[Finance] Monthly Payments

nic283 · 27th June 2007, 17:26

Hi all,

I'm going to be cheeky

and ask how much your monthly payments are? I'm a bit wary of paying £300+ per month on a car so I'm just wondering if £200-£250 is feasible?

Thanks in advance. Great website btw!!

cylon2007 · 27th June 2007, 17:56

depends on the deposit you put down. Work out how much you will be putting down (including trade in if you are) then you know how much you ned to borrow, then ask the bank, moneysupermarket.com etc to find the best deal and then see if the dealer will match it/beat it.

nic283 · 27th June 2007, 18:00

Can anyone give some examples?

Cheers

FWH · 27th June 2007, 18:05

You need to know:
a) Price of Civic you want
b) Ammount of cash + trade in value

The differance is what you need to borrow.

You can then choose different payment plans for the borrowed ammount (eg spread over different time, residual value etc).

Dawson · 27th June 2007, 19:22

My monthly payment on the Civic is £0.
My monthly payment on my last car (£18,500 over 5 years at 5.9% APR was £357 a month).

Ideally you'll never want to have more outstanding finance than the car is worth at any point in time, so if you need to get rid of it for whatever reason, you can pay off the borrowed money in full if need be.

nic283 · 27th June 2007, 19:32

I have an 05 clio (old model) just now with £4500 outstanding finance, so just wondering if I should pay this off just now and hopefully have some extra cash to put towards a deposit (with my own money as well).

TTDegs · 27th June 2007, 22:36

Quote:

Originally Posted by nic283

I have an 05 clio (old model) just now with £4500 outstanding finance, so just wondering if I should pay this off just now and hopefully have some extra cash to put towards a deposit (with my own money as well).

paying off loans early is generally a good idea, as the longer you let it run, the more interest is being charged.
the only real exception to this is if there are 'early redemption charges' which the lender can apply.

I'm guessing that you are selling or trading in the clio?
In either case, you will struggle to sell it with outstanding finance on it.
Certainly no garage would take it, and most (savy) private buyers wouldn't either.
This is because if you were to stop paying the finance (not that you would!), the finance co would be perfectly entitled to come and reposses the car from the new owner.

Assuming the clio is on HP - secured loan.

hope that makes sense!

cjthompson321 · 28th June 2007, 11:26

Every car i've ever part-exd has had outstanding finance on it. The dealer just gives me a price for the car and subtracts the settlement amount to give me a deposit.

Ham'sCivic · 28th June 2007, 11:42

Nic, I bought my car through Sainsburys Bank, spec is as below, came out to around 17.5k, I put down £5k and the month payments were £220 odd, at 8.9% APR, I believe over 4 years

I have now settled it in full though, early!

madasadad · 28th June 2007, 11:43

£18100 over 60 months @ £348

TTDegs · 28th June 2007, 11:44

Quote:

Originally Posted by cjthompson321

Every car i've ever part-exd has had outstanding finance on it. The dealer just gives me a price for the car and subtracts the settlement amount to give me a deposit.

yes, sorry - your post has made me realise I didn't make myself very clear there

Of course, a garage will take a car that has outstanding finance as part ex - but they will insist on clearing the oustanding balance.
Either by you just paying it off, or indeed by subtracting the balance from the amount they would give you as part ex

sorry for any confusion I caused!

Pingu · 28th June 2007, 12:47

My Civic is costing me £299 per month over four years and i only put down 1k deposit. I will be giving it back and getting the new model in 2010... or the Accord depending which one has evolved the most.

HondaRob · 28th June 2007, 13:36

have a look at short term leasing, sometime can be very good if you catch the deal right, mate of mine had a new merc c class compact for 220 a month for 12 months, 10k pa mileage.

Type S Bournemouth · 28th June 2007, 13:50

Quote:

Originally Posted by Pingu

My Civic is costing me £299 per month over four years and i only put down 1k deposit. I will be giving it back and getting the new model in 2010... or the Accord depending which one has evolved the most.

Exactly the same as me but probably be the Accord.

pariah · 28th June 2007, 14:07

The house is paying for the civic, I love equity...

welshtom · 28th June 2007, 15:40

Mine will be costing me approx £230 per month - £4k deposit put down.

okehciv · 28th June 2007, 16:26

Quote:

Originally Posted by pariah

The house is paying for the civic, I love equity...

So do I, any chance of paying mine ?

£335 0ver 2years by the way.

nic283 · 28th June 2007, 20:52

Thanks for the replies everyone. It'd prob be a PCP deal I go for as I don't have a huge wad of cash for a deposit.

absolutehype · 10th August 2007, 19:11

Hehe im selling my current car for hopefully just over £3000 and getting finance on the Type S GT in Black with a few options like the 18s. Paying off over 24months so im not tied up but gonna cost me £589/month :\

gb110430 · 10th August 2007, 19:53

a much cheaper option than PCP is balanced payment.

links here

thinkCAR, thinkFINANCE, thinkBALLOONS » thinkCAR

At least Dick Turpin wore a mask » thinkCAR

No worries

andy

27th June 2007, 17:26	#1 (permalink)
nic283 Supporter Valve Cap Join Date: 15th June 2007 Location: Central Scotland Posts: 39	[Finance] Monthly Payments Hi all, I'm going to be cheeky and ask how much your monthly payments are? I'm a bit wary of paying £300+ per month on a car so I'm just wondering if £200-£250 is feasible? Thanks in advance. Great website btw!!

