Sized up the BMW's replacement

[tunnie]

If I can land the right s80 then it will be that. The loan payments will be £200-250/month more than the pcp on a v60 but I'll own the car outright in 2-2.5yrs. Sadly it looks like it'll have to be Rare Silver though  . About 1 in 20 seem to be black, however I'll be buggered if I'm washing the thing every verse-end.

This is my thinking as well, at end of the payments you own the car, no further big bill.

[Doctor Gollum]

Thought finance was the work of satan in the Tunnie household 

[Viral_Jim]

You should know, Jimmy, that your credit 'score' means nothing. It's for your eyes only, lenders don't get to see it. It's your payment history and the size of your liabilities that count.

My understanding was that a credit score is a numerical representation of the tool that lenders use to assess you as a credit risk?

However, as I haven't missed a payment on anything in the last 8yrs or so and have shed a BMW's worth of debt. I think I'll be in reasonable shape.

Finance is a no brainer these days it's so cheap. Once I'm up n running I'll transfer some of the loan onto a credit card. Sainsbury's are currently running a 0% card with 0.9% fee forn33 months. So about 1/3 of a percentage point per yr. so long as you're disciplined about paying it off in time, it's interest free finance.

and yes M'lud, it will be running on lamp oil.   

[tunnie]

Thought finance was the work of satan in the Tunnie household 

Always said simple bank/supermarket loan is the way to go, no finance PCP/HP deals.

[Doctor Gollum]

Paying cash gives you the least rights. Doesn't matter so much on a £500 shitter, but ask Jimmy how his rejection would have gone if he had bought the BMW outright

[Viral_Jim]

You're only right.

I think I'd have got there in the end, but nowhere near so easy!  Buying new on PCP is ok, but used rates are like a trip back to the 1990's! Balancing security and cost I would borrow the max possible PCP deposit using cheaper finance and then take the smallest PCP, then pay most of it off in advance leaving a tiny monthly PCP payment

[Doctor Gollum]

Which is all well and good, right up to the point where the car is written off in an unforeseen third party event... 

[Viral_Jim]

Gap insurance is a given on anything over 5k.

I paid £280 for £25k of cover on the BMW over 25yrs on a replacement car basis. These policies do create a significant moral hazard though 

[Doctor Gollum]

If it can avoid paying out, it will.

Had gap insurance foisted upon my first taxi purchase... six months later and had to threaten the dealer with court to pay the shortfall when the inevitable happened...

Not long after, the finance manager was sent down for various fraudulent scams. Surprise, surprise,  the dealer group closed shortly after