Finance advice please.

SL/AVUS

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Hi guys just found my perfect sl.
Its a very low miles 1993 500sl its up for 10 BIG 1S.
Whats the best way to get on my drive.
Its forsale by a trader,can a car this old still be financed.
Do you guys no any companys that deal with older classic cars.
I can always go to the bank which is the best bet,as banks are not keen on lending these days.
Any advice most welcome:)
 

television

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Hello and welcome nice cars the 129 I had one:D:D

I would use the bank,,the terms are quite good right now
 

Xtractorfan

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Finance companies normally work on a 5 yr age limit.. cars after that tend to be big time loosers and not worth a lot of dosh so no inentive for companies to finance them.. and the interest rate would be murder.. Bank as a personal loan, and negotiate the interest rate (ha)..credit card and your purchase is covered if it turns out to be faulty...

Cant see the value myself..
 

mikestrivens

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1995 W124 320TE, 1998 R129 SL500, 2016 Triumph Tiger 800 XCx
In my experience banks are lending if they view the risk as being not too high. This means a spotless credit record and the ability to pay, backed up by a job where you are not likely to be made redundant in the near future.
 

Alex M Grieve

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Traditionally, a personal loan from the bank has always been an option worth considering. Rate of interest may be higher than HP or PCP, but you only pay interest whilst you have the loan, so no penalties for early redemption, and the car is yours throughout.

As for insurance, consider a cherished car policy with an "agreed value". There are threads on the Forum which deal with this. (worth a search) They are a bit more expensive, but may contain extra benefits (continental insurance, collision and breakdown recovery, here and in Europe).

This also takes care of the point made by Xtractorfan - write off value on an ordinary insurance policy would be "market value", and for that car you would be offered very little money (and their criteria for write off would be very modest).

Have a look at Lancaster insurance. Others are available and they advertise in MB Enthusiast, etc or can be Googled.

I hope you get as much fun from your car as I have from mine. Photos of it on your drive would be nice!
 

Rory

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If you just want a straight loan - a assume lease purchase etc would be out of the question on a car of this age - then one of the supernarkets like Tesco or Sainsburys would surely be a reasonable bet on a personal loan.

Or am I missing something here?
 

mikestrivens

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If you just want a straight loan - a assume lease purchase etc would be out of the question on a car of this age - then one of the supernarkets like Tesco or Sainsburys would surely be a reasonable bet on a personal loan.

Or am I missing something here?

No you are not missing something. These supermarkets are building market share against the banks. Depending on circumstances they may be a better bet. Don't make more than one application at a time as each application appears on your credit record.
 

st4

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What about using a price comparison website to get the best personal loan details. I'd avoiding taking out a PL with the bank in which you have current/savings account as if you get into arrears they can set off against the credit balances leaving you with little funds....(i.e. they take money out your current account to pay the arrears on the personal loan).

However, I'd try and avoid finance if at all possible. HP has other advantages, particularly halfs and thirds and the garage selling the SL may be able to offer a competitive HP deal.
 

100%Bitch

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216 Facelift CL500, 172 SLK55, Fiat Panda, Nissan Cube, R170 SLK230 & an Auto Trail Comanche.
£10K looks a bit expensive to me for a '93.
 

Alex M Grieve

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£10K looks a bit expensive to me for a '93.

Looking at many of the cars currently advertised Helen, you are correct. There are one or two "out of the box" specimens out there though and anyone finding such a car would do well to nail it for £10K.
 

mikestrivens

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Looking at many of the cars currently advertised Helen, you are correct. There are one or two "out of the box" specimens out there though and anyone finding such a car would do well to nail it for £10K.

It depends where you look. The specialist dealers, e.g. CCB, the Lancashire place, avantgarde and others are advertising these for around £14k - £17k. Obviously they don't get what they advertise them for but, from my experience, they won't take silly offers. You'd be lucky to get one of these for £10k. There are plenty on EBAY, Pistonheads, Autotrader etc for considerably less but then you don't get low mileage, good quality, warranties etc. There seem to be a lot of Japanese imports as well. You takes your pick. It does seem that prices are going up a little from earlier on this year and late last year.
 

100%Bitch

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MIne was a very good 2001 SL320 and that only went for about £14K. I know it's only a 320 but it's 8 years newer.
 


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