Scottish Elises

I'm looking at different ways to finance a new car purchase and looking at all options HP, PCP etc.

Marks and Spencer money do a PCP type deal, the car buying plan.

Does anyone else do something similar, I heard of Lombard direct but they don't seem to want to deal with joe bloggs public.

Black Horse were best for me recently

Oracle act as a broker for Joe Public.

I'm sure there is someone on Seloc who can arrange PCP for any car up to 3 years old. try a post on their and just take everything with a pinch of salt ( as you would away)

Kev

Stick it on the mortgage and then overpay to repay the additional amount borrowed for the new car within your desired term.

I haven't investigated this option but can't imagine you will do it any cheaper as your loan will be secured against your house.

Usual "your home is at risk..." etc

0.9% APR on my latest purchase, some good deals to be had re finance. Shop around and haggle hard

Close Motor Finance in Livingston did a very good job for our last purchase.

Can recommend Close Motor Finance as part of The Close Asset Finance group, where a friend is the business manager for Scotland.

They are doing very well for themselves whilst the banks struggle.

Who's your friend, Dave?

I dealt with a chap in Livingston, very client-focused and his efforts took several hundred more pounds out of our Skoda project back in 2009 Shocking that I can't remember his name though...Iain maybe?

Turns out an old school pal, Martin Brown, also now works with them in East Kilbride too.

Chap called Ross, I think to be fair he works most of Scotland for the Close Asset side.

Stewart wrote:Stick it on the mortgage

The most expensive way to borrow money?????

Thanks for the feedback guys, I'll get on the phone.

Dominic wrote:

Stewart wrote:Stick it on the mortgage

The most expensive way to borrow money?????

Not necessarily.

A mortgage often offers the lowest true interest cost per pound of any borrowing (short of 0% apr specials to tempt you into that kitchen or car...), PROVIDED you don't allow the debt to run any longer than the term you'd pick with regular finance.

I agree that just "sticking it on the mortgage" indefinitely, or for the full 20+ year term, is foolhardy and tantamount to the nonsense that got us into the current financial crisis in the first place, but managed smartly, it's interesting to see what can be achieved.

Many modern day mortgage products offer this kind of flexibility now, because they are on 2, 3, 4 or 5 year terms, so you can "re-mortgage" or renegotiate the amount of borrowing periodically without incurring crazy penalties etc.

If you are feeling really bold, and your home has the equity to support it, then putting the car on your (interest-only) mortgage and paying the same amount of capital into a well managed stocks and shares ISA might prove a demon hedge against depreciation. But before we get into derivatives and dodgy financial instruments, I'll stop there...none of the above should be construed as financial advice etc etc.

It's fun to imagine though!

Campbell

campbell wrote: A mortgage often offers the lowest true interest cost per pound of any borrowing (short of 0% apr specials to tempt you into that kitchen or car...), PROVIDED you don't allow the debt to run any longer than the term you'd pick with regular finance.

I agree that just "sticking it on the mortgage" indefinitely, or for the full 20+ year term, is foolhardy and tantamount to the nonsense that got us into the current financial crisis in the first place, but managed smartly, it's interesting to see what can be achieved.

Many modern day mortgage products offer this kind of flexibility now, because they are on 2, 3, 4 or 5 year terms, so you can "re-mortgage" or renegotiate the amount of borrowing periodically without incurring crazy penalties etc.


Campbell

Every day is a school day!
(Mortgage for house only faction)

LOL Dom!

I forgot to add the killer postscript. The most expensive way to borrow money (other than through loan-sharks...) is of course probably a bank overdraft or a rolling credit-card balance. But of course everybody already knew that. Didn't they...!