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Taking out Finance for a new car ? Where is "cheapest" ?

Taking out Finance for a new car ? Where is "cheapest" ?

Old Oct 12th 2020, 11:01 am
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Default Taking out Finance for a new car ? Where is "cheapest" ?

Hi all, having stepped cautiously into the world of "adulting" (looking at houses and new cars etc) .. i find myself looking for a new / nearly new SUV / 4x4.

I´ve found several options and contacted a few agents, we are looking at cars from 12k to 16k.. but it seems that the companies finance is crippling, at around 8%. it adds another 5k on top after the initial price is paid for.

I think it would be better to save up and buy in a lump, SWMBO thinks we shouldnt wait and just go for the newest one we can find, yesterday. The payments are super affordable, from 99€ / mes .. but paying another 4 years past when the car is paid for hurts a little, considering my current car was 800€ with 100,000km.

Is it "cheaper" to go to the bank for these sorts of things ?
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Old Oct 12th 2020, 11:02 am
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Default Re: Taking out Finance for a new car ? Where is "cheapest" ?

I´ll add that i´ve never had finance of any sort in my 40 years. If I can afford it i buy it, if i cant, i wait till i can. finance is scary to me.
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Old Oct 12th 2020, 11:23 am
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Default Re: Taking out Finance for a new car ? Where is "cheapest" ?

I´m talking to myself here .. hahaha

Ive just checked with my bank (cajasur) and on a 10,000€ car loan, the simulator says that its only €12,600 to pay back, with insurance, at €165 a month.

Looks like thats gonna be the way to go!
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Old Oct 12th 2020, 12:50 pm
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Default Re: Taking out Finance for a new car ? Where is "cheapest" ?

If you end up buying a new car, the finance available from the manufacturer looks high but you usually get very significant discounts and deals (paid for by the car maker) that brings the overall cost down. I got four years servicing, 4 years warranty and 4 years roadside assistance plus about €3000 discount - overall about €6000. That was on a minimum loan of €10000.

These deals will probably be available on nearly new cars as well.
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Old Oct 12th 2020, 2:25 pm
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Default Re: Taking out Finance for a new car ? Where is "cheapest" ?

Thats a very good point Fred James. - ive not seen so many like you had, but some do include roadside assitance for a couple of years
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Old Oct 12th 2020, 2:56 pm
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Default Re: Taking out Finance for a new car ? Where is "cheapest" ?

I got a new car and got free 1 years fully comp insurance, 2 years excess insurance, 2 years free servicing, warranty extended from 3 years 5 and a discount of around 900 Euros from cash price. I took the minimum amount as a loan. My intention initially was to pay cash but with that offer it was a no brainier.
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