[martin85]

Has anyone used lenders such as Magnitude or any other car finance company?

I'm looking into a second hand M340i, and assessing how best to fund it. The ridiculous APR on second hand cars always puts me off financing directly with BMW.

[davyk31]

An ordinary loan from the likes of Sainsbury’s Bank will be hard to beat as regards interest charges. Don’t offer a PCP type deal if that is what you need but a standard loan over a longer period May be a better option.

[g9icy]

Originally Posted by davyk31

An ordinary loan from the likes of Sainsbury’s Bank will be hard to beat as regards interest charges. Don’t offer a PCP type deal if that is what you need but a standard loan over a longer period May be a better option.

I imagine a Sainsburys loan on a used M340i (what, £40k?) would be horrendous in terms of monthlies though, probably double a PCP.

[AlRex]

Originally Posted by martin85

Has anyone used lenders such as Magnitude or any other car finance company?

I'm looking into a second hand M340i, and assessing how best to fund it. The ridiculous APR on second hand cars always puts me off financing directly with BMW.

Maybe look at Halifax if you bank with them, they offer PCP and about half the APR of BMW. GFV is not usually as high though, I found payments similar to BMW on my last car I just had quite a chunk less to pay at the end of the PCP due to lower APR and lower GFV.

[isleaiw1]

Originally Posted by AlRex

Maybe look at Halifax if you bank with them, they offer PCP and about half the APR of BMW. GFV is not usually as high though, I found payments similar to BMW on my last car I just had quite a chunk less to pay at the end of the PCP due to lower APR and lower GFV.

Is the balloon guaranteed value of car with Halifax? I know Clydesdale do a PCP style product but the balloon is just that, a finance balloon and no guarantee the car will be worth that...

[AlRex]

Originally Posted by isleaiw1

Is the balloon guaranteed value of car with Halifax? I know Clydesdale do a PCP style product but the balloon is just that, a finance balloon and no guarantee the car will be worth that...

Was a GFV with the optional final payment and had the excess pence per mile etc if you go over your milage.
I’ve just sold that car about 1 month ago but had quite a bit of positive equity so didn’t really have to use it at the end of my term.

[davyk31]

Originally Posted by g9icy

I imagine a Sainsburys loan on a used M340i (what, £40k?) would be horrendous in terms of monthlies though, probably double a PCP.

You then extend the term of the loan to lower the payments. If you decide to sell after 3 years you have a settlement figure just like if it was a balloon agreement.

[Kam05]

I use oracle car finance to fund my cars

[Mo1995]

Used Car Flow Finance to fund my M4 last year. Gave me the lowest rate and best GFV at the time over oracle & magnitude.
Although they now all seem to quite high and offering minimum 7-8%.

[joshpmc]

As someone else has said Halifax do it although their rates aren't as competitive as they used to be. Our X3 M40i was bought from a dealer 11 months old and financed through halifax at 4.9% this time last year. BMW wanted 7.9% at the time.

My mate at work has just financed a 911 through magnitude at 7.9%.

Halifax is currently showing 7.9% on PCP and BMW is 9.4 so the gap is narrower than it was.

[martin85]

Thank you for all the replies. The personal loan is definitely an option, we have used that in the past to pay off the X3 after PCP ended.

BMW used were offering me like 12%, which is crazy. I saw Magnitude and Oracle were around 8%, but like people have said, that is still high.

The GFVs seem really low these days. A M340i advertised at mid 30s (which seems great value to me), has a GFV of around 13k in 4 years time (and 40k miles more). A 70-80k M340i for 13k seems crazy value, aren't Golf's more than that?

[MashinBenzin]

Interest rates are very likely to come down, how about keeping the car or a lower cost stop gap until APRs are more desirable?

[g9icy]

Originally Posted by martin85

Thank you for all the replies. The personal loan is definitely an option, we have used that in the past to pay off the X3 after PCP ended.

BMW used were offering me like 12%, which is crazy. I saw Magnitude and Oracle were around 8%, but like people have said, that is still high.

The GFVs seem really low these days. A M340i advertised at mid 30s (which seems great value to me), has a GFV of around 13k in 4 years time (and 40k miles more). A 70-80k M340i for 13k seems crazy value, aren't Golf's more than that?

Yeah, that's mad. It means you'd have a lot of equity left over though for the next car. I think because rates are so high dealers are doing this to make the payments of the next car similar to the one you've come from. I'm sure there are other clever reasons why this is as well.

Regardless, I'm glad I'm off the PCP grind and just move the money around 0% credit cards every 18 months until a Sainsburys loan will be cheaper monthlies.

Also... 12%? Effoff.

[NotGotABimmer23]

Originally Posted by MashinBenzin

Interest rates are very likely to come down, how about keeping the car or a lower cost stop gap until APRs are more desirable?

Going to take a couple of years, sounds far too sensible for bimmerpost!

[martin85]

The sensible thing would be to take a bog standard Golf on a lease, but I just can't bring myself to fork out, what isn't a small sum these days, on a car I have no interest in driving. I'd rather pay more, even if it doesn't make financial sense (in terms of costing more, not that it can't be afforded), for a car I actually want.

I remember when I had one of the new Focus ST-3s for £199 a month on PCP. Still the best value for money car I've ever had. Now it's like £350 for a basic Golf. Madness.

[martin85]

The APR isn't an issue, aside from the rates rises being pointless. Just a general comment on the price of cars these days and looking for better options than BMW used finance.

[Sennen]

Originally Posted by joshpmc

As someone else has said Halifax do it although their rates aren't as competitive as they used to be. Our X3 M40i was bought from a dealer 11 months old and financed through halifax at 4.9% this time last year. BMW wanted 7.9% at the time.

My mate at work has just financed a 911 through magnitude at 7.9%.

Halifax is currently showing 7.9% on PCP and BMW is 9.4 so the gap is narrower than it was.

Wow I am glad I am now a cash buyer!!!

These ridiculous APRs are really going to slash new car demand surely...... I think it is something crazy like 70% of private new car purchases are PCP.

[biggaz101]

Originally Posted by joshpmc

As someone else has said Halifax do it although their rates aren't as competitive as they used to be. Our X3 M40i was bought from a dealer 11 months old and financed through halifax at 4.9% this time last year. BMW wanted 7.9% at the time.

My mate at work has just financed a 911 through magnitude at 7.9%.

Halifax is currently showing 7.9% on PCP and BMW is 9.4 so the gap is narrower than it was.

Hi Josh if you see this it’s about coding I can’t PM as am a new member so trying this way need cruise control coding and switch telephone on it’s ex cop car done CC buttons already cheers

[Pond]

Originally Posted by martin85

The sensible thing would be to take a bog standard Golf on a lease,

Funny as I just deleted an email from a previously used lease company advertising a Golf from £168 a month. Didn't look at the details but that is getting back to old monthlies!

[RustyBitz]

Try Oracle. They have been great in working options to refinance the balloon on my X3M comp. Enough time to tie me over until next year then I can clear the finance.