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      01-13-2019, 05:16 AM   #1
willjames
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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:
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      01-13-2019, 05:20 AM   #2
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If credit rating is not thucked 3% personal loans available on the market and will be the cheapest form of finance atm.
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      01-13-2019, 06:09 AM   #3
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Quote:
Originally Posted by Abrek View Post
If credit rating is not thucked 3% personal loans available on the market and will be the cheapest form of finance atm.
Personal loans tend to top out at £25k on unsecured, so that means finding another 10k.

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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Quote:
Originally Posted by willjames View Post
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:
What's your mileage allowance on that deal?
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      01-13-2019, 07:28 AM   #6
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Quote:
Originally Posted by Goneinsixtyseconds View Post
Quote:
Originally Posted by willjames View Post
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:
What's your mileage allowance on that deal?
14000 per annum
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      01-13-2019, 07:58 AM   #7
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I assume those figures are to buy the car outright rather than PCP?
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      01-13-2019, 08:05 AM   #8
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Quote:
Originally Posted by JustChris View Post
I assume those figures are to buy the car outright rather than PCP?
No PCP. There are two options. The option to buy the car outright (fixed car plan HP) is 4.4% APR for £32,000 is monthlies of £727.03 x 48 months total repayable £34,897.44
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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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Quote:
Originally Posted by willjames View Post
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 :
The finance is provided by Halifax, nothing to do with the dealer
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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Quote:
Originally Posted by marra View Post
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
Doesn't work if you don't want to put a deposit in. Not everyone, but a few, don't want to sink any cash into a car.

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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Quote:
Originally Posted by willjames View Post
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 :
Half their standard APR yes, but not much differencne to what you can usually achieve if you haggle. 6.9% seems to be a figure they settle on quite a lot.

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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Quote:
Originally Posted by willjames View Post
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 :
Some dealers charge a fee for arranging finance through someone other than them. The cowboys at Big Motoring World charge 499 which is ridiculous. You organise the finance, all you need from the dealer is their bank details and Halifax pay them the money.

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, 05:46 PM   #18
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its a joke that secured finance has such a big margin given the base rate
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      01-13-2019, 07:02 PM   #19
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its a joke that secured finance has such a big margin given the base rate
Safest option is to end this thread now. Everyone leave by the first available exit......
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      01-14-2019, 03:04 AM   #20
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The dealer may be advertising 12.4% APR, but only a fool would agree to that

5.9% was readily available previously
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      01-14-2019, 06:42 AM   #21
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Quote:
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Safest option is to end this thread now. Everyone leave by the first available exit......
good call and seems to have been heeded...
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