Finance on a secondhand car

Quigs Snr

Looking at finance on a secondhand car. Ideally, say about 300 quid a month for 4 years followed by a balloon of about 10k on a car valued at 20k. The car is 7 years old. Anyone know if this is do-able ?

tinofapples

Does the dealer not offer finance ? Or is it a private sale ?

I wouldn't recommend the baloon payment avenue . You've got to be saving money for it while you're paying back the car.

Did you try your credit union ? It has been said to be since I was young you won't beat them and at last I realise this to be true .

I have a Motorloan with BOI and the statement is a joke , I got charged almost £1000 for Insurance on the loan !!

Rip-off shower of w@nkers .

Gurgle

What kind of 2nd hand car is worth €20K ?

Quigs Snr

The car may be a private deal so I would need to sort my own finance. I specifically want the ballon payment as this helps keep my monthly outgoings down, albeit with a large payment at the end. This does not worry me though, the car will retain easily enough value to cover the balloon and leave me hopefully with a bit spare which I can use to go again with.

The car is a merc SLK230.

loyatemu

i think those balloon payment deals that dealers offer are effectively a form of hire-purchase and as such not do-able if its a private sale.

unkel

Originally posted by Quigs Snr
The car is a merc SLK230.

Ah, your post didn't make sense until I saw this

That's a good private deal presuming the car is mint (most of them are) and has leather. You're right, depreciation should be well less than €10k over 4 years if you keep it well

You don't strictly need car finance, a personal loan might cover it. Best is probably to talk to your bank manager. If you own a house, have a permanent job and a perfect credit history, you'll be surprised what they can do for you. I managed to get a massive temporary overdraft a couple of months ago which suited me in my situation