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PJdali · 26th November 2007, 20:09

Might be reading the figures you posted wrongly, but the charge for credit seems fairly high in my opinion.

I've personally tended to opt for straight forward loans from banks \ building societies and stay away from car finance wonder deals........ as in the past I tended to add up all the unadvertised fees, e.g. acceptance fee?!?

admin fee??

documentation fee??

etc etc you get from car finance companies and to be honest on top of the actual interest charged it can work a fairly expensive way to buy a car. I've seen fees alone hitting £295 before I've paid a penny of interest.....pure bonkers

But plenty of cars are on the road as part of those deals so it must work for plenty of folk

A quick check online just now for a cheap loan of £11575 over 48months @ £274 month means you only pay £1,602 for credit......

I know the figures look great when you can put a new car on the road for £200 a month but I'm just not convinced by the hefty charges\fees and the fact you are kinda tied to the finance company \ car.......with a a hefty final payment.

Works for some if you get 0% over 2 or 3 years and can come up with the dough at the end of the term to keep the car but not everyone has that kinda dosh lying around.

Whatever works for you mate........as per the usual advice just need to make sure the payments are sensible for your budget and if you're likely to keep the car for the full term.

26th November 2007, 20:09	#3 (permalink)
PJdali Valve Cap Join Date: 7th September 2007 Location: Edinburgh Posts: 30 Thanks: 0 Thanked 0 Times in 0 Posts iTrader: (0)	Might be reading the figures you posted wrongly, but the charge for credit seems fairly high in my opinion. I've personally tended to opt for straight forward loans from banks \ building societies and stay away from car finance wonder deals........ as in the past I tended to add up all the unadvertised fees, e.g. acceptance fee?!? admin fee?? documentation fee?? etc etc you get from car finance companies and to be honest on top of the actual interest charged it can work a fairly expensive way to buy a car. I've seen fees alone hitting £295 before I've paid a penny of interest.....pure bonkers But plenty of cars are on the road as part of those deals so it must work for plenty of folk A quick check online just now for a cheap loan of £11575 over 48months @ £274 month means you only pay £1,602 for credit...... I know the figures look great when you can put a new car on the road for £200 a month but I'm just not convinced by the hefty charges\fees and the fact you are kinda tied to the finance company \ car.......with a a hefty final payment. Works for some if you get 0% over 2 or 3 years and can come up with the dough at the end of the term to keep the car but not everyone has that kinda dosh lying around. Whatever works for you mate........as per the usual advice just need to make sure the payments are sensible for your budget and if you're likely to keep the car for the full term.