Finance options

[m2287]

Finance isn't something I've ever done, I've never spent more than £10k on a car and always just paid cash/bank transfer!

I'm looking at a 10year old second hand car at around £25k, what are my finance options?

I'd have around 12k deposit so do I get a bank loan of £13k for the rest and essentially buy the car cash, get finance for £13k or I've also heard of some people getting finance for less (say £10k) but having a balloon payment of £3k at the end?

Just wondering what the options are?!

 

[Red C220]

What car is it?

Do you intend to keep it for a long time or are you scratching an itch with something a bit special then planning on trading for something else?

These things may point to something as being a better solution.

 

[m2287]

What car is it?

Do you intend to keep it for a long time or are you scratching an itch with something a bit special then planning on trading for something else?

These things may point to something as being a better solution.

It's a luxury coupe ... I'd be looking to keep it for at least 4 years

 

[Red C220]

If you want to own it outright a bank loan is probably the way forward.

I think at this age of car if it isn't a classic of some description you're going to struggle to get any sensible finance options with balloons that are going to better a straightforward loan in terms of cost and set up.

What is it a Bentley Continental or similar?

 

[ftb]

Get a loan for the balance. Then your relationship is only between you and your bank. You can do whatever you want with the car (modify it, sell it) and nobody can tell you no (except your other half). Just keep paying it off. 4 years is what I'd be looking at.

 

[m2287]

If you want to own it outright a bank loan is probably the way forward.

I think at this age of car if it isn't a classic of some description you're going to struggle to get any sensible finance options with balloons that are going to better a straightforward loan in terms of cost and set up.

What is it a Bentley Continental or similar?

You got it in one! I miss having a coupe and I just feel like I have to nail the S55 everywhere, it's going to get me banned!

 

[ftb]

What is it a Bentley Continental or similar?

I believe he deliberately tried to hide the make and model. You keep asking. Why does it matter?

 

[m2287]

I believe he deliberately tried to hide the make and model. You keep asking. Why does it matter?

It's no bother, I was just trying to avoid the expected "footballers car" etc comments!

Not many 10 year old luxury coupes at that price point - CL or continental, maybe a DB9 which needs a lot of work!

 

[Red C220]

I believe he deliberately tried to hide the make and model. You keep asking. Why does it matter?

Some particular makes of vehicle are more attractive to asset finance companies than others. Certain products are available at more preferential rates for certain brands than others, due to demand and residuals. It can make a difference.

In this case it's probably worth having a chat with one of the forum members Aka$h (Simal), he deals in Bentley's Synergy

Simal uses a finance house called creative funding solutions Home - Creative Funding Solutions also nice people to do business with.

They gave me some very sensible packages when I was looking at Ferraris last year/early this year. When/If the right one comes along that's who I'll use to fund it.

As ever, go in with your eyes open, Bentley's can be wonderful but also absolutely ruinous if you're unlucky. A chat with Simal will probably answer a few questions. As car traders go he's about as straight/ethical as you'll ever find and he never seems to sell anything less than well looked after cars.

Also on forum we have an owner - Stumpy1, he runs a Flying a Spur and can give you a run down on the running costs and potential pitfalls and gaps in warranties.

 

[m2287]

Some particular makes of vehicle are more attractive to asset finance companies than others. Certain products are available at more preferential rates for certain brands than others, due to demand and residuals. It can make a difference.

In this case it's probably worth having a chat with one of the forum members Aka$h (Simal), he deals in Bentley's Synergy

Simal uses a finance house called creative funding solutions Home - Creative Funding Solutions also nice people to do business with.

They gave me some very sensible packages when I was looking at Ferraris last year/early this year. When/If the right one comes along that's who I'll use to fund it.

As ever, go in with your eyes open, Bentley's can be wonderful but also absolutely ruinous if you're unlucky. A chat with Simal will probably answer a few questions. As car traders go he's about as straight/ethical as you'll ever find and he never seems to sell anything less than well looked after cars.

Also on forum we have an owner - Stumpy1, he runs a Flying a Spur and can give you a run down on the running costs and potential pitfalls and gaps in warranties.

Thanks a lot - a massive help there.

I've been researching but it's early days yet, the scariest thing I've read is that o2 sensors are an engine out job!!!!

A lot of the parts appear to be shared with the phaeton and rs6, apparently one of the batteries is a Mercedes spec!

 

[Abb]

This thread is worth a read, yes its different to your requirements, but gives a good insight into Bentley ownership and potential costs involved.

https://www.mbclub.co.uk/forums/general-discussion/221638-bentley.html

HTH

 

[Red C220]

^ That thread pretty much covers what you'll need to know.