Balanced Payment Scheme

[iainw]

Does anyone have any experience of the 'balance payment' car finance scheme.
There are some fairly jaw dropping headline figures on offer..but just wondering if anyone had done it before- and what happened at the end of the 2 year term

 

[iainw]

No one ever used it or know about it?

 

[BennyD]

Getting married is one version of balanced payment. You pay them for looking after you, and you put up with them.

 

[Ewan]

As far as I'm aware, the only benefit of this type of finance is that the rate varies as base rate varies, so in theory if the B of E reduces interest rates again, your monthly repayment would fall. As opposed to a fixed rate deal, where the monthly repayment is fixed.

But in reality, B of E are highly unlikely to reduce rates further, so I don't really see any benefit to this scheme over a standard fixed rate repayment one.

 

[iainw]

As far as I'm aware, the only benefit of this type of finance is that the rate varies as base rate varies, so in theory if the B of E reduces interest rates again, your monthly repayment would fall. As opposed to a fixed rate deal, where the monthly repayment is fixed.

But in reality, B of E are highly unlikely to reduce rates further, so I don't really see any benefit to this scheme over a standard fixed rate repayment one.

I know what you mean.
The advantage seems to be that there is a big dealer deposit contribution on some cars and the expected value much better
Than a balloon on a PCP- which makes the costs much better. The Apr is certianly lower than most fixed car payment Aprs too.

Interested to know if anyone has any experience of it when it comes to the end of the term.

 

[Felonious Crud]

Nooo. 'fraid not. In my experience of making man maths magical, there are generally better deals to be had with independent finance companies than anything a dealer can offer, unless you're buying new and they're mad keen to shift some cars at the end of a quarter. I've used a guy based in Surrey who's really good, if you want an intro. Happily he always seems willing to help me work out whether my excellent ideas are excellent or a pile of deluded bollox. He knows that one day he'll catch me at a moment of weakness. Again. Drop me a note if you want an intro.

 

[BennyD]

Let's be honest, you are always a point of weakness, that's why you are know to be a grade A fuckw!t of the highest order. Ps. Love you, you c*nt!

 

[Contigo]

Step away from the beers!!!!

 

[iainw]

Nooo. 'fraid not. In my experience of making man maths magical, there are generally better deals to be had with independent finance companies than anything a dealer can offer, unless you're buying new and they're mad keen to shift some cars at the end of a quarter. I've used a guy based in Surrey who's really good, if you want an intro. Happily he always seems willing to help me work out whether my excellent ideas are excellent or a pile of deluded bollox. He knows that one day he'll catch me at a moment of weakness. Again. Drop me a note if you want an intro.

Thanks Adam.
I agree ordinarily dealers offers are pants.
This one however seems to be good- and it's on brand new and they seem keen to sell.
Might give you a bell if you have 5 to discuss.