Any car finance experts here? (UK) Muricans same?

[Cappuccino]

Anyone here have experienced knowledge with car fiance? I have some questions to ask, a lot of questions. Some questions may be obvious and easy but I just want to make sure I get the correct info. I try explain simple.

I give you an example (I'm not buying this car so calm the fuk down). http://www.mercedes-benz.co.uk/cont....html?page=model/a-class-hatchback/personal/A

OK.

Customer Deposit is £2,999.00, so that obviously mean I pay that up front yes?
and every month I have to pay £259.00.

On the Road Price mean I pay the car all at once yes?

What is Retailer Deposit Contribution £578.12?
What is Optional Purchase Payment ² £10,250.00
What is Amount of Credit £17,407.88?
Duration of Agreement 36 Months. That means I have to pay £259.00 for 36 months correct?
What is Total Amount Payable ³ £23,161.12?
and finally how do I work out this?

• Representative APR
  
  5.3 %
  
  
• Fixed Interest Rate
  
  5.15 %
  -_-

All the info is inside the link I provided above. So yh. How much do I need to pay exactly? I am confused. It's not that simple correct? It's toooo good to be true. Can someone break things down for me? How much do I need to pay if I'm going to buy this car etc etc etc etc. Please no trolls. So if you don't know don't spam the comments below lol. Really appreciate the help! Thanks

ignore my terrible gramma fight me!

Edit - you guys need to use UK vpn to open the UK linkey

 

[Linux23]

I think you posted in the wrong forum.

ATOT UK is that a way

 

[Mr.IncrediblyBored]

www.mercedes-benz.co.uk/content/unitedkingdom/mpc/mpc_unitedkingdom_website...

Is this the UK site? I can't tell.

 

[Cappuccino]

www.mercedes-benz.co.uk/content/unitedkingdom/mpc/mpc_unitedkingdom_website...

Is this the UK site? I can't tell.

Yes UK site.

I think you posted in the wrong forum.

ATOT UK is that a way

Eeeek there is a ATOT UK board? Lol

 

[OutHouse]

car lease? so you are going to rent a car for 3 years? fail already.

i have no idea what all those other silly British charges are.

 

[Cappuccino]

car lease? so you are going to rent a car for 3 years? fail already.

i have no idea what all those other silly British charges are.

I don't understand too hence why I asked. Also why fail? What am I missing? Also not lease. Lease is fail. Lease is totally something else.

 

[OutHouse]

I don't understand too hence why I asked. Also why fail? What am I missing? Also not lease. Lease is fail. Lease is totally something else.

i saw this and thought it was a lease.
Excess Mileage 6p per mile

 

[Cappuccino]

i saw this and thought it was a lease.
Excess Mileage 6p per mile

Just to confirm. Lease and car finance is 2 different things right? Also I think 6p per miles means if you go over your 1 year miliege you get charged 6p per mile.

 

[Crono]

Their Agility financing is a "flexible" financing option, meaning you can opt to return the car at the end of the finance period and potentially pay any additional fees that a lease would have, or option to keep the car by paying the optional purchase payment. Not that different from most lease options in the U.S.

Yes, OP, you pay the deposit up front, and then the monthly payments for 36 months. After which you have to decide whether to buy or not. And if you exceeded milage limitations or have excessive wear or whatever other stipulations, you have to only pay that instead if you aren't buying out the lease.

The representative APR looks like it's just a reference or average APR for quotes... I wouldn't assume it is higher or lower until the dealership actually ran the credit (don't know specifically how it works in the UK, though).

Bottom line: I'd go in person, with a person you know who's financed a car before. And be prepared to comparison shop if you want to save money on the car you want.

 

[OutHouse]

in the states that is a condition to a lease. if you go over a certain number of miles you get a fine when you turn the car in.
Leasing is condition that you agree to to where you get the car for a couple of years and turn it in and get another the advantage is you can get a more expensive car. the down side is you spent 500 dollars a month to rent a car,

finance is borrowing money, it does not matter if its to buy or lease. financing is just borrowing money to pay for something.

 

[Cappuccino]

in the states that is a condition to a lease. if you go over a certain number of miles you get a fine when you turn the car in.
Leasing is condition that you agree to to where you get the car for a couple of years and turn it in and get another the advantage is you can get a more expensive car. the down side is you spent 500 dollars a month to rent a car,

finance is borrowing money, it does not matter if its to buy or lease. financing is just borrowing money to pay for something.

Thanks. Right so leasing is borrowing money but I don't need to borrow money so that means it's not a lease then is it? Let's say I pay the upfront cost with my own money and same with the monthly then what does that called? I am certain this is not ai lease or is it because I even asked my seminar teacher about this not to long ago but she don't know for sure so I made a thread about it on AT lol

 

[Cappuccino]

Their Agility financing is a "flexible" financing option, meaning you can opt to return the car at the end of the finance period and potentially pay any additional fees that a lease would have, or option to keep the car by paying the optional purchase payment. Not that different from most lease options in the U.S.

Yes, OP, you pay the deposit up front, and then the monthly payments for 36 months. After which you have to decide whether to buy or not. And if you exceeded milage limitations or have excessive wear or whatever other stipulations, you have to only pay that instead if you aren't buying out the lease.

The representative APR looks like it's just a reference or average APR for quotes... I wouldn't assume it is higher or lower until the dealership actually ran the credit (don't know specifically how it works in the UK, though).

