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Model specific boards => Golf mk5 => Topic started by: ifti on 08 February 2009, 20:43

Title: Funding your GTI....
Post by: ifti on 08 February 2009, 20:43
Just interested to know how many of you guys funded you GTI/MK5?

Did you purchase from new or used?
If new, did you pay 100% up front, or purchase on credit?
Title: Re: Funding your GTI....
Post by: AlanD on 08 February 2009, 22:08
I bought mine through VW Finance on a 3 year PCP. £0 deposit @ 11.5% AER. Monthly repayments are £322. After 3 years I ow VW £6500 which I either give in cash and keep the car or trade the car back.

I have however recently come into some money and since paid the car off so I am no longer on this deal (saved myself £2700 on interest), but you get what I was doing.
Title: Re: Funding your GTI....
Post by: Edition30 on 08 February 2009, 22:20
PCP for me aswel, £4k Deposit and £348 per month over 40 months. Not sure on the balloon payment at the end, planning on getting a loan to buy it out though and get rid of it, had nothing but bad luck since I got it :(

Spoke to someone from VW finance and they said I could sell it as I am now with it on PCP...I thought I could only sell it if I got a loan to pay it off...??  :undecided:
Title: Re: Funding your GTI....
Post by: neg on 08 February 2009, 22:34
Always preferred personal loans if I needed some extra money for a car - that way at least you own it, especially if you do plan to alter it in anyway as this can effect the finance  (as some guy with a new Leon Cupra found out recently)
Title: Re: Funding your GTI....
Post by: ifti on 08 February 2009, 22:53
Im guessing you cant buy a ED30 new any more, since the MK6 is out, and if I go to a dealer for a ED30 they'll charge me over the odds. Hence Im thinking of going private....
I have around £12k at the mo, and will be using whatever I make from my current car on insurance and some minor cosmetic mods - hopefully will have around £14k by the time Im really ready to buy in the next few months, so wont have to take out a loan thats too big.....Im guessing I could get a ED30 DSG with some options on top for around £16-17 - with 1 or 2 years of warranty left and low mileage....trouble is, Im looking for a silver, and I cant find many silver 5 door ED30's!! :(
Title: Re: Funding your GTI....
Post by: celica on 08 February 2009, 22:58
PCP for me aswel, £4k Deposit and £348 per month over 40 months. Not sure on the balloon payment at the end, planning on getting a loan to buy it out though and get rid of it, had nothing but bad luck since I got it :(

Spoke to someone from VW finance and they said I could sell it as I am now with it on PCP...I thought I could only sell it if I got a loan to pay it off...??  :undecided:

what bad luck have you had?
Title: Re: Funding your GTI....
Post by: Hurdy on 08 February 2009, 23:37
Im guessing you cant buy a ED30 new any more, since the MK6 is out, and if I go to a dealer for a ED30 they'll charge me over the odds. Hence Im thinking of going private....
I have around £12k at the mo, and will be using whatever I make from my current car on insurance and some minor cosmetic mods - hopefully will have around £14k by the time Im really ready to buy in the next few months, so wont have to take out a loan thats too big.....Im guessing I could get a ED30 DSG with some options on top for around £16-17 - with 1 or 2 years of warranty left and low mileage....trouble is, Im looking for a silver, and I cant find many silver 5 door ED30's!! :(

Well you can't have mine :grin:
Title: Re: Funding your GTI....
Post by: R32UK on 09 February 2009, 07:29
PCP for me aswel, £4k Deposit and £348 per month over 40 months. Not sure on the balloon payment at the end, planning on getting a loan to buy it out though and get rid of it, had nothing but bad luck since I got it :(

Spoke to someone from VW finance and they said I could sell it as I am now with it on PCP...I thought I could only sell it if I got a loan to pay it off...??  :undecided:

Thats quite an expensive PCP you do realise ED30! Nearly 18k before you even make the balloon payment :huh:
Title: Re: Funding your GTI....
Post by: vwtroy on 09 February 2009, 07:46
For me it was Half up front the rest on finance :smiley:
Title: Re: Funding your GTI....
Post by: Dogbucket on 09 February 2009, 07:48
I have done PCP which is ok if you keep it for the whole term. I found early repayment was not so good as you have been paying back the interest first meaning in the first year the capital has not reduced much.

