Applied for finance

[dentalwizard]

Applied for finance on a MG iM5. Now it is out of my hands

 

[MG Clive]

Welcome to the forum @dentalwizard, and good luck with the finance.

 

[Jomarkh]

Applied for finance on a MG iM5. Now it is out of my hands

Was that at Richmond Botley?

 

[dentalwizard]

Applied for finance on a MG iM5. Now it is out of my hands

That's very kind keep you informed

 

[dentalwizard]

No Poole hendy

 

[Sloucher]

I'm going with MG finance (Santander) through MG Bristol North for my PCP arrangement. Slightly better terms than through Lloyds with whom I had my current MG4, if I don't pay the balloon payment.
I.e. for the LR version (through the Affinity scheme), my own figures work out at £5876.50 cost spread over 35 months with Lloyds or £5075.66 spread over 37 months with Santander.
Santander's balloon price would £1182.50 higher if I were to keep the car however.

 

[dido]

I'm going with MG finance (Santander) through MG Bristol North for my PCP arrangement. Slightly better terms than through Lloyds with whom I had my current MG4, if I don't pay the balloon payment.
I.e. for the LR version (through the Affinity scheme), my own figures work out at £5876.50 cost spread over 35 months with Lloyds or £5075.66 spread over 37 months with Santander.
Santander's balloon price would £1182.50 higher if I were to keep the car however.

Can you please explain ، thie 5876 figure ? Is it the cost of finance ie interest? How much would you end up paying per month on the pcp over 36 month

 

[Sloucher]

These are the figures I personally have been quoted for a PCP agreemnent of 3 years and a low annual mileage:-

IM5 LR retail price = £44583
Cash price of the car after adjustment = £37295.80 inc VAT.
For me, this adjustment figure is the retail figure plus delivery charge (£346.50), first registration fee (£55), ev fueling charge (£30!), road fund licence (£10), Nevis Blue paint surcharge (£545) and Affinity discount (which is minus £8274.21)

PCP With Lloyds:
Putting down £14000 as a deposit and borrowing the balance of £23295 at 6.9% results in a cost of £5876.50 (£167.90 pm for 35 months) with a balloon payment of £21952.
NOT including deposit, cost over 3 years is £5876.50 + £21952 = £27828.50

PCP With MG Finance (Santander):
Putting down £14000 as a deposit and borrowing the balance of £23295 at 6.9% results in a cost of £4777.18 (£137.18 pm for 37 months) with a balloon payment of £23134.
NOT including deposit, cost over 3 years is £4777.18 + £23134 = £27911.18

As you can see, not much difference at the end of the day unless, as is more than likely in my case, you intend giving up the car after 3 years. Bear in mind that the size of your deposit, length of contract and yearly mileage will have a big impact on any PCP quotes.

 

[BishiBoshi]

These are the figures I personally have been quoted for a PCP agreemnent of 3 years and a low annual mileage:-

IM5 LR retail price = £44583
Cash price of the car after adjustment = £37295.80 inc VAT.
For me, this adjustment figure is the retail figure plus delivery charge (£346.50), first registration fee (£55), ev fueling charge (£30!), road fund licence (£10), Nevis Blue paint surcharge (£545) and Affinity discount (which is minus £8274.21)

PCP With Lloyds:
Putting down £14000 as a deposit and borrowing the balance of £23295 at 6.9% results in a cost of £5876.50 (£167.90 pm for 35 months) with a balloon payment of £21952.
NOT including deposit, cost over 3 years is £5876.50 + £21952 = £27828.50

PCP With MG Finance (Santander):
Putting down £14000 as a deposit and borrowing the balance of £23295 at 6.9% results in a cost of £4777.18 (£137.18 pm for 37 months) with a balloon payment of £23134.
NOT including deposit, cost over 3 years is £4777.18 + £23134 = £27911.18

As you can see, not much difference at the end of the day unless, as is more than likely in my case, you intend giving up the car after 3 years. Bear in mind that the size of your deposit, length of contract and yearly mileage will have a big impact on any PCP quotes.

Or you could lease it for 3 years for <£20k

 

[rgledhill]

Or you could buy it from New Car Discount for £36,480, then it's probably worth about £20k after 3 years, so it would be about £16k.

 

[BishiBoshi]

Is that place actually legit? How can they do 8k off RRP?

 

[rgledhill]

Yep. Seems a few people have used them and when I contacted them, they explained that it's basically a broker for dealers who have bought up a load of stock somehow quite cheaply, or need it for their quarterly/annual numbers.

 

[Sloucher]

Yep. Seems a few people have used them and when I contacted them, they explained that it's basically a broker for dealers who have bought up a load of stock somehow quite cheaply, or need it for their quarterly/annual numbers.

It seems to be the same amount of discount as through the Affinity scheme

 

[rgledhill]

I thought so too, but it seems to be higher than through Affinity, based on the prices people have put on here.

 

[LenEV2016]

They GFV is really low as well (£15700ish) for a long range IM5 compared to £19600 odd from MG.

 

[MikeJS]

It seems to be the same amount of discount as through the Affinity scheme

It is less expensive than Affinity. Seen lots of good reviews but not yet heard from anyone directly that it is OK….

 

[LenEV2016]

It is less expensive than Affinity. Seen lots of good reviews but not yet heard from anyone directly that it is OK….

Only less expensive if you buy cash or finance yourself, as I've said their headline price is great but if you use their own finance it's more expensive.

IM6 Long range MG finance cheaper with the same £1000 customer deposit 10000 miles a year over 4 years, despite the massive £11k discount.
MG offering £3k discount without affinity and the GFV far better.

MG affinity cheaper still with the £8600 discount lower Apr and higher GFV

£11k discount on an IM6 is a great discount though if you are happy to source your own finance

 

[MikeJS]

Only less expensive if you buy cash or finance yourself, as I've said their headline price is great but if you use their own finance it's more expensive.

IM6 Long range MG finance cheaper with the same £1000 customer deposit 10000 miles a year over 4 years, despite the massive £11k discount.
MG offering £3k discount without infinity and the GFV far better.

MG affinity cheaper still with the £8600 discount lower Apr and higher GFV

£11k discount on an IM6 is a great discount though if you are happy to source your own finance

View attachment 40764View attachment 40765

Sure, but I only buy cash. Never seen any advantage in PCP or any other finance.

 

[LenEV2016]

Sure, but I only buy cash. Never seen any advantage in PCP or any other finance.

In which case as I said they have some good discounts but it's not everyone that has £40k lying around and if the don't they need to be wary of their expensive finance deals which is why I showed the two examples.

£11k discount on an IM6 long range is a great deal for people in the same position as yourself though.

 

[dido]

In which case as I said they have some good discounts but it's not everyone that has £40k lying around and if the don't they need to be wary of their expensive finance deals which is why I showed the two examples.

£11k discount on an IM6 long range is a great deal for people in the same position as yourself though.

A personal loan of 20k , fork out 16k as a deposit. It will work around 650 per month over 3 years. You end up with a decent residual value car over 16k by any strech of imagination. But then a lease makes better financial sense....