Bottom line: I'd go in person, with a person you know who's financed a car before. And be prepared to comparison shop if you want to save money on the car you want.

Thanks chrono I think i understand but the leasing and stuff is confusing me. So after 36 month what happen next? If I want the car do I pay whatever is left or do I just keep the car? Obviously not but how do you work out the sum lol sorry can't type more info right now I'm on my phone

 

[Crono]

You are looking at the wrong option, I think. Mercedes Agility is leasing. This is what you want, which is regular financing to own:

http://www.mercedes-benzretailgroup.../finance-leasing/mercedes-benz-hire-purchase/

 

[Cappuccino]

You are looking at the wrong option, I think. Mercedes Agility is leasing. This is what you want, which is regular financing to own:

http://www.mercedes-benzretailgroup.../finance-leasing/mercedes-benz-hire-purchase/

Sorry chrono where does it say is leasing?
"

Simply pay a deposit on your chosen Mercedes-Benz, then make fixed monthly payments over an agreed term to pay off the remainder of its value. It's the perfect way to buy a car if you want to work your way upto full ownership over a period of time and spread the overall cost of a Mercedes-Benz."

 

[Crono]

Sorry chrono where does it say is leasing?
"

Simply pay a deposit on your chosen Mercedes-Benz, then make fixed monthly payments over an agreed term to pay off the remainder of its value. It's the perfect way to buy a car if you want to work your way upto full ownership over a period of time and spread the overall cost of a Mercedes-Benz."

"Personal Contract Hire" is Mercedes speak (or maybe UK finance English, not sure which ) for a lease. That description, too, indicates it's a lease. If you want to simply put down a deposit and pay monthly until you own the car - and not worry about paying for mileage - you want the Personal Hire Purchase.

EDIT: here's a UK-based site explaining the difference in finance terms:
http://www.arnoldclark.com/newsroom/006-pcp-pch-or-hp-car-finance-explained

 

[RossMAN]

You do realize this is a lease (you're renting or hiring the car), after 36 payments (3 years) you have the option to:

1) You stop paying and return the car. After 3 years you've paid £12,323 total (£2,999 + £259/month) and don't own a car.
2) or pay £10,250.00 immediately and you own the car.

I know you said "calm the fuk down", you're not purchasing this Mercedes Benz. What make and model are you considering buying, for example Mada 2?
http://www.honestjohn.co.uk/topten/top-10-automatic-city-cars/?image=1

If you're buying an affordable car, have you considered contacting your bank and applying for a loan? If you're approved, they give you a cheque, you buy the car, after the loan payments are finished (5-7 years) you OWN the car and can do whatever you want with it.

 

[OutHouse]

Thanks. Right so leasing is borrowing money but I don't need to borrow money so that means it's not a lease then is it? Let's say I pay the upfront cost with my own money and same with the monthly then what does that called? I am certain this is not ai lease or is it because I even asked my seminar teacher about this not to long ago but she don't know for sure so I made a thread about it on AT lol

down payment 1999.00 is not paying the full price of the car. if you dont have the cash to pay the FULL (20,985 pounds) price of the car to own it then you have to finance the remainder and make payments.

 

[Crono]

I know you said "calm the fuk down", you're not purchasing this Mercedes Benz. What make and model are you considering buying, for example Mada 2?
http://www.honestjohn.co.uk/topten/top-10-automatic-city-cars/?image=1

You get a like and my Mazda face for the recommendation.

 

[RossMAN]

Have you considered buying a reliable used car and applying for a car loan at your bank? Two big differences are, buying the car (instead of leasing) and used (instead of new).

I have no idea what your budget is, so I chose £10,000 (around USD 13,350). If you use a car loan calculator you can estimate your monthly payment or how much you can afford.
http://www.thecalculatorsite.com/finance/calculators/carloancalculator.php

Initial vehicle deposit: £500.00
Loan payments: £10,756.60
Balloon payment at end: £0.00
Total payable: £11,256.60
60 monthly payments of: £179.28
Total interest: £1,256.60

Questions for you:
Are you OK with buying a used and cheaper car (under £10,000)?
Can you afford a deposit of around £500 - £1,000?
If your payment is only £179.28 per month for 5 years then you own the car, will that work?

https://www.carwow.co.uk/best/top-10-cars-under-10000

http://www.autoexpress.co.uk/car-reviews/40369/best-buys-8000-11000

https://hpicheck.com/blog/five-great-used-family-cars-for-under-10000/

http://www.thecarexpert.co.uk/ten-cool-cars-10000/

http://www.buyacar.co.uk/cars/new-cars/new-cars-under-10000

 

[Cappuccino]

Thanks everyone. I will bookmark this and look at this when I buy my car in the future

 

[RossMAN]

Thanks everyone. I will bookmark this and look at this when I buy my car in the future

You're welcome. Please let us know if you have any other questions. The more information you can provide, the more we can help.

For example what is your budget or how much monthly payments you can afford. Are you willing to buy used or does it have to be brand new? etc.

 

[Cappuccino]

You're welcome. Please let us know if you have any other questions. The more information you can provide, the more we can help.

For example what is your budget or how much monthly payments you can afford. Are you willing to buy used or does it have to be brand new? etc.

I don't really have a budget in mind right now but I am 100% sure that I am buying a used car around 2-3 years old. I want to pay x y x upfront then pay monthly. I can pay around 2-3k upfront me thinks.