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Focus-Jonny
Just a wee question, can u take out a used focus on finance through lyndsay ford?
thesilverfox
[quote name='Focus-Jonny' date='01 February 2010 - 11:59 AM' timestamp='1265024991' post='62821']
Just a wee question, can u take out a used focus on finance through lyndsay ford?
[/quote]
You can take out finance on any car, so long as the person/firm selling it can offer it to you through a finance firm. It's then down to a credit check as to whether you are eligible or not.

That said, it's usually much cheaper to get a bank loan - and easier too. You also have the benefit of always owning the car ;) Just my opinion.
Focus-Jonny
Thanks for the quick reply mate:)yeah never thot of the bank loan, have u ever bought a car that way? Im only in partime work tho as im a student so they might refuse me.
thesilverfox
[quote name='Focus-Jonny' date='01 February 2010 - 01:02 PM' timestamp='1265028729' post='62824']
Thanks for the quick reply mate:)yeah never thot of the bank loan, have u ever bought a car that way? Im only in partime work tho as im a student so they might refuse me.
[/quote]

I have indeed - in fact, while I was still a student, I got a preferential interest rate. However, there's something satisfying paying 10k cash on a Maestro card for a car ... !

In the current climate, there are odd goings on. People with lower incomes and poorer credit ratings are being accepted for finance where they would otherwise not in some cases, while higher incomes (seen as less risky to default) are not able to get the credit.

This isn't true for all situations, but it's something I've noticed going on (I work in finance, so I'm nerdy like that).

If your bank won't lend you the money, then be careful. Finance interest rates are very high, and there is every chance that they won't give you a deal either, meaning two credit checks with negative outcomes against your name - this also affects your credit score.

Banks usually have their own internal scoring method for working out whether they want to assist you. If you have used your bank for a while, they may want to help. Before you try to get a loan, sit down with an advisor at the branch nearest to you and ask them what your score is and if it will be high enough to qualify for a loan at whatever amount it is you need and for the length of time you wish to pay.

Just remember one thing: cars are a waste of money. They depreciate at an alarming rate and will constantly cost you money. Getting a loan means you'll pay more for the car than it'll ever be worth (more so at present), so look long and hard to find a good deal before you commit.
Focus-Jonny
Okay thanks for the good advice cheers :)
Steve
i personally would get finance with the dealer. You can haggle the interest rate, done it many times. Don't let them tell you they can't because they can, usually the company does its own finance.

Also i always get a deal with a baloon. With a bank loan you cannot have a balloon. This depends on what you wish to spend.

Pay little deposit as possible.

Then when i have paid half my term plus interest, I can simply hand the car back, and walk away, because most contracts from the dealers say you can do that, with no penalty. A bank won't let you do that.

for instance i bought a Aygo for my missus. I paid £1000 down as deposit, 3 years at £109 a month and a 2k baloon (ish) and a pretty low rate interest

Now if i got in to trouble at halfway point, i could simply hand it back in and walk away. Of course you only do this if you are in the deep stuff. If your happy with it then continue. Also dont do this if the car is worth more than the finance owed ;)

Defo get some advice mate, don;t jump on the finance ladder until you are comfortable, and screw the best deal.
thesilverfox
When I was looking, finance from a dealer was around 15% with a small deposit. The bank offered me 9%, so it made complete sense to me :)

But as above, financing can be hit and miss. Do your research.
artscot79
[quote name='thesilverfox' date='01 February 2010 - 06:13 PM' timestamp='1265047403' post='62871']
When I was looking, finance from a dealer was around 15% with a small deposit. The bank offered me 9%, so it made complete sense to me [img]http://www.fordownersclub.com/forums/public/style_emoticons/default/smile.gif[/img]

But as above, financing can be hit and miss. Do your research.
[/quote]


i always found that a loan was best walk into any dealers and show cash i gaurantee you they will lower prices and throw in servicing etc my ford second hand was 2995 i got it down to 2600 then got 1 year full warranty on it free new car mats a full valet 20quid petrol and hes paying for a body shop to fix 2 small rust patches tomorrow oh and 6months road tax and 1year full mot and new number plates and a full service all because i picked a slow point to go in and had cash on me
thesilverfox
[quote name='artscot79' date='01 February 2010 - 07:03 PM' timestamp='1265050425' post='62882']
i always found that a loan was best walk into any dealers and show cash i gaurantee you they will lower prices and throw in servicing etc my ford second hand was 2995 i got it down to 2600 then got 1 year full warranty on it free new car mats a full valet 20quid petrol and hes paying for a body shop to fix 2 small rust patches tomorrow oh and 6months road tax and 1year full mot and new number plates and a full service all because i picked a slow point to go in and had cash on me
[/quote]

Yeah - although finance makes them more money on the whole (if it's a main garage of course), nothing speaks the language of cold hard cash.


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