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MINI Finance - FAQs

Neil Chauhan, Senior Business Manager at Sycamore MINI in Peterborough, answers some of the common questions when financing your new or used MINI through MINI Financial Services.

Can I get a Personal Loan cheaper than car finance?

Not necessarily, car finance can cost a lot less. It's well worth asking us for a quote before taking up a Personal Loan with a bank or building society.

OK, but isn't it easier to pay using a personal loan?

If you finance your new or used MINI through Sycamore, we sort out all the paperwork for you and all you need to do is sign on the dotted line when you collect your MINI. There is no messing about transferring money between accounts and worrying about making large transactions with your bank.

What's the difference between a Personal Loan and Hire Purchase?

The main difference between them is that a Personal Loan is attached to you, whereas Hire Purchase is attached to the car.

What if I am concerned about my credit?

Our primary finance house is MINI Financial Services, however we are members of other finance houses which we can use if MINI Financial Services declines you on finance.

Do I need a big deposit?

We are able to offer loans with a zero deposit, so there is not always the need to lay out huge sums at the beginning of your agreement.

How quickly can I get a decision on my application?

We can usually give you an answer straight away, or worst case at the end of the following working day.

Can I change my car or end the agreement early?

You can settle your agreement at any time during the term, and you even receive a rebate of interest for settling early. In fact, most of our customers change their MINI before the end of their agreement.

Can you only finance BMWs and MINIs?

Our main business is BMWs and MINIs. However, we also sell other makes of car through our Sycamore Trade Centre, and are able to arrange finance schemes for those too.

Do you offer Payment Protection Insurance (PPI)?

Sycamore is an Appointed Representative of BMW Financial Services, who is regulated by the Financial Services Authority (FSA). We legally aren't allowed to hard-sell PPI, and we'd refuse to do so anyway. We offer proper, tailored payment protection schemes which suit your needs at the time, and present the options for you to make your own informed choice. We can even break it down, for example if in the current climate you feel that only unemployment cover is important, we can arrange that alone for you.

Are there any other reasons I should finance my car through Sycamore?

You can take advantage of the years of experience myself and my colleague David Nairne have as Business Managers, in helping you finance your car. We will give you a tailored, personal service and a scheme that meets your needs, rather than fixed products that banks and building societies might provide. We offer a selection of funding products to suit you, including a scheme that provides a lower monthly payment and the opportunity to change your car more frequently, which we call MINI Select.

If you would like a quote, or just a chat about your options, please give us a call on 01733 707074.