searched high and low on there and it took me to a site that quoted just over £12k (free metallic paint, £100 cheaper on the bluetooth package than ford) when Ford are wanting £15895 for the same spec and all the extras. I'll be printing the £12k car off and taking that with me before i discuss any finances. I don't want much do i lol

    I can only use the 25% discount code i have on a new car. I know its not generally advisable to buy a new car but im saving about £4k anyway so the £ it loses in value when i drive away is what im saving so i walk away with no loss/no gain.

    I know what i want to pay/what i can afford. I think of it this way too; a smoker spends about £145 a month on themselves (20 a day) and what do they have to show for it? Im paying about £15 more a month than they would on fags and have something to show for it Thats what i keep telling myself lol
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    In The South Stand Albion's Avatar
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    Quote Originally Posted by Dyer View Post
    Test drive is booked for tomorrow

    I've shopped around and the loan from a bank would be more sensible (7.9% over 5 years). The offer on options from Ford atm is 3.9% for 2 years. I'd have to ask them to then match the loan the bank can offer for 3 years thereafter.

    Whatcar.com gives a guide price of what you should expect to pay for the car which has been really helpful. I've searched high and low on there and it took me to a site that quoted just over £12k (free metallic paint, £100 cheaper on the bluetooth package than ford) when Ford are wanting £15895 for the same spec and all the extras. I'll be printing the £12k car off and taking that with me before i discuss any finances. I don't want much do i lol

    I can only use the 25% discount code i have on a new car. I know its not generally advisable to buy a new car but im saving about £4k anyway so the £ it loses in value when i drive away is what im saving so i walk away with no loss/no gain.

    I know what i want to pay/what i can afford. I think of it this way too; a smoker spends about £145 a month on themselves (20 a day) and what do they have to show for it? Im paying about £15 more a month than they would on fags and have something to show for it Thats what i keep telling myself lol
    You obviously have done your research so hope it goes well for you and you get what you want!

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    In The West Stand Syd's Avatar
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    How did you get a 25% off Ford voucher? You work for ford?
    Can you get a 25% off a Ferrari voucher? Or even Aston Martin? If so give us a shout.
    www.steveprescottfoundation.co.uk

    "What the mind believes, the body achieves"

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    Quote Originally Posted by Dyer View Post
    Test drive is booked for tomorrow

    I've shopped around and the loan from a bank would be more sensible (7.9% over 5 years). The offer on options from Ford atm is 3.9% for 2 years. I'd have to ask them to then match the loan the bank can offer for 3 years thereafter.

    Whatcar.com gives a guide price of what you should expect to pay for the car which has been really helpful. I've searched high and low on there and it took me to a site that quoted just over £12k (free metallic paint, £100 cheaper on the bluetooth package than ford) when Ford are wanting £15895 for the same spec and all the extras. I'll be printing the £12k car off and taking that with me before i discuss any finances. I don't want much do i lol

    I can only use the 25% discount code i have on a new car. I know its not generally advisable to buy a new car but im saving about £4k anyway so the £ it loses in value when i drive away is what im saving so i walk away with no loss/no gain.

    I know what i want to pay/what i can afford. I think of it this way too; a smoker spends about £145 a month on themselves (20 a day) and what do they have to show for it? Im paying about £15 more a month than they would on fags and have something to show for it Thats what i keep telling myself lol
    dont tell them you have a voucher till you get a price

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    In The South Stand Greengrass's Avatar
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    Quote Originally Posted by sydney2002 View Post
    How did you get a 25% off Ford voucher? You work for ford?
    .
    Certain FAVOURS for Ford workers would be the easy route!
    On the Back foot looking for the front one.

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    Learning All The Songs Dyer's Avatar
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    Well i went and got a good test drive (25mins). They were quite good actually. I got the price down to £14k, told them what i could afford, they went away, came back and told me they could do £X a month, just more than what i had in mind so i told them i could do £X and no more and they matched it. Now all i have to do is get the price down from £14k to £12k but with the budget coming up on Tues/Wed, there are rumours around the scrappage terms of a car to qualify for the £2k allowance (hopefully mine) which will bring it down.

    Fingers crossed

    They also said that the 25% voucher doesnt exsist and that its £1k off for family only and £500 off for friends with a certain auth code. I've spoken to my guy (ha dodgy or what!) and he disputes this and says it is definately a 25% discount voucher so if it is and i get the car for £14k, with £2k off for my car THEN 25% off that I'll be really pleased
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    In The South Stand peter soutos tash's Avatar
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    Quote Originally Posted by Dyer View Post
    Well i went and got a good test drive (25mins). They were quite good actually. I got the price down to £14k, told them what i could afford, they went away, came back and told me they could do £X a month, just more than what i had in mind so i told them i could do £X and no more and they matched it. Now all i have to do is get the price down from £14k to £12k but with the budget coming up on Tues/Wed, there are rumours around the scrappage terms of a car to qualify for the £2k allowance (hopefully mine) which will bring it down.

    Fingers crossed

    They also said that the 25% voucher doesnt exsist and that its £1k off for family only and £500 off for friends with a certain auth code. I've spoken to my guy (ha dodgy or what!) and he disputes this and says it is definately a 25% discount voucher so if it is and i get the car for £14k, with £2k off for my car THEN 25% off that I'll be really pleased
    i worked for ford and we dont get 25% off anymore
    so you will be lucky to get that

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    Learning All The Songs Dyer's Avatar
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    Quote Originally Posted by peter soutos tash View Post
    i worked for ford and we dont get 25% off anymore
    so you will be lucky to get that
    i think he's lied - he's adamant he's right but i don't believe him now

    Fingers crossed for Wednesday
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