Finance question

[goap]

I'm looking at this very question myself at the moment too..

I'm staff with HBOS - here's what I've been offered from our own Vehicle finance division, against a £24k Edition 30 over 48 months PCP, based on 8000 miles per year (I don't do much mileage really  )

Deposit £6,000.00
Monthly payment £308.64
Final Payment £6,796.00
Excess Mileage up to 10% excess 7.49p/mile
Excess Mileage in Excess of 10% 1 11.24p/mile
APR 7.2%

Total payable after 4 years, including my £6k deposit, £6796 final value and instalments of £14,814.72 - total price of a £24k car after 4 years is therefore £27,610.72 when financed this way

What I need to work out is what the comparable VW Finance offering is coming in at for me, weighing up the value of trade in, and any reduction VW offer for finance, and see how their offer compares. I also want to see if any leverage over the trade in value if i take VW finance

I doubt VW can or will be able to match the APR that I've been quoted from my employer, but I want to see how the overall costs stack up before deciding

Wow thats quite good - do you get a special deal for being staff?

Norther Rock quoted me 9.9%.  Lloyds are down to 8.3%.  Just regular loans though.

I also tried money supermarket but their advertised rate is the best rate they give you if you have owned a house for 40 years, same job etc etc.

[goap]

The best thing to do is to ask your dealer for a finance quotation. They should be able to show you what the apr is and how much interest you will need to pay.

Yep thats wht I've done.  Just seeing if I can beat it! 

[laney]

Make sure that the rate VW quote you is APR so that you are comparing like with like - from my experience dealers are quite naughty at saying that they will lend at 5%, which later turns out to be AER (totally different to APR)

Sorry if we're getting into accountant mumbo jumbo, but its quite an important distinction which I've known people get caught out on in the past

[goap]

Make sure that the rate VW quote you is APR so that you are comparing like with like - from my experience dealers are quite naughty at saying that they will lend at 5%, which later turns out to be AER (totally different to APR)

Sorry if we're getting into accountant mumbo jumbo, but its quite an important distinction which I've known people get caught out on in the past

Yes agreed.  It says APR so assuming they are not outright lying am able to compare.

[phope]

I'm looking at this very question myself at the moment too..

I'm staff with HBOS - here's what I've been offered from our own Vehicle finance division, against a £24k Edition 30 over 48 months PCP, based on 8000 miles per year (I don't do much mileage really  )

Deposit £6,000.00
Monthly payment £308.64
Final Payment £6,796.00
Excess Mileage up to 10% excess 7.49p/mile
Excess Mileage in Excess of 10% 1 11.24p/mile
APR 7.2%

Total payable after 4 years, including my £6k deposit, £6796 final value and instalments of £14,814.72 - total price of a £24k car after 4 years is therefore £27,610.72 when financed this way

What I need to work out is what the comparable VW Finance offering is coming in at for me, weighing up the value of trade in, and any reduction VW offer for finance, and see how their offer compares. I also want to see if any leverage over the trade in value if i take VW finance

I doubt VW can or will be able to match the APR that I've been quoted from my employer, but I want to see how the overall costs stack up before deciding

Wow thats quite good - do you get a special deal for being staff?

Norther Rock quoted me 9.9%.  Lloyds are down to 8.3%.  Just regular loans though.

I also tried money supermarket but their advertised rate is the best rate they give you if you have owned a house for 40 years, same job etc etc.

I'll need to check the figures again, but yes, there is some discount for being staff

Have a nosey at www.freewaycars.co.uk, and play around with the calculator

Pop in promotional code 1695, and see what deals it comes up with.

[phope]

Popped into the dealer today to discuss trade in for my Nov 03 TT 225 Quattro and finance for the GTI

On a £24k Edition30...have been given a quote from VW Finance of:

(figures from memory so might not be exact)

£6000 deposit
47 months at £285
£7994 g'td future value
£175 documentation fees in total
Total payable after 4 years £27,564
APR 7.3%

Seems reasonable in my book, but have asked them go back and sharpen their pencil over the trade in value and made that the dealclincher...cue the usual "oh, I'll have to go and ask my manager..."...I'll hear on Monday whether they'll add the figure I have in mind to the trade in value 

[goap]

These guys currently are the cheapest ...

http://www.alliance-leicester.co.uk/loans/index.asp?page=home&ct=primarymenu
 
at 5.9% APR

I was quoted 7.1% by VW 

Your are better just getting a repayment rather than a PCP as the latter will actually cost you more if you intend to keep the car 3 years and then pay off the settlement fee.

Thats what their website says.  They actually quoted me 10.9%.  Comes from being 26 without a house I guess.

Bizarrley they called me back today and now they have run a proper credit check, and I told them I was going somewhere else, they have lowered the rate to 7.9%.  Still not perfect, but knocking 3% is quite a lot.   

[mono-stereo]

i have a question for you guys, im currently on about 23k a year, and would love a gti, do you think that i should wait a couple of years until im on a better wage or has anyone here got a gti without being on mega bucks>?  i have no real big outgoings apart from my rent but im not sure if i should wait or not.

[boneybradley]

phope all you need to do is a hbos commercial....be the next Howard!!!!!!!! and a free car could be your's
If i remember right they are shooting one soon...check it out!!!

I work for the hbos too and staff do get a discounted rate (and extra's thrown in on other product's but they won't insure my gti!!)

[phope]

phope all you need to do is a hbos commercial....be the next Howard!!!!!!!! and a free car could be your's
If i remember right they are shooting one soon...check it out!!!

I work for the hbos too and staff do get a discounted rate (and extra's thrown in on other product's but they won't insure my gti!!)

not bloody likely...I can't sing and dance for toffee...

hang on a minute, you might be onto to something! 

Try www.firstalternative.com - part of Esure, and you still get your 10% staff discount on top of any quote they give you...they currently do my TT225 (group 18) and have quoted for the Edition 30 reasonably well

Which part of the group do you work in then? I'm in the Private Banking division of Retail.