HP / personal loan much the same, personal loan preferable as not secured on the vehicle. Early repayment calculated more fairly I have found.

Just be aware that with no deposit it is likely the car will be worth less than the amount owing, with makes it difficult to then change. At the rate I am going in 10 years time I will have to borrow 20k to buy a £600 banger   :undecided:
Title: Re: Funding your GTI....
Post by: Dan-Brown on 09 February 2009, 07:54
I put a £7k deposit down (value of my old mini cooper) and financed the rest with a Tesco personal loan, 6.9% apr, over 5 years, £275 a month.

You're only penalised about a months interest for early repayment, downside is you're still paying after 5 years for an ageing car, and with the credit crunch, its value has crashed!  :huh:

Oh well, its worth it  :grin:
Title: Re: Funding your GTI....
Post by: R32UK on 09 February 2009, 07:59
If your going down the purchase route then I would stay away from dealerships and finance companies. The personal loan route seems alot more reasonable looking at some of the rates offered. :shocked:
Title: Re: Funding your GTI....
Post by: neg on 09 February 2009, 08:12
Normally the buy back or end figures are stupid anyway from HP loans.

Some companies offer similar things on personal loans, 3 or 4 years and then a large final payment - difference being its not against the car and you can make it what you want.
Title: Re: Funding your GTI....
Post by: ifti on 09 February 2009, 09:33
Hmmm, Im going to try and get a interest free loan from my sis if I can!! lol
Title: Re: Funding your GTI....
Post by: bobotheclown on 09 February 2009, 10:33
£4k deposit and 3% over 4 years. That was through the dealership in June.
Title: Re: Funding your GTI....
Post by: Egbutt Wash on 09 February 2009, 10:42
100% Cash.
Good value car.  Does everything I want and has 5 doors.
Title: Re: Funding your GTI....
Post by: AlanD on 09 February 2009, 13:02
I agree that I would rather have got a personal loan but at the time no one accept me an VW Finance was the only way I was going to get the car :(
Title: Re: Funding your GTI....
Post by: sixpot on 09 February 2009, 18:56
I sold my daily run around (Passsat 20 VT)and my show car (SEAT LCR)to pay cash for the mk5. Was getting a bit expensive running 2 cars LOL!
Title: Re: Funding your GTI....
Post by: gtiski on 09 February 2009, 20:15
i paid 70% cash then put the rest on my credit card then transferred to a new card at 0%APR for 15month then if i haven't pay it all off i'll transfer again best way for me as it gives me flexibility with payments and the only charges are the transfer fees
Title: Re: Funding your GTI....
Post by: clive on 09 February 2009, 20:39
I was able to pay for mine in cash after selling my previous motor.  <sensible cap on> Bottom line is don't get yourself into more debt than you are comfortable with over a car.  If you are unsure then its probably more than you can afford!  <sensible cap off>
Title: Re: Funding your GTI....
Post by: Edition30 on 09 February 2009, 20:49
PCP for me aswel, £4k Deposit and £348 per month over 40 months. Not sure on the balloon payment at the end, planning on getting a loan to buy it out though and get rid of it, had nothing but bad luck since I got it :(

Spoke to someone from VW finance and they said I could sell it as I am now with it on PCP...I thought I could only sell it if I got a loan to pay it off...??  :undecided:

Thats quite an expensive PCP you do realise ED30! Nearly 18k before you even make the balloon payment :huh:

Yeah I know, im like a little school kid when im purchasing a car, I always rush into it and pay over the odds...I need some better haggling skills.