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This thread is about: [Finance] Monthly Payments, it's in Buying, Dealers and Servicing at the Honda Civic forum Civinfo; Hi all, I'm going to be cheeky and ask how much your monthly payments are? I'm a bit wary of paying £300+ per ...

27th June 2007, 17:56	#2 (permalink)
cylon2007 Triangular Exhaust Join Date: 14th April 2007 Location: South Manchester/North Cheshire Posts: 411	depends on the deposit you put down. Work out how much you will be putting down (including trade in if you are) then you know how much you ned to borrow, then ask the bank, moneysupermarket.com etc to find the best deal and then see if the dealer will match it/beat it.

27th June 2007, 18:00	#3 (permalink)
nic283 Supporter Valve Cap Join Date: 15th June 2007 Location: Central Scotland Posts: 39	Can anyone give some examples? Cheers

27th June 2007, 18:05	#4 (permalink)
FWH Super Moderator Civinfo guru Join Date: 3rd June 2007 Location: Sweden Posts: 4,174	You need to know: a) Price of Civic you want b) Ammount of cash + trade in value The differance is what you need to borrow. You can then choose different payment plans for the borrowed ammount (eg spread over different time, residual value etc).

27th June 2007, 19:22	#5 (permalink)
Dawson Locking Wheelnut Join Date: 7th December 2006 Location: Turriff Posts: 193	My monthly payment on the Civic is £0. My monthly payment on my last car (£18,500 over 5 years at 5.9% APR was £357 a month). Ideally you'll never want to have more outstanding finance than the car is worth at any point in time, so if you need to get rid of it for whatever reason, you can pay off the borrowed money in full if need be.

27th June 2007, 19:32	#6 (permalink)
nic283 Supporter Valve Cap Join Date: 15th June 2007 Location: Central Scotland Posts: 39	I have an 05 clio (old model) just now with £4500 outstanding finance, so just wondering if I should pay this off just now and hopefully have some extra cash to put towards a deposit (with my own money as well).

28th June 2007, 11:26	#8 (permalink)
cjthompson321 Wheelnut Join Date: 22nd June 2007 Location: Co Durham (Crook / Darlington) Posts: 50	Every car i've ever part-exd has had outstanding finance on it. The dealer just gives me a price for the car and subtracts the settlement amount to give me a deposit.

28th June 2007, 11:42	#9 (permalink)
Ham'sCivic Supporter Valve Cap Join Date: 13th February 2007 Location: Norfolk Posts: 34	Nic, I bought my car through Sainsburys Bank, spec is as below, came out to around 17.5k, I put down £5k and the month payments were £220 odd, at 8.9% APR, I believe over 4 years I have now settled it in full though, early!

28th June 2007, 11:43	#10 (permalink)
madasadad Supporter Triangular Exhaust Join Date: 21st February 2007 Location: Carrickfergus Posts: 271	£18100 over 60 months @ £348

28th June 2007, 12:47	#12 (permalink)
Pingu Supporter Wheelnut Join Date: 20th December 2006 Location: Leicester, UK Posts: 55	My Civic is costing me £299 per month over four years and i only put down 1k deposit. I will be giving it back and getting the new model in 2010... or the Accord depending which one has evolved the most.

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28th June 2007, 13:36	#13 (permalink)
HondaRob Wheelnut Join Date: 4th May 2007 Location: Midlands Posts: 77	have a look at short term leasing, sometime can be very good if you catch the deal right, mate of mine had a new merc c class compact for 220 a month for 12 months, 10k pa mileage.

28th June 2007, 14:07	#15 (permalink)
pariah My other car is a bike... Wheelnut Join Date: 4th May 2007 Location: Telford, UK Posts: 67	The house is paying for the civic, I love equity...

28th June 2007, 15:40	#16 (permalink)
welshtom Valve Cap Join Date: 30th May 2007 Location: Costa del Cardiff Posts: 24	Mine will be costing me approx £230 per month - £4k deposit put down.

28th June 2007, 20:52	#18 (permalink)
nic283 Supporter Valve Cap Join Date: 15th June 2007 Location: Central Scotland Posts: 39	Thanks for the replies everyone. It'd prob be a PCP deal I go for as I don't have a huge wad of cash for a deposit.

10th August 2007, 19:11	#19 (permalink)
absolutehype Valve Cap Join Date: 8th August 2007 Location: Kent Posts: 13	Hehe im selling my current car for hopefully just over £3000 and getting finance on the Type S GT in Black with a few options like the 18s. Paying off over 24months so im not tied up but gonna cost me £589/month :\

10th August 2007, 19:53	#20 (permalink)
gb110430 Wheelnut Join Date: 10th February 2007 Posts: 53	a much cheaper option than PCP is balanced payment. links here thinkCAR, thinkFINANCE, thinkBALLOONS » thinkCAR At least Dick Turpin wore a mask » thinkCAR No worries andy