01-13-2019, 05:16 AM | #1 |
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Halifax Flex Car Plan
Fellas,
Anyone used Halifax Flex Car Plan for buying a car via PCP? Just tinkering with some figures and picking up another thread on buying AUC's, I wondered if anyone had used them to buy a car? We know that the comedy starting APR from BMW Approved Used is 12.4% but the Halifax Flex Car Plan is 6.4%. On my current PCP deal I think my APR is 8.4%. Some context and cost example Car Price - £35,000 (530d xdrive top spec) Nov 17 Car Deposit - £3,000 Amount to be Financed £32,000 47 x payments of £504.42 GMFV - £ 14,107.00 Total Repayable - £37,814.74 A thousand less in deposit raises the monthlies by approx £24.00 to £528.00 per month. What do you think? Not committing and not quite ready for changing yet, just interested in your thoughts on a vehicle (excuse the pun) for buying a vehicle: |
01-13-2019, 06:09 AM | #3 | |
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If the payments are manageable and cheaper than BMW, than why not? If you are going to pcp the car regardless than the cheapest option is best. |
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01-13-2019, 06:55 AM | #4 |
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Lloyds do one of these as well. Definitely worth considering, as your monthlies look reasonable.
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01-13-2019, 07:02 AM | #5 | |
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01-13-2019, 07:28 AM | #6 | ||
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01-13-2019, 08:05 AM | #8 |
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01-13-2019, 08:08 AM | #9 |
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Not quite sure how it works though, I think the bank organise the finance direct with the dealer. When you request detailed quote they ask for registration of the car and the postcode of the dealer. Wonder if all dealers would be part of this scheme though?
Seems unlikely if the bank is offering half their standard APR : |
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01-13-2019, 08:41 AM | #10 | |
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In effect the dealer sells the car to Halifax and you are the keeper. |
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01-13-2019, 11:18 AM | #11 |
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My advice here is to let depreciation be your friend ie wait until the car depreciates to match your loan and deposit figure.
Then get the standard halifax loan on a 7 year if they still do them to get a low payment. That what I did when I had a 3 series last time. Nice car by the way. I was going to get the 530xd Sport plus with loads of extras in Oct 2017. Brand new with 14k deposit it was 450 a month and they could make that 425 by magic. I think the sticker was about 58K so they definitely depreciate fast enough |
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01-13-2019, 11:36 AM | #12 | |
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Plus, I don't really have it spare. I get a car allowance instead of a company car and that covers all my costs, including a pcp with zero deposit. I even get the thousand back upon collection that I put down to secure a factory build. |
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01-13-2019, 11:49 AM | #13 | |
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The half a % might not be worth the saving. It's also important to check the GFV, if BMW's is better than the banks, then the deal might not be as good as it looks. Plus, if it's a pre reg, they'll still try it on at 12%, but they're allowed by BMW finance to match the new rates when they're pre reg and under a certain mileage. Sometimes that means 12% can become 0% for a pre reg. |
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01-13-2019, 12:04 PM | #14 |
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My car is on Halifax HP and I got it at 5.5% last June. Very easy to setup and the whole process was trouble free. It took about 10 minutes from confirming the agreement and purchase of the car to the dealer receiving the money. I would definitely recommend it.
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01-13-2019, 12:07 PM | #15 | |
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I bought my car from a small dealer and he'd never heard of it but was quite impressed and said he'd mention it to other customers. They were more interested in selling the car than the finance which is good. |
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01-13-2019, 12:52 PM | #16 |
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I had one with Black Horse for 10.9% about 5 years ago. Easy to set up and they were easy to deal with. Santander can do around 3.2% for us. Worth checking out them too.
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01-13-2019, 04:18 PM | #17 |
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Admiral also do finance too, they can do both HP and PCP (subject to vehicle age & acceptance). Works in a similar way to the Halifax one, i.e. negotiate price with dealer and then Admiral will pay the finds directly to them.
https://www.admiral.com/loans/car-fi...tract-purchase As others have said the BMW rates are negotiable, so you shouldn't need to pay 12.9%! |
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01-13-2019, 07:02 PM | #19 |
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01-14-2019, 06:42 AM | #21 |
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