Decided to definately sell now and go after a derv...Scirocco is top of the list at moment if I decide to lease.

Does anyone know if I can sell it whilst its on PCP? Was told I could by VW finance but thought I wasnt allowed?
Title: Re: Funding your GTI....
Post by: ginner on 09 February 2009, 20:56
I'm the same I go in full of questions and they say to me can I help you Sir,
"Yeah I'll have that one, here's my money, finance me up"
Title: Re: Funding your GTI....
Post by: celica on 09 February 2009, 22:11
i paid 70% cash then put the rest on my credit card then transferred to a new card at 0%APR for 15month then if i haven't pay it all off i'll transfer again best way for me as it gives me flexibility with payments and the only charges are the transfer fees


how much can you put on a credit card and where have you got one for 15months @ 0%APR?
Title: Re: Funding your GTI....
Post by: Golfgirl on 10 February 2009, 00:23
PCP here too.

Does anyone know if I can sell it whilst its on PCP? Was told I could by VW finance but thought I wasnt allowed?

I'm sure they told me when I bought mine that I could sell/swap it after 18 months which is halfway through the term I'm paying it over.
Title: Re: Funding your GTI....
Post by: ifti on 10 February 2009, 09:42
i paid 70% cash then put the rest on my credit card then transferred to a new card at 0%APR for 15month then if i haven't pay it all off i'll transfer again best way for me as it gives me flexibility with payments and the only charges are the transfer fees


how much can you put on a credit card and where have you got one for 15months @ 0%APR?

Your credit rating will determine how much you receive in terms of credit limit.
I cant really take this route as I already have £4k on my credit card which is 0% until Nov this year. Used it on home improvements etc. Dont want to open another card. In Nov Im looking to balance transfer it across to another card, as I hope to have my GTI by June ;)

The best card Ive seen at the moment for balance transfers is Virgin card - which is 0% for 16 months! My next step I reckon ;)
Title: Re: Funding your GTI....
Post by: NEWEY on 10 February 2009, 12:33
PCP for me aswel, £4k Deposit and £348 per month over 40 months. Not sure on the balloon payment at the end, planning on getting a loan to buy it out though and get rid of it, had nothing but bad luck since I got it :(

Spoke to someone from VW finance and they said I could sell it as I am now with it on PCP...I thought I could only sell it if I got a loan to pay it off...??  :undecided:

Thats quite an expensive PCP you do realise ED30! Nearly 18k before you even make the balloon payment :huh:

Yeah I know, im like a little school kid when im purchasing a car, I always rush into it and pay over the odds...I need some better haggling skills.

Decided to definately sell now and go after a derv...Scirocco is top of the list at moment if I decide to lease.

Does anyone know if I can sell it whilst its on PCP? Was told I could by VW finance but thought I wasnt allowed?

yes you can sell private if you want to i did with my fiesta which was on a pcp
Title: Re: Funding your GTI....
Post by: stealthwolf on 10 February 2009, 13:31
The personal loan route seems alot more reasonable looking at some of the rates offered. :shocked:

Agreed - I was gonna go for a bank loan. So I applied for a postgrad loan (cheap APR) but the max I could get was £15k. The repayments were something like £500pcm over three years. So I cancelled the loan (I needed more £££) and went via PCP. £5k deposit + £300pcm + residual value when I it off. Works out more expensive.

What I should have done was gone for a personal loan which would have been cheaper plus I could've gotten a bigger loan.

