Folks,
I'm looking for advice on the best way to pay for a car? Previously would have paid cash, but I'm now a little more risk adverse and want to keep some savings, and not commit too much in terms of additional outgoings.
Car will cost €30k and looking at 3 options.
1) Pay full lump cash.
2) Part finance - maybe €10-15k car/personal loan, and keep some savings for rainy day. Banks are around the 11% APR mark.
3) Dealer finance - have always avoided like the plague, but finding myself looking at this option. VW doing 5.9% APR, based on a hire purchase agreement with some spin around 'guaranteed future values' (aka baloon payment). It's cheap money and would give me what I'm after - keep some savings and low monthly repayments. I can still buy it out with savings at the end of term.
Any advice?
Thanks,
Tom
I'm looking for advice on the best way to pay for a car? Previously would have paid cash, but I'm now a little more risk adverse and want to keep some savings, and not commit too much in terms of additional outgoings.
Car will cost €30k and looking at 3 options.
1) Pay full lump cash.
2) Part finance - maybe €10-15k car/personal loan, and keep some savings for rainy day. Banks are around the 11% APR mark.
3) Dealer finance - have always avoided like the plague, but finding myself looking at this option. VW doing 5.9% APR, based on a hire purchase agreement with some spin around 'guaranteed future values' (aka baloon payment). It's cheap money and would give me what I'm after - keep some savings and low monthly repayments. I can still buy it out with savings at the end of term.
Any advice?
Thanks,
Tom