Looking at getting finance on an ibiza cupra.
With my monthly repayments worked out for straight hire purchase cost+interest, is there anything else i should know about? hidden payments? anything thats going jump up and bite me in the ass?
Most finance companies will charge you an acceptance fee of around £150- 200 to set the finance up - Insist on paying this upfront so that you dont pay any unnecesary interest, which you will have if you pay it over the term of the finance. If its hire purchase the only other thing should be an option to purchase fee with your final payment - usually £60-75. This is to transfer the legal entity from the finance company over to you, as you dont own the vehicle and cannot sell the car without the finance companies permission of you have oustanding finance on it! If you decide to take PCP rather than Hire purchase your payments will probably be cheaper but you will then be left with a baloon payment, which you can pay and keep the car, hand the car back and you dont owe a penny or part exchange it for another! Hope i have not waffled too much but this should cover what your looking for!
Have you seen this thread?