MG4 finance deals

[MG4London]

I applied for finance but didn’t qualify for some reason

I’ve asked my father to buy it in his name but I need it registered at my address for the parking permit

Anyway is this a good deal?

 

[Ian Key]

I suggest if you go ahead draw up a repayment plan to pay your father back and set up a direct debit from your bank to his. Don't give him cash as there will be no paper trail of paying him.
It might sound a little OTT to do this between father and son but when money is concerned it can save a lot of grief and falling out.

 

[Deleted member 10041]

I applied for finance but didn’t qualify for some reason

I’ve asked my father to buy it in his name but I need it registered at my address for the parking permit

Anyway is this a good deal?

View attachment 16028

It's the book price and normal interest rate.

If you shop around you may get a dealer giving a discount. Yesterday you were buying it with your friend and going to try and use her NHS discount!
There are dealers out there giving discounts you just need to shop around and haggle.

What Ian has said above is good advice, you will also need to check and see the finance company are happy that the car could have different names addresses on the V5 than the finance agreement, some won't.
You could always try and get finance in your name with your dad as guarantor

 

[tsedge]

It's the book price and normal interest rate.

If you shop around you may get a dealer giving a discount. Yesterday you were buying it with your friend and going to try and use her NHS discount!
There are dealers out there giving discounts you just need to shop around and haggle.

What Ian has said above is good advice, you will also need to check and see the finance company are happy that the car could have different names addresses on the V5 than the finance agreement, some won't.
You could always try and get finance in your name with your dad as guarantor

We explored this when buying ours, Santander (MG's finance company) want the person named on the finance to be the registered keeper. 3rd party finance providers may be more flexible.

 

[Deleted member 9909]

If you are keeping it beyond the balloon payment I would look at personal finance rather than MG finance to see if interest rate could be beaten. MG seems to be 8.9 Apr.. some others are around 4.9 to 6% apr

 

[MG4London]

Thanks all good advice

I have haggled a little and they have been very reasonable