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Pegasus Personal Finance

Call0800 066 2882

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I’m looking to arrange car finance for a BMW X5 that I’ve found at my local BMW dealer. I’ve spoken to the sales person there and worked out the figures but because my current car is not worth enough to settle my old finance agreement I would need to borrow the full amount of the new car which is £24000. The BMW dealer have said for them to help me I will need to come up with a cash deposit of £2400, which I can’t come up with easily because I have just bought my first house. I have a good credit history and can easily afford a few hundred pounds a month so I wondered whether you would be able to help me?

Hi Shaun and thanks for your email about car finance. Depending on your credit history lenders like BMW finance will often require at least a 10% deposit which is what they are asking for here. This can be very frustrating especially when the payments are easily affordable like you say they are. Luckily you have come to the right place as we have lenders that are happy to lend 100% of the car value. They take the view that as long as you make the payments then why should they insist on a deposit. We also may be able to help with minimising the losses on your old car so can I suggest you get hold a copy of your old finance agreement and then phone one of our car finance advisors and ask them to look into whether you can voluntary terminate your old car. We look forward to hearing from you.

About The Expert

Pegasus Finance is a trading style of The Car Loan Warehouse Limited

The Car Loan Warehouse Limited is authorised and regulated by the Financial Conduct Authority. Our registered FRN is 662397. Registered Company No. 08127935. All finance is subject to status and income. Applicants must be 18 years or over, terms and conditions apply, guarantees and indemnities may be required. The Car Loan Warehouse Limited is a broker, not a lender and can introduce you to a number of finance providers based on your credit rating and we will receive a commission for such introductions. Written quotation on request. Certain exclusions for Northern Ireland residents. Borrowing £8,000 over 48 months with a representative APR of 14.9%, an annual interest rate of 7.7% and a deposit of £0.00. 48 payments of £218.49 per month. Total cost of credit being £2,487.57 and a total amount payable of £10,487.57. Terms available 12-120 months, 5.9%-49%APR. Pegasus Finance do not provide financial advice.

We can introduce you to a limited number of lenders that offer finance products, but we do not offer any advice or recommendations. We do not charge you a fee for our services, but we receive commission from the lenders we introduce you to. The commission we receive is either a fixed fee or a percentage of the amount you borrow but the existence of commission does not affect the amount you will pay under the agreement. The commission we receive varies depending on how you are introduced to us, which lender we place you with, and which finance product you choose. We will pass a proportion of the commission we receive to the motor retailer that introduced you to us. The commission we receive and pay will not affect the amount of interest you pay under your credit agreement, when compared to customers in circumstances similar to you. We will always introduce you to the lender that provides products for your needs, at the interest rate suitable for your credit profile. If you ask us, we will tell you the amount of commission we are paid for introducing you to the finance lender.

Pegasus Finance, Technology House, Station Road, Alton, GU34 2PZ