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Old 01-02-2008   #16
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Re: help advice needed

Quote Originally Posted by The Beast View Post
True, but I'd rather give it a go and fail than just head straight for a subprime lender.
So would I, but getting rejected by somewhere like Black Horse or Capital Bank is usually a pretty good indicator and, as Darren has already said, too many applications can do a lot of harm.
Quote Originally Posted by The Beast View Post
I can never belive it when somebody goes to subprime then accepts it. Maybe if they have no car and desperately need one, but the people who have something that is completely fine just want a change and still accept those rates. Nutters!
Nor me, but obviously there are a lot of people that do it, otherwise the sub-prime lenders wouldn't be so plentiful.

Quote Originally Posted by The Beast View Post
Edit: Although I have never dealt through FAFS, so have no idea if they actually are more accepting.
Generally, the manufacturer's own finance companies are a little less stringent with their eligibility criteria, for the reason I posted above.
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Old 01-02-2008   #17
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Re: help advice needed

I'll bow to your superior experience Scrogg.
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Old 01-02-2008   #18
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Re: help advice needed

A well known subprime finance company have offered me finance today called Welcome, they have offered me 5000 MAXIMUM and I have 2000 DEPOSIT so I could almost nearly get into a basic pop, the the payments work out at 190 a month over 4 years. But I have decided that I am going to just keep adding to my deposit and will place an order xmas 2008 with a view to take delivery in 2009 this will give me planty of time and also approach welcome finance when I need them.
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Old 01-02-2008   #19
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Re: help advice needed

Quote Originally Posted by darren111 View Post
the payments work out at 190 a month over 4 years.
Ouch!

You've made the right decision mate
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Old 01-02-2008   #20
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Re: help advice needed

Quote Originally Posted by darren111 View Post
A well known subprime finance company have offered me finance today called Welcome, they have offered me £5000 MAXIMUM and I have £2000 DEPOSIT so I could almost nearly get into a basic pop, the the payments work out at £190 a month over 4 years. But I have decided that I am going to just keep adding to my deposit and will place an order xmas 2008 with a view to take delivery in 2009 this will give me planty of time and also approach welcome finance when I need them.
I think you've made the right decision. With the deposit that you have and the loan you'd still need £900 before you could get into a Pop. The total loan repayment would be £9120 which is simply shocking. At the end of the day you'd be paying £12k for an £8k car. And in 4 years time it's probably only going to be worth £3000. You'd be ar better off saving towards your deposit and getting a far smaller loan in a years time
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Last edited by Suasexed; 01-02-2008 at 23:05.
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Old 02-02-2008   #21
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Re: help advice needed

Quote Originally Posted by darren111 View Post
5000 MAXIMUM and I have 2000 DEPOSIT so I could almost nearly get into a basic pop, the the payments work out at 190 a month over 4 years.
20.75% Flat rate!
Normal HP starts at around 7%
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Old 02-02-2008   #22
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Re: help advice needed

Quote Originally Posted by Suasexed View Post
I think you've made the right decision. With the deposit that you have and the loan you'd still need 900 before you could get into a Pop. The total loan repayment would be 9120 which is simply shocking. At the end of the day you'd be paying 12k for an 8k car. And in 4 years time it's probably only going to be worth 3000. You'd be ar better off saving towards your deposit and getting a far smaller loan in a years time
I think 5oo's are going to hold their value a bit better than that. A MINI is worth 66% of it's purchase price after 3 years, which is one of the best residuals around and I think the 5oo will follow suit. Well even 50% would be nice!

BTW I am not a Jonny-come -lately to Italian cars and have been exclusively Italian, apart from one company 205 GTi and Golf GTi since my first "own" proper car in 1989 which was a Lancia Delta HF turbo. Currently drive an Alfa 156 SW.
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Old 02-02-2008   #23
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Re: help advice needed

Quote Originally Posted by Nero500 View Post
A MINI is worth 66% of it's purchase price after 3 years, which is one of the best residuals around ...
Yes but this is Fiat. Not Mini/BMW. Mini has a huge heritige in this country and BMWs are well respected as good cars here too. Fiats have neither.

Regardless whether the car is popular, its still a Fiat, and in this country, they do not hold their value well. Not atall.
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Old 02-02-2008   #24
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Re: help advice needed

Quote Originally Posted by Bushboy View Post
Yes but this is Fiat. Not Mini/BMW. Mini has a huge heritige in this country and BMWs are well respected as good cars here too. Fiats have neither.

Regardless whether the car is popular, its still a Fiat, and in this country, they do not hold their value well. Not atall.
Yes. I do realise this as I intimated in my post regarding Italian car ownership, but it's supply and demand too. MINI's prices are kept high because you can't get discounts on new cars and supply is limited.

The 5oo is a quantum leap in terms of quality for FIAT, it's the must have car of 2008 and supply is limited. FIAT are therefore engineering good residuals for 5oo's, like BMW have done with the MINI. Let's see what happens but I think I'll be proved right.

I don't by cars with a view to what they'll be worth in x years time. If I did I wouldn't have bought only Lancia, Fiat and Alfa over the last 20 odd years.

I buy these car because they are great to drive and generally good places to sit in. However, I'm not totally blinkered as through my work I do get to drive a lot of BMW/Audi/VW/Merc too.
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Last edited by Nero500; 02-02-2008 at 12:06.
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Old 02-02-2008   #25
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Re: help advice needed

Quote Originally Posted by The Beast View Post
20.75% Flat rate!
Anorak! Even I didn't work that out!
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Old 02-02-2008   #26
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Re: help advice needed

My thread seems to be very interstting to others its been good to read the comments. I have visited York and just out of interst the sales person put me through a finance proposal and fiat idael just to see what happens if its a no go I will stick with my original plan just keep adding to my deposit.
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