Autotrader Finance

[SkidMarkKing]

Hi guys,

I have been looking for a new car on autotrader and noticed they let you choose "pay monthly" limit now and im guessing this finance is through autotrader? Has anyone had any experience with there finance deals?

Thought I would ask here first before I go view the car. I have inquired with banks and other finance companies but because I want to borrow less than 5k the % seems to the sky high. On the other hand autotrader % APR doesn't seem to bad. I only want to be spending around £100 a month with £2500 deposit.

Thanks in advance

 

[rodenal]

I thought auto trader let you alter Apr etc just to show you an indicative number rather than giving you any sort of offer?

 

[SkidMarkKing]

I thought auto trader let you alter Apr etc just to show you an indicative number rather than giving you any sort of offer?

Ile have to look into. To be honest I thought they may be offering finance themselves?

EDIT: Just read its actually Zuto who the deal is with.

 

[Liquid_Entity]

I can only imagine the APR from someone like that will be huge compared to say a bank loan which are still very much lower rates.

 

[SkidMarkKing]

I can only imagine the APR from someone like that will be huge compared to say a bank loan which are still very much lower rates.

Says 9%. Bank said 34% because I don’t want to borrow a big amount :/ I may have to call the bank and speak to someone as the 34% was one of those automated checkers.

 

[Liquid_Entity]

Better than I expected and yes you're right a smaller loan is higher rate. I got a £5k loan with Sainsbury's and was only 4.7% or something

 

[Kenai]

Money Saving Expert lists several places offering £5000 to £7500 at 3.X%

 

[ShiWarrior]

bank loan is most likely the cheapest way, get 5K out and the rate drops to 3.3% (lowest)
https://www.moneysavingexpert.com/loans/cheap-personal-loans

 

[SkidMarkKing]

Cheers guys. Huge help as usual

 

[kindai]

If theyll give you more on a lower rate, take it all and then pay a huge chunk off with the change.

 

[SkidMarkKing]

If theyll give you more on a lower rate, take it all and then pay a huge chunk off with the change.

I was thinking this. Borrow £5000/£6000 then just pay £2500 straight away. Ide have to check I wouldn’t get charged for paying of a big chunk like that.

 

[Kenai]

Whilst the APR appears quite different between, consider checking what you actually repay. Depending on the terms of the loan, you might not actually pay back much more on a 2500 loan than a 5000 loan that you try to pay a 2500 lump off with.

Loan companies aren't stupid, if it was that simple everyone would be taking out 20,000 loans to get cheap rates and then paying loads off with the surplus they didn't need. These products can't be taken advantage of that easily, just because the APR is lower, doesn't mean you'll pay less back regardless.

 

[ShiWarrior]

just had another thought

Why don't you buy the car on your Credit Card, and then take out another credit card that offers a Balance transfer at 0% for 16 months (or what ever) ?

i bought a bike and i paid via CC, i couldn't pay it off, i was starting to pay interest, so i balanced transferred it, and saved a heap of money

 

[Iron-man]

APR from places like car sales sites auto trader or others are normally hugely expensive, Couple of good options mentioned above though so hopefully you get what your looking for

 

[dl8860]

just had another thought

Why don't you buy the car on your Credit Card, and then take out another credit card that offers a Balance transfer at 0% for 16 months (or what ever) ?

i bought a bike and i paid via CC, i couldn't pay it off, i was starting to pay interest, so i balanced transferred it, and saved a heap of money

Not that simple to find a credit card that'll give you a 5k limit off the bat.