How do you guys pay for your E60s?
03-10-2009, 06:10 PM
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Not asking how much you paid for it or anything just how do you finance it Mainly because im looking at different ways of financing one.
Ive been looking at leasing etc and came across this thing called PCP (personal contract purchase), not sure if they have this over the pond probably do but called something else. ANyway this looks a really good method almost too good to be true, but ive spoke to other people who have cars on PCP and they swear by it. Pay a downpayment at the start (however much you want) then work out a monthly fee over an agreed period of time (example 36 months) then either pay off the balance and keep the car, give them the car back and walk away or exchange the car for a newer model. Does anyone else pay for their car this way, it really does open up alot of doors over what you could afford assuming you can afford the monthly repayments.
ALso on the side im interested to know what jobs you guys do if you wish to share. I seen some guys on here who are like 20-24 who have their own 5ers and its like wow you did good so fast!
Ive been looking at leasing etc and came across this thing called PCP (personal contract purchase), not sure if they have this over the pond probably do but called something else. ANyway this looks a really good method almost too good to be true, but ive spoke to other people who have cars on PCP and they swear by it. Pay a downpayment at the start (however much you want) then work out a monthly fee over an agreed period of time (example 36 months) then either pay off the balance and keep the car, give them the car back and walk away or exchange the car for a newer model. Does anyone else pay for their car this way, it really does open up alot of doors over what you could afford assuming you can afford the monthly repayments.
ALso on the side im interested to know what jobs you guys do if you wish to share. I seen some guys on here who are like 20-24 who have their own 5ers and its like wow you did good so fast!
03-10-2009, 06:13 PM
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Originally Posted by JLinardi' post='813132' date='Mar 10 2009, 06:10 PM
Not asking how much you paid for it or anything just how do you finance it Mainly because im looking at different ways of financing one.
Ive been looking at leasing etc and came across this thing called PCP (personal contract purchase), not sure if they have this over the pond probably do but called something else. ANyway this looks a really good method almost too good to be true, but ive spoke to other people who have cars on PCP and they swear by it. Pay a downpayment at the start (however much you want) then work out a monthly fee over an agreed period of time (example 36 months) then either pay off the balance and keep the car, give them the car back and walk away or exchange the car for a newer model. Does anyone else pay for their car this way, it really does open up alot of doors over what you could afford assuming you can afford the monthly repayments.
ALso on the side im interested to know what jobs you guys do if you wish to share. I seen some guys on here who are like 20-24 who have their own 5ers and its like wow you did good so fast!
Ive been looking at leasing etc and came across this thing called PCP (personal contract purchase), not sure if they have this over the pond probably do but called something else. ANyway this looks a really good method almost too good to be true, but ive spoke to other people who have cars on PCP and they swear by it. Pay a downpayment at the start (however much you want) then work out a monthly fee over an agreed period of time (example 36 months) then either pay off the balance and keep the car, give them the car back and walk away or exchange the car for a newer model. Does anyone else pay for their car this way, it really does open up alot of doors over what you could afford assuming you can afford the monthly repayments.
ALso on the side im interested to know what jobs you guys do if you wish to share. I seen some guys on here who are like 20-24 who have their own 5ers and its like wow you did good so fast!
I bought my car with my mortgage's line of credit.
03-10-2009, 06:14 PM
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Originally Posted by heavy_g' post='813133' date='Mar 11 2009, 02:13 AM
I guess PCP is called a Lease here in the States.
I bought my car with my mortgage's line of credit.
I bought my car with my mortgage's line of credit.
No its different to a lease, its very similar but different!
03-10-2009, 06:26 PM
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Originally Posted by JLinardi' post='813137' date='Mar 10 2009, 10:14 PM
No its different to a lease, its very similar but different!
A large, lump-sum payment scheduled at the end of a series of considerably smaller periodic payments. A balloon payment may be included in the payment schedule for a loan, lease, or other stream of payments.
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is that what it is?
03-10-2009, 06:33 PM
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Originally Posted by craigm1841' post='813153' date='Mar 11 2009, 02:28 AM
i think the balloon payment at the end HAS to be paid or rolled into your next loan/lease...
03-10-2009, 06:37 PM
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Originally Posted by JLinardi' post='813157' date='Mar 10 2009, 10:33 PM
Yes Craig thats what it is, but there is an option on the PCP to give the car back and walk away after the contract has finished. I guess the dealer would then put the car up as an approved used. You can pay the balloon payment and keep the car if you want or -as you said- "roll it over" to the next loan or whatever its called.
03-10-2009, 06:43 PM
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When leasing a car can you give it back when ever you want or is there a contract?
And can you lease direct from the dealer? ALl the leasing sites ive been on you only appear to be able to lease poverty spec old man style boring 60s!
And can you lease direct from the dealer? ALl the leasing sites ive been on you only appear to be able to lease poverty spec old man style boring 60s!