Difference in cash to finance deal?

fozzy97

Hi, in the process of buying a car and was originally going with finance but got a credit union loan now to pay it instead. No paper work done on the finance yet. Been told from a few people now that dealers don't look to kindly on cash buyers and the price agreed might be higher now if I suggest cash? Anyone know if this is true, also if so how much more should I expect to pay? Thks for any advice or help in advance

silver2020

load of rubbish.

Price will be the same whether you give them a debit card, get a loan from credit union or take finance from them.

They want to sell the car.



Years ago they used to get a commission on any finance they sold as it was usually more expensive that other options, but that doesn't happen these days.

Only time you hear a difference is on "Cash" price - which is a price that does not involve a trade-in and can be paid whatever way you like and the "sticker" price which is usually inflated a little to give you the feeling that you either got a discount or you got a good trade-in price.

listermint

fozzy97 wrote: »

Hi, in the process of buying a car and was originally going with finance but got a credit union loan now to pay it instead. No paper work done on the finance yet. Been told from a few people now that dealers don't look to kindly on cash buyers and the price agreed might be higher now if I suggest cash? Anyone know if this is true, also if so how much more should I expect to pay? Thks for any advice or help in advance

Maybe talk to the dealer...

fozzy97

OmegaGene wrote: »

a dealer in the past told me they dont like cash simply because they have to deposit the cash and banks charge a fee, this was after i turned up with the cash and he was moaning that by cash price he didnt mean actual cash but a bank transfer or draft would have been better but he still took the cash lol

He was probably expecting to be done by CAB 🤣 Btw actually, do you have to order a bank draft or can you get one just when you go the bank. I was thinking if putting the money in credit card to pay that way either?

fozzy97

silver2020 wrote: »

load of rubbish.

Price will be the same whether you give them a debit card, get a loan from credit union or take finance from them.

They want to sell the car.



Years ago they used to get a commission on any finance they sold as it was usually more expensive that other options, but that doesn't happen these days.

Only time you hear a difference is on "Cash" price - which is a price that does not involve a trade-in and can be paid whatever way you like and the "sticker" price which is usually inflated a little to give you the feeling that you either got a discount or you got a good trade-in price.

No trade in, I'm in a borrowed one ATM, last one was 14 years old so never had finance before and don't know the ins and outs. The credit union loan is saving a good few Bob over the finance though!

colm_mcm

Pay with your debit card.

fozzy97

colm_mcm wrote: »

Pay with your debit card.

Thought there was a limit on a debit card?? That be great if I can just use that so.

colm_mcm

fozzy97 wrote: »

Thought there was a limit on a debit card?? That be great if I can just use that so.

Depends on the bank but I think mine is €25k with BOI.

Water2626262

silver2020 wrote: »

load of rubbish.

Price will be the same whether you give them a debit card, get a loan from credit union or take finance from them.

They want to sell the car.



Years ago they used to get a commission on any finance they sold as it was usually more expensive that other options, but that doesn't happen these days.

Only time you hear a difference is on "Cash" price - which is a price that does not involve a trade-in and can be paid whatever way you like and the "sticker" price which is usually inflated a little to give you the feeling that you either got a discount or you got a good trade-in price.

Finance commission is still a huge part of the business. Dealers are very keen to push whatever finance gives them the most commission.

fozzy97

Water2626262 wrote: »

Finance commission is still a huge part of the business. Dealers are very keen to push whatever finance gives them the most commission.

So should I expect to pay more by paying In cash then? Thks

Allinall

fozzy97 wrote: »

So should I expect to pay more by paying In cash then? Thks

Why not agree the price without telling them how you will be paying?

If they push you on the payment method, ask them what difference it will make.

fozzy97

Allinall wrote: »

Why not agree the price without telling them how you will be paying?

If they push you on the payment method, ask them what difference it will make.

They assume I'm getting finance,been cleared for it over the phone etc, just no paperwork signed. I didn't mind it as credit union was delayed, but the finance is working out a good bit dearer and plus I'll own the car with the credit union loan

colm_mcm

fozzy97 wrote: »

They assume I'm getting finance,been cleared for it over the phone etc, just no paperwork signed. I didn't mind it as credit union was delayed, but the finance is working out a good bit dearer and plus I'll own the car with the credit union loan

Price should be the price. I’ve never heard of the price of a used car going up because you’re not taking finance too.

fozzy97

OmegaGene wrote: »

No, the price is agreed and you haven’t signed the paperwork for the finance it’s only pre authorised and going to cost you €3k going by your other thread

Some dealers get a kickback from arranging finance I’m sure but that should not impact your price, deposit is paid and the car is imported then how you pay is your choice and if it comes to it you can walk away

Thanks for that! Wish me luck so. I'll stick to me guns and hope for the best. I'll get the bank draft made out for the price agreed so and hopefully be fine.

fozzy97

colm_mcm wrote: »

Price should be the price. I’ve never heard of the price of a used car going up because you’re not taking finance too.

Really, I never had either, it was all men who told me so hope theyre not taking the piss out of me 😁