Use savings (not finance) to buy car ?

K

Kitty

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Just wondering, is there any logic in using finance to buy a new (used) car rather than savings?

Also, I hope to buy from a dealer (rather than a private seller) , what is the best way to pay? Bank draft? Credit card?

Thanks for any views.
 
If you have the money and you call it savings, or whatever, I would think that's what it's for, so go on and buy something. If you're worried about the huge interst you are going to lose out on from the savings, you should forget about that particular worry.
 
Use your savings and bargain as hard as you can, there are plenty of cars available for you so use your cash and grab a bargain.
 
Kia were doing 0% finance on new Rio's and C'eeds. Not sure if the offer is still on. You could take upto 50% finance over 4 years.
 
losttheplot said:
Kia were doing 0% finance on new Rio's and C'eeds. Not sure if the offer is still on. You could take upto 50% finance over 4 years.
Click to expand...

Whats was the implicit APR on the deal? or are you saying that you drive the best cash/trade-in deal and then switch to 0% finance over 4 years for 50% of the net cash payment at no interest cost?.
Just wondering
 
ircoha;
50% is @ 0% ,ie no interest ie no APR.
Means you can (hold) your savings.

And yes it does mean go for best cash deal , then switching for 0% finance would be a (cute) one !
 
losttheplot said:
Kia were doing 0% finance on new Rio's and C'eeds. Not sure if the offer is still on. You could take upto 50% finance over 4 years.
Click to expand...

OP is looking at used cars I believe.

To qualify for the 0% (it's actually a HP deal) with Kia, you need a minimum deposit of 50%, term maximum is 48 months. Otherwise it's 4.9% APR.

I doubt you would be able to negotiate on price if availing of the deal.

As with all HP deals, check the T&Cs carefully.
 
Just on a related issue what are the best car finance deals on the market at the moment at 0% finance ?
 
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