advice needed. Financing a used car

mwarsame

mwarsame

mwarsame

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Hey all

I need adv, I want to finance a used Mercedes Benz E Class 2012-2013 car on a 60months term, I'm thinking of down paying <£1000.00

I'm getting quotes with 14.9%APR from Zuto and I'll be paying £340~ per month

The idea is to take out a 60months for a more affordable rate but settle it within 3 years tops

What I need advise on is, I know during that 60months duration, they estimate it'll come to a total of £21k ish but if I settle it before, what's likely to happen? Has anyone done it before?

Also is 14.9% average?

Thanks
 
No, 15% APR is not good, it is daylight robbery.

£340 a month to drive a 2-3 year old E Class? Absolutely madness - this is a ridiculous idea and a total ripoff.

One of the lease firms was doing the E220 CDI AMG Night Edition brand new for under £300 a month earlier this month. Somebody will probably have a link.

If you must pay monthly for a bling Mercedes do that don't rip yourself off with a patheticly high APR 60 month finance deal!
 
I got a 3.8% APR loan from Santander a few weeks back, and I saw Halifax were doing 3.6%

Borrowed £11,500 and I'm paying back less than £340 a month over 36 months!
 
14 point what!!!?????? Roger me.

OP doesn't say what he's borrowing but that monthly payment over 60 months at 14.9 means it's about 15k. Sainsburys bank are doing 15k over 60 months at 3.5 lol
 
Hey guys

It's 16-17k for a 13 reg car at roughly 30k milage

My credit rating is not that great too hence the high Apr,

Is that still bad?
 
mwarsame said:
Hey guys

It's 16-17k for a 13 reg car at roughly 30k milage

My credit rating is not that great too hence the high Apr,

Is that still bad?
Click to expand...

You get a bad credit rating because you're not capable of borrowing and paying money back. Therefore, spending huge amounts of cash on a rip off loan for a car that could be expensive to maintain is a very bad idea. Put your money into savings and buy something cheaper when you can actually afford it.

[TW]Fox;28776792 said:
Yes.

A 13 plate E Class for 16k? Surely not.
Click to expand...

Seems about the going rate, maybe not at quite 30k miles - there are a handful of low mileage ones but slightly higher mileage ones are starting at 12!
 
Del Lardo said:
If your credit rating isn't great is financing a £16 000 car a good idea?
Click to expand...

Basically in my younger days I've messed around and defaulted on a credit card. Its still in my file but I've been much better since lol. Stable income now, little one on the way etc so more responsible than ever before.

I like that excel document too
 
buy a used older car that you can afford or lease something cheaper/lower end for up to 200/month! surely you can pick up a skoda estate for that much on a lease.
 
Personally I would be looking for something cheaper than a Merc, take a smaller loan out over a shorter term and get it paid off - improve your credit history and then if you must have a Merc do it when you are in a better position.

As others have said it's not just about the loan, but the running costs of the Merc could be expensive.

5 Years is a long time, regardless of whether you intend to pay the loan off early - you never know what is around the corner.

There is no shame in getting something like a 3 year old Mondeo, which you could get for around £9k. Borrowing £9k using your Zuto Average credit rating example, would be £308/month over 36months. So still less than your £340/month, and you could still save and pay it off early.

You don't say what your current car is, or why the need/want of the Merc - we all want nice things, but sometimes it's better to take 5 minutes and rationalise your thoughts - Do you really need a Merc?
 
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