I suspect 5.5% is flat rate or he paid well over the odds for his motor...or it is subsidised finance. Where did you find a loan at 5.8% that seems very low.
Average APR% on used car finance?
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I suspect 5.5% is flat rate or he paid well over the odds for his motor...or it is subsidised finance. Where did you find a loan at 5.8% that seems very low.
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I was looking at a £15k car, I got quoted 10% and was told I wouldn't get any lower. This was before I was run through any credit checks,
I thought it was supposed to be based on credit history etc. anyway I got sick of it and changed my mind. Just wanted to know what it was all about?
How can they tell you a price without asking you anything other than your first name?
It was a £15k Loan agreement over 5 years. HP not PCP.
Thanks again. It's amazing how much you learn on these forums from other people. Makes yahoo answers look bad.
Any car sales person who tells me what I can and can't get or do is onto a losing battle. The line "you won't get any lower" is like "the cheques in the post" and is a great example of a poor sales person.
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I agree.
So if I do start looking at cars again. I should push for 8% on higher purchase?
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
The cost of the finance is only one part of the deal.
Pointless negotiating 5% APR on a £15k car when the same car is up for £13.5k somewhere else at 9% APR for example.
Just add the cost of finance into your total cost of ownership and appraise each car based on that.
Pointless negotiating 5% APR on a £15k car when the same car is up for £13.5k somewhere else at 9% APR for example.
Just add the cost of finance into your total cost of ownership and appraise each car based on that.
Vechicle was an ex demo with approx 6k miles on the clock, a rep used it too. He paid 18k total with 8k up front and 10k on finance. It was a 4year deal and I *think* his monthly payments were £240 a month.
I did the finance link through autotrader to see what the current loan deals were out of personnal interest and Sainsburys came back at 5.8%.
Little tip, currently personal loans > finance deals. Also consider getting the loan for £14900 instead of £15k as this tends to be an interest cut off point. You will find it a lot easier to obtain a sub 7% loan under 15k. Most banks currently wack the rates up to around 10%+ over this cut off.
Also the shorter the period of the loan the less risk you will be and the more likely you are to get the best rates.
Also the shorter the period of the loan the less risk you will be and the more likely you are to get the best rates.
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OK.
This was/is the car I/was looking at. http://www.autotrader.co.uk/classif...ode/ka137lq/quicksearch/true/page/1?logcode=p
It seemed to tick all the boxes for me, FSH, low mileage, black, full leathers, BOSE, manual.
The dealers offering 10% which as I said was a rip off. I've scanned everywhere for one that matches all this for similar money. I'm also getting a one year parts and labour warranty with it.
Is this a good deal or is it not? Is there anything I can negotiate further on? Ask for a tank of petrol to be thrown in etc?
The only thing stopping me is the idea of being ripped off on the 10% APR. Can I get better if I go elsewhere? Is this a good car for the money is what I'm asking?
This was/is the car I/was looking at. http://www.autotrader.co.uk/classif...ode/ka137lq/quicksearch/true/page/1?logcode=p
It seemed to tick all the boxes for me, FSH, low mileage, black, full leathers, BOSE, manual.
The dealers offering 10% which as I said was a rip off. I've scanned everywhere for one that matches all this for similar money. I'm also getting a one year parts and labour warranty with it.
Is this a good deal or is it not? Is there anything I can negotiate further on? Ask for a tank of petrol to be thrown in etc?
The only thing stopping me is the idea of being ripped off on the 10% APR. Can I get better if I go elsewhere? Is this a good car for the money is what I'm asking?
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I will remember this for future referece. Cheers again.
If you want to know what kind of rate you might be offered by a high street lender go and apply online with nationwide. It's not the best rate on the market but what the quote wil do will give you an indication of how close to the preferential rate you can get. They do a credit review but it doesn't leave a mark of any kind on your credit file unless you take up the offer.
Also all this new lending money that the government has made available is going to lead to some interesting offers from the high street lenders.
Also all this new lending money that the government has made available is going to lead to some interesting offers from the high street lenders.
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Slight OT, but how did we get from CTRs/Focus STs to an Audi TT 2.0T?
Honda had the pulling power of a pensioner, the ST drank more than my mother and the Audi looks amazing!
If I was reading this. I'd think I was a 13 year old moron winding everyone up. I will be posting pics of this car when I get it haha!
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Any good?
Slight OT, but how did we get from CTRs/Focus STs to an Audi TT 2.0T?
Yea, its quite a leap from a 200bhp FWD 2.0 Turbo to... another 200bhp FWD 2.0 Turbo isnt it
Do you really want to be paying £200+/month on a car which, at the end of the HP agreement, will be 9 years old?
You will go into negative equity if you intend to finance the full amount over such a long period. Isn't the TT due to be changed soonish (2014?), which will drive down the value of the current model? Not that that affects your settlement value, but it will dictate how much you could sell the car for if you wanted to settle the finance early.
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[TW]Fox;22475175 said:Yea, its quite a leap from a 200bhp FWD 2.0 Turbo to... another 200bhp FWD 2.0 Turbo isnt it
I really want to point out that the Focus ST is neither 200bhp nor 2.0 but I won't.
And there's no malice intended, I just wonder if the OP knows what he actually wants at all.
An unsecured loan from the bank may be worthwhile when it comes to sell?
I can imagine the average used car buyer being put off by outstanding finance secured on the vehicle and having to pay the finance company instead of/and the seller?
I can imagine the average used car buyer being put off by outstanding finance secured on the vehicle and having to pay the finance company instead of/and the seller?
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You could say the same about any car, same as PC hardware, you would wait forever if you waited on the next thing.
I would probably look to sell in 2-3 years, maybe less. They hold their value well apparently.
So the cars fine but the deal isn't? What do you thinks realistic to ask for?
Well yes, it's not an appreciating asset. But if you're going to get yourself into negative equity, then it's slightly different to a PC which:
a) You'd probably pay cash for.
b) Costs a fraction of the amount to purchase compared to a 2008 Audi TT.
Do you not have a deposit at all? Can you afford to reduce the term?