First time buyer

Sarah20

Hi all just looking for help and any advice is appreciated, I'm currently in the process of changing cars, I'm looking to get a peugeot 3008 2019 but I'm currently looking at the best option to get finance, I was thinking a bank loan to help with the deposit to bring down the monthly payments on the car, I'm new to buying a car from a dealer and any help is appreciated 🙂

Buddy Bubs

Do you need to put down a deposit at all? If you dont have cash I'd just borrow the whole price of the car from wherever will give it to you at best rate. Once you can afford it.

Wouldn't take out 2 loans on same car

kravmaga

You have some finance options, have you no deposit at all saved?

Credit union car loan

Bank car loan

Hire Purchase

Leasing

PCP option but I think you have to have a deposit for that and its against a brand new car.

Whats your upper end budget?

Sarah20

So it would be a bad idea to take out a loan for the deposit and then finance the car while paying off both loans? I know I probably sound stupid 🙄

bazz26

Not trying to sound condesending OP but what your thinking of doing sounds crazy. If you need to take out a second loan to cover the deposit for the first loan then you probably cannot afford the car to begin with. It might be better to aim for something cheaper.

walterking

Car prices are very elevated at the moment.

Go for something cheaper and upgrade in a couple of years to an electric or hybrid.

The chip shortage will be sorted by then and prices will most likely fall or at least discounts will be back available.