You live and learn. Though I intend to pay off the finance before the 3 yrs are up.
Title: Re: Funding your GTI....
Post by: Gene Hunt. on 10 February 2009, 13:45
...........if you can get a loan/credit card these days.f**king banks have had all that tax payers money but won't lend it out BUT still find enough for those massive bonuses they pay.On the tv news the other day some tart from a bank was moaning about ''why'' she should get a bonus as she was only earning 95k a year ?????????????.f**k me i don't earn half of that.
Title: Re: Funding your GTI....
Post by: ifti on 10 February 2009, 13:47
When Im ready for my ED30, I will probably need to borrow around £5-6k, so Im hoping I can either keep my payments low, or keep payments high and get it paid off quicker.
Title: Re: Funding your GTI....
Post by: synnea on 10 February 2009, 15:26
...........if you can get a loan/credit card these days.f**king banks have had all that tax payers money but won't lend it out BUT still find enough for those massive bonuses they pay.On the tv news the other day some tart from a bank was moaning about ''why'' she should get a bonus as she was only earning 95k a year ?????????????.f**k me i don't earn half of that.

I saw that too, I was ready for getting up off my seat and driving to beat the living "£$£ out of that woman. What greed. What a disgrace she is. I hope her name is exposed.

'Only 95k' - something mentally wrong with that woman. I was raging last night when I saw that news report!
Title: Re: Funding your GTI....
Post by: Gene Hunt. on 10 February 2009, 15:43
If you do go to ''see''  :wink: this woman pick me up on the way  :grin:.
Title: Re: Funding your GTI....
Post by: gtiski on 10 February 2009, 15:53
i paid 70% cash then put the rest on my credit card then transferred to a new card at 0%APR for 15month then if i haven't pay it all off i'll transfer again best way for me as it gives me flexibility with payments and the only charges are the transfer fees


how much can you put on a credit card and where have you got one for 15months @ 0%APR?

Your credit rating will determine how much you receive in terms of credit limit.
I cant really take this route as I already have £4k on my credit card which is 0% until Nov this year. Used it on home improvements etc. Dont want to open another card. In Nov Im looking to balance transfer it across to another card, as I hope to have my GTI by June ;)

The best card Ive seen at the moment for balance transfers is Virgin card - which is 0% for 16 months! My next step I reckon ;)



as ifti said depends on your credit rating, virgin has the best balance transfer deal but i already had one so went for hsbc
Title: Re: Funding your GTI....
Post by: R32UK on 10 February 2009, 15:56
She is just being a cheeky beeeatch!!

Im looking for some finance to start a new business. everyday I get to hear about how the government is giving these banks £Billions so they can start lending again. Been to see 3 banks now and every single manager has told me that what you see on the news and was is actually going on behind the scenes are two different things.

Should this finance not be available Im quite sure my other business will soon be going under... thanks mr brown!!

Great way to fix the economy :angry: :angry: :angry:
Title: Re: Funding your GTI....
Post by: Gene Hunt. on 10 February 2009, 18:39
........same here mate.I tried to get a card balance transfer the other week & was turned down.Never been behind with any payments,no ccj's etc & only have a small morgtage but they still said no.
Title: Re: Funding your GTI....
Post by: Egbutt Wash on 10 February 2009, 18:54
There's loads of good cheap full service history cars around.  Perhaps rather than loans etc. it might be best to use one of these for a year or two until things buck up.  Nothing worse than debt, especially debt just to show off.
Title: Re: Funding your GTI....
Post by: R32UK on 10 February 2009, 19:41
There's loads of good cheap full service history cars around.  Perhaps rather than loans etc. it might be best to use one of these for a year or two until things buck up.  Nothing worse than debt, especially debt just to show off.

Mot sensible thing u have ever said eggbert
Title: Re: Funding your GTI....
Post by: celica on 10 February 2009, 23:07
just looked at the virign website on 0% for 16months on balance transfer, but only 0% on card purchases for 6 months.

