Finance??

[Anil]

has anyone here taken the finance option on their mk5? if so... and if you dont mind me asking... how much are you paying back per month, how long for and how much deposit did you leave?

[stealthwolf]

I had to go down the finance route.

Tried to take out a graduate loan but the max they could give me was £15k. Needed about £20 realistically. Didn't realise I could have (and should have) gone down the personal loan route, where I could get up to £25k.

Car was bought for £21k.
Deposit was £8k (i think; might've been £5k)
Paying £300pcm over three years
Then pay the outstanding bill at the end.

Though my plan is to pay off the car ASAP so I can mod it.

[Edition30]

Mine is also on VW Finance.

£4k deposit - £350 p/m over 40 months and balloon payment at the end, around £8,500.

Didnt do the maths when I was buying it and was real excited to get it so im going to get it paid off a.s.a.p!!!

Family interest free loan hopefully.

Looking at around £28,500 for a £22,500 car. Going down the loan route can save me a couple of grand which is what I am going to do. Can also give the car back after 50% of the contract if I decide and I dont pay it off.

[Martz]

Fooking ell, paying way too much. Save and pay it all out. I was young once and car loans are a never again!

£300 per month is a lot on a mortgage payment.

Each to their own I guess.

[Edition30]

I have nothing else to pay for at the moment and I would waste the money anyway.

[Martz]

I have nothing else to pay for at the moment and I would waste the money anyway.

Fair dooooos fella. At least you will have something to show for it when you done. I wasted so much when I was younger getting wasted and on cars.

[Edition30]

I have nothing else to pay for at the moment and I would waste the money anyway.

Fair dooooos fella. At least you will have something to show for it when you done. I wasted so much when I was younger getting wasted and on cars.

I still go out with the spare cash 

But yeah at least I dont p!ss it all up the wall. Even if I dont own the car out right im still the one driving it, well will be again soon.

[ifti]

I dont really like financing for a car TBH. I have all my house bills, and a £865 pm mortgage to pay! Although Im left with the best part of £1k after all bills etc each month, I need to put food on the table for the family.
Im looking to pay most of the cost of my GTI up front, then put the rest either on an interest free credit card, or borrow from a mate. My credit card is interest free up until Nov 09, so if I put around £3k or so on that, I'll be able to pay it off way before Nov. My other credit card has £4k still on it from home improvements! But thats interest free until June 2010!

I like to use the credit cards 0% offers and balance transfer if need be. I have a good credit rating so can open new cards easily. I also tend to pay them off way before the 0% period ends. As long as you keep on top of your cards etc, you'll have an interest free loan

[stealthwolf]

I'm gonna wait until I know where I'm working and how much I'm getting paid in August before I decide how to pay it off. Will probably go down the bank loan route as it'll work out cheaper (i hope).

[matthewsimone]

hi anil firstly are you thinking of buying new or used ? and what are you thinking of buying ie normal gti or ltd edition etc???
this is the way i went around buying my 56 plate 3 door silver gti with 30k on clock, 1 owner, full vw service etc and a few extras ie sound upgrade, gti mats etc stunning condition all round
bought car in jan 2009 from dealer in chester for just short of 11k, paid £500 deposit and 40 monthly payments of £225 and then a final payment of around £3500,
Hope this helps matey oh and 1 more thing only a fool buys brand new atleast go 1 year old in my oppinion unless you have cash to burn lol