I'm new to the forum so apologies if this topic has been covered before. I also know that there is a separate section on the forum for finance, but that seems to be more about Insurance. I'm about to order a Q5 personally having left my previous company car scheme. My new employer does not offer a car scheme and I do about 25K pa mileage. I'm concerned about depreciation and am interested in what the forum members thoughts are on the various finance options, Audi finance vs other methods of payment, PCP etc. Many thanks.
Finance options
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Hello and welcome
I'm no specialist, however I do know a man (and member of the forum) who is - kam100 (MHC Finance) is highly recommended by myself and many others on various forums
I'll drop him a PM and link your question, however maybe worth dropping him a PM yourself if you want some excellent advice
Cheers
Kaine
I'm no specialist, however I do know a man (and member of the forum) who is - kam100 (MHC Finance) is highly recommended by myself and many others on various forums
I'll drop him a PM and link your question, however maybe worth dropping him a PM yourself if you want some excellent advice
Cheers
Kaine
I looked into audi finance for mine and it comes at a stupidly high rate, they like to quote the flat rate, because it sounds better, but then the APR is approx double this which when compared to a highstreet bankloan comes in at considerably more.
Even with a considerable deposit audi was offering a rate near 13% as the best they could possibly do as its not subsidised apparently. I got mine through the broker carselect (part of lloyds) which came in at 8%, still higher than i'd like considering the ultra low interest rates but then banks are rip off merchants!
Even with a considerable deposit audi was offering a rate near 13% as the best they could possibly do as its not subsidised apparently. I got mine through the broker carselect (part of lloyds) which came in at 8%, still higher than i'd like considering the ultra low interest rates but then banks are rip off merchants!
I was offered a PCP by Audi as well.....but it's way too expensive.I think I'm going to stick with being a cash buyer unless things improve.
They also tried to sell me Gap cover firstly at ?1200 by the salesman and then by the finance manager at ?700.
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Again I declined to committ as I can get it cheaper than that elsewhere
They also tried to sell me Gap cover firstly at ?1200 by the salesman and then by the finance manager at ?700.
Again I declined to committ as I can get it cheaper than that elsewhere
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88 Posts
Gap insurance is worth considering. You can get one that will replace the car and accesories for 4 years around ?250. Well worth considering if you are taking out finance. Just Google it and you will see.I was offered a PCP by Audi as well.....but it's way too expensive.I think I'm going to stick with being a cash buyer unless things improve.
They also tried to sell me Gap cover firstly at ?1200 by the salesman and then by the finance manager at ?700.![]()
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Again I declined to committ as I can get it cheaper than that elsewhere
1) Back to Retail Gap cover for 3 years is a very worthy purchase! It will mean that the Car Insurance covers the 1st year and the Gap covers another 3 years. So if your car is written off or stolen anytime in that 4 years you will be walking back into a new car of the same value that you purchased on day one potentially 3 years + ago. The cost is usually about ?300-400 for the policy. This will allow for any price increases in that model of car and spec during that time so that you get exactly the same car and spec.
2) The other type is Back to Invoice - cheaper but only pays the difference between the right off value and the invoice value on day one. Which may not be enough to put you back in the same spec car!
3) The cheapest is Finance Gap which pays off the outstanding finance on the car only. So you start again.
There is very little difference in cost between them.......so go for the best and make sure it is option (1)!!!!!
It might never happen to you......but it did happen to me a few years ago and my ?250 policy paid out ?18K plus the insurance pay out for a 14 month old car was only the market value as per the Glass guide. If it hadn't been for the Gap I would have been buying a Ford Fiesta.....but instead I bought a new Merc CLK 320 coupe.
Imho...It's a small price to pay for 4 years cover to get a brand new car should you be unlucky.
I think Kam100 sells them.
2) The other type is Back to Invoice - cheaper but only pays the difference between the right off value and the invoice value on day one. Which may not be enough to put you back in the same spec car!
3) The cheapest is Finance Gap which pays off the outstanding finance on the car only. So you start again.
There is very little difference in cost between them.......so go for the best and make sure it is option (1)!!!!!
It might never happen to you......but it did happen to me a few years ago and my ?250 policy paid out ?18K plus the insurance pay out for a 14 month old car was only the market value as per the Glass guide. If it hadn't been for the Gap I would have been buying a Ford Fiesta.....but instead I bought a new Merc CLK 320 coupe.
Imho...It's a small price to pay for 4 years cover to get a brand new car should you be unlucky.
I think Kam100 sells them.
Hi all,
Regarding the GAP insurance, we've always bought it throughg Audi but I agree its way too exspensive. I googled GAP and can get it for about ?300 ish, but my worry is, are the companies on the net ok to deal with, can anybody recommend someone to get the GAP with?
Audi now talk about you been able to get a certain amount of minor bumps repaired for free if you purchase the GAP, does anyone know any details on this?
Cheers
Regarding the GAP insurance, we've always bought it throughg Audi but I agree its way too exspensive. I googled GAP and can get it for about ?300 ish, but my worry is, are the companies on the net ok to deal with, can anybody recommend someone to get the GAP with?
Audi now talk about you been able to get a certain amount of minor bumps repaired for free if you purchase the GAP, does anyone know any details on this?
Cheers
Hi
I have my gap insurance with surf and protect,it will commence after 1 year as my insurance has new for old.
The cost was about ?200 for replacement car up to same value.
They were very helpfuland I had this cover on my previous car, they also price match so if you san find it cheaper they will match it and then take off ?5.
Louis
I have my gap insurance with surf and protect,it will commence after 1 year as my insurance has new for old.
The cost was about ?200 for replacement car up to same value.
They were very helpfuland I had this cover on my previous car, they also price match so if you san find it cheaper they will match it and then take off ?5.
Louis
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