so for the balance transfer, need to get or have current credit card and load it up and then transfer it within the month before interests is charged; is that right? (assuming virgin excepts and balance transfer can be sorted out before being hit with current credit card interests)

could be an option, say for a small amount of £3k (handling charge of 2.98%) is less than £100, which makes spreading £3k over 16 months quite good
Title: Re: Funding your GTI....
Post by: rskardon on 11 February 2009, 09:26
I'm Pretty sure it's illegal to sell a car with any outstanding finance privately, it should be paid off before selling it, that's why you do an HPi check to see amongst other things if the car has any outstanding finance. The last car i sold i did the deal, waited for the cheque to be in hand and then as soon as it cleared paid the finace off on a card, possibly slightly dodgy but i was clear with the buyer that this is what i was going to do.
Title: Re: Funding your GTI....
Post by: ifti on 11 February 2009, 11:26
just looked at the virign website on 0% for 16months on balance transfer, but only 0% on card purchases for 6 months.

so for the balance transfer, need to get or have current credit card and load it up and then transfer it within the month before interests is charged; is that right? (assuming virgin excepts and balance transfer can be sorted out before being hit with current credit card interests)

could be an option, say for a small amount of £3k (handling charge of 2.98%) is less than £100, which makes spreading £3k over 16 months quite good


Spot on - exactly what Im doing with my current card - 0% runs out in Nov and I'll go for the Virgin card if I dont clear it by then. I can clear it right now but at the mo all my money is being saved for my ED30! Once I have my ED30 I'll start clearing my card.

May as well use the banks at their own game ;)
Title: Re: Funding your GTI....
Post by: MAT ed30 on 11 February 2009, 19:59
i traded in my mk4 r32 and my audi 2.0t sportback that we had finance on but had put big deposits down so it gave an ok deposit for the ed30 and we paid the rest in cash that we saved up over a few years, its one car i am never selling as its mine and i love it  :kiss:  :laugh: i am just glad i have no finance any more on cars any more
Title: Re: Funding your GTI....
Post by: mad man gti on 11 February 2009, 20:19
9k for me lexus px in and £13.675 cash all me savings and do not regret it.
Title: Re: Funding your GTI....
Post by: celica on 11 February 2009, 20:49
just looked at the virign website on 0% for 16months on balance transfer, but only 0% on card purchases for 6 months.

so for the balance transfer, need to get or have current credit card and load it up and then transfer it within the month before interests is charged; is that right? (assuming virgin excepts and balance transfer can be sorted out before being hit with current credit card interests)

could be an option, say for a small amount of £3k (handling charge of 2.98%) is less than £100, which makes spreading £3k over 16 months quite good


Spot on - exactly what Im doing with my current card - 0% runs out in Nov and I'll go for the Virgin card if I dont clear it by then. I can clear it right now but at the mo all my money is being saved for my ED30! Once I have my ED30 I'll start clearing my card.

May as well use the banks at their own game ;)

cool
thanks

something to consider for sure
Title: Re: Funding your GTI....
Post by: Edition30 on 11 February 2009, 20:54
I'm Pretty sure it's illegal to sell a car with any outstanding finance privately, it should be paid off before selling it, that's why you do an HPi check to see amongst other things if the car has any outstanding finance. The last car i sold i did the deal, waited for the cheque to be in hand and then as soon as it cleared paid the finace off on a card, possibly slightly dodgy but i was clear with the buyer that this is what i was going to do.

Spoke to 2 different people when I rang for a settlement figure at VW Finance and both said that I could sell it with remaining finance on the vehicle but said to tell the buyer that there is finance remaining but will be cleared when the car has sold. They will probably check themselves anyway so best to be honest from the start.
Title: Re: Funding your GTI....
Post by: Steve78 on 12 February 2009, 09:38
Just interested to know how many of you guys funded you GTI/MK5?

Did you purchase from new or used?
If new, did you pay 100% up front, or purchase on credit?

I mugged old ladies over a 8 week period to raise the money.
Title: Re: Funding your GTI....
Post by: Hurdy on 12 February 2009, 11:28
Just interested to know how many of you guys funded you GTI/MK5?

Did you purchase from new or used?
If new, did you pay 100% up front, or purchase on credit?

I mugged old ladies over a 8 week period to raise the money.

I became a hedge fund manager for a day. Legal robbery FTW :laugh: