Car Finance advice from Car Loan 4U
Discussion
fair enough for replying dani!- must be something in it for haymarket.
A mate ran a similar company for pay day loans, every one he passed to a lender he got a fee, if they were unsuitable for traditional finance he flogged their details onto the dregs of the lenders, who pestered them for days and days..
pretty ethically corrupt, but he made a mint.
A mate ran a similar company for pay day loans, every one he passed to a lender he got a fee, if they were unsuitable for traditional finance he flogged their details onto the dregs of the lenders, who pestered them for days and days..
pretty ethically corrupt, but he made a mint.
Well done for your responses Dani, thank goodness your grammar and spelling is top notch, so at least the vultures can't pick on you for that! Of course there is something in it for PH. It is after all a commercial enterprise and I take a lot of pleasure from using these forums without paying a penny. As others have said, it will be good to get the reviews of some long standing posters, but I think that a lot of the stuff written above says more about the posters themselves than it does about the company in question.
slippery said:
Well done for your responses Dani, thank goodness your grammar and spelling is top notch, so at least the vultures can't pick on you for that! Of course there is something in it for PH. It is after all a commercial enterprise and I take a lot of pleasure from using these forums without paying a penny. As others have said, it will be good to get the reviews of some long standing posters, but I think that a lot of the stuff written above says more about the posters themselves than it does about the company in question.
Agreed!Mr Whippy, you don't seem to understand Credit Scoring, or you do understand credit scoring but for some reason you have a massive need to sound like a sanctimonious, ill informed eejit.
Over the last 4 years i have managed to get my Experian credit score from Poor (really poor) to Good.
The sum total of all debt i have is currently less than 1 months wages (overdraft/credit card and remainder of the years car insurance) and in my whole life the most expensive thing i have bought on credit is a sofa which was about £2k.
I did not have any credit until i was 23 and for the next few years the only credit i had was my car insurance and mobile phone.
If i wanted something i saved, then i bought it so did not create a credit history.
Even with my (now) good credit score i cannot get a personal loan, in fact i cannot get a second credit card. I earn ok money, have no debt and after working very hard to get my credit score up to a level where i thought i could buy myself a nice-ish weekend toy discover that most lenders take as much notice of experian and their ratings as most PHers do of BRAKEs driving advise.
I'm not in the market for a car currently, i got frustrated and spent all my savings on two weeks in the sun instead, but i can say that most of the companies willing to lend me money for a car will only let me choose from their own stock, if this enables people who can afford the payment but for some reason cannot get a loan from anywhere else to choose from the PH classified as well then it is better than buying a s
tty econbox from car-craft.
Over the last 4 years i have managed to get my Experian credit score from Poor (really poor) to Good.
The sum total of all debt i have is currently less than 1 months wages (overdraft/credit card and remainder of the years car insurance) and in my whole life the most expensive thing i have bought on credit is a sofa which was about £2k.
I did not have any credit until i was 23 and for the next few years the only credit i had was my car insurance and mobile phone.
If i wanted something i saved, then i bought it so did not create a credit history.
Even with my (now) good credit score i cannot get a personal loan, in fact i cannot get a second credit card. I earn ok money, have no debt and after working very hard to get my credit score up to a level where i thought i could buy myself a nice-ish weekend toy discover that most lenders take as much notice of experian and their ratings as most PHers do of BRAKEs driving advise.
I'm not in the market for a car currently, i got frustrated and spent all my savings on two weeks in the sun instead, but i can say that most of the companies willing to lend me money for a car will only let me choose from their own stock, if this enables people who can afford the payment but for some reason cannot get a loan from anywhere else to choose from the PH classified as well then it is better than buying a s
tty econbox from car-craft. Mr Whippy said:
So what is the worst APR rate Car Loan 4U will allow a customer to buy via the PH classifieds service?
Who cares, nobody has got a gun to their head, forcing them to borrow the money. If people are a poor risk, I'm sure you wouldn't want to lend them a big pile of your hard earned money at standard market rates. Emubiker said:
Mr Whippy said:
So what is the worst APR rate Car Loan 4U will allow a customer to buy via the PH classifieds service?
Mr Whippy - do you know what an APR is or how to calculate it?If a lender can't provide simple representative APR values as a guide to their customers then that is the first admission that their APR rates are probably worse than their advertised figures suggest, otherwise why not say what the representative APR is?
How about the median and mean average APR rates for the loans they provide end users then?
Dave
APR is the representative cost of borrowing over the term of the agreement isn't it?
Ie, 5% flat rate + £200 fee for completion might push the effective APR (if there were no fees) to about 10% say...
The whole point of APR is it makes products easily comparable for the end user, so they can compare the cost of different methods of borrowing quickly and easily.
In simpler terms it's the total amount you'll pay to borrow the money divided by the time you have it, relative to the amount initially borrowed.
At the end of EVERY credit agreement these values will be known, they can be projected/calculated, they are indicative and representative of total borrowing costs, and are completely relevant here.
The only people who could argue against the value of the APR figure, even if that itself is not perfect for comparing costs of credit, are likely people who make money from misleading consumers about the cost of the credit products they are selling them.
Ie, 5% flat rate + £200 fee for completion might push the effective APR (if there were no fees) to about 10% say...
The whole point of APR is it makes products easily comparable for the end user, so they can compare the cost of different methods of borrowing quickly and easily.
In simpler terms it's the total amount you'll pay to borrow the money divided by the time you have it, relative to the amount initially borrowed.
At the end of EVERY credit agreement these values will be known, they can be projected/calculated, they are indicative and representative of total borrowing costs, and are completely relevant here.
The only people who could argue against the value of the APR figure, even if that itself is not perfect for comparing costs of credit, are likely people who make money from misleading consumers about the cost of the credit products they are selling them.
ok then. If the flat rate was for example 4%, the deposit being put down was £1000 and the car being sold was £11,000. A final fee of £298 added to thepayment what would the APR be (aproximetely)?
Now do the same but change the deposit to £4000
Now do the same but change the term to 2 years.
Which has the highest APR?
Which has the lowest amount of interest payable?
Which deal would you pick (if you only had these choices) thelower APR or a higher one?
As I'm sure you will work out, the APR is not the most determining factor here as to which finance package would be the best to reduce thetotal amount payable. Wouldn't you agree?
Now do the same but change the deposit to £4000
Now do the same but change the term to 2 years.
Which has the highest APR?
Which has the lowest amount of interest payable?
Which deal would you pick (if you only had these choices) thelower APR or a higher one?
As I'm sure you will work out, the APR is not the most determining factor here as to which finance package would be the best to reduce thetotal amount payable. Wouldn't you agree?
Emubiker said:
ok then. If the flat rate was for example 4%, the deposit being put down was £1000 and the car being sold was £11,000. A final fee of £298 added to thepayment what would the APR be (aproximetely)?
Now do the same but change the deposit to £4000
Now do the same but change the term to 2 years.
Which has the highest APR?
Which has the lowest amount of interest payable?
Which deal would you pick (if you only had these choices) thelower APR or a higher one?
As I'm sure you will work out, the APR is not the most determining factor here as to which finance package would be the best to reduce thetotal amount payable. Wouldn't you agree?
In that case I'd work out the total amount repayable over the term of the loan and choose the lowest one.Now do the same but change the deposit to £4000
Now do the same but change the term to 2 years.
Which has the highest APR?
Which has the lowest amount of interest payable?
Which deal would you pick (if you only had these choices) thelower APR or a higher one?
As I'm sure you will work out, the APR is not the most determining factor here as to which finance package would be the best to reduce thetotal amount payable. Wouldn't you agree?
APR is comparable if you compare like for like.
If you have £4000 deposit, or change terms to 2 years, then APR will be useful to compare to other £4000 deposit, 2 year loan terms.
I'd always pick the lowest APR available for given comparable loans.
None of the loans you offer are comparable as the total loan amount changes as does the duration.
How about all 2yrs, all £2000 deposit, all for a car worth £11,000.
One is 3yrs level term at 4%
One is 3yrs on outstanding borrowed at 4%
One is 3yrs at 3% outstanding borrowed with a £300 completion fee.
APR is much more useful to you here.
In the end you can always show a total cost of borrowing relative to the amount borrowed, divided by time... that is as good an indicator as any about how good/bad the cost of a loan is.
If you want to trick the outcome by changing the term of a loan, then just change APR to total cost of borrowing over the loan period per £ of borrowed money.
Dave
z4chris99 said:
fair enough for replying dani!- must be something in it for haymarket.
A mate ran a similar company for pay day loans, every one he passed to a lender he got a fee, if they were unsuitable for traditional finance he flogged their details onto the dregs of the lenders, who pestered them for days and days..
pretty ethically corrupt, but he made a mint.
Nice to have a mate like that.Get people into trouble who fall for these scams.And there are many unfortunately.A mate ran a similar company for pay day loans, every one he passed to a lender he got a fee, if they were unsuitable for traditional finance he flogged their details onto the dregs of the lenders, who pestered them for days and days..
pretty ethically corrupt, but he made a mint.
Simond S said:
I think it's a good idea, and unlike most company representatives Dani has been very professional in her replies.......... A couple of PH testimonials would be a good idea.
Edited by Simond S on Tuesday 15th April 15:12
slippery said:
Well done for your responses Dani.... As others have said, it will be good to get the reviews of some long standing posters.
Hello Simond & Stuart,Thank you for the kind comments
I have taken both of your comments onboard regarding PH testimonials. I'm currently speaking with some PHers who have now used our services so hopefully we'll have some testimonials posted in the near future. Thanks,
Dani
Mr Whippy said:
And lets not pretend for one minute there is a black and white line where it's ok to lend, or it isn't and it's 'sub-prime'
These credit options are very very clearly aimed at the less capable end of the market.
Dave
Hi Dave,These credit options are very very clearly aimed at the less capable end of the market.
Dave
Our services are available for anyone who wants to buy a new, or their next, vehicle. Car Loan 4U are not targeted at the sum-prime market. In fact, we have more prime than sub-prime customers. Over the past year, we have helped customers buy vehicles ranging from Lexmoto XTR & Honda CG bikes up to Lamborghini Gallardo’s, Bentley Continentals, Aston Martin Vantages & Range Rover Vogues. We help people from all credit circumstances to buy everything from scooters to supercars.
Once approved, customers are quoted the best deal we have available for them. Customers are under no obligation to accept the loan offered. They can choose to proceed or to obtain funding elsewhere. Customers are not committed to the loan offered until it has been paid out to the seller.
Thanks,
Dani
I have recently used C4U for the second time and again as the first time they were brilliant, made it so easy, my Advisor was Theo and he was brilliant.
Fantastic company to use, dont be put off by the comments some make on here.
And no I dont work for them, just a happy customer.
However the GAP insurance they offered me was about 3x as expensive as I found elsewhere, so shop around.
Fantastic company to use, dont be put off by the comments some make on here.
And no I dont work for them, just a happy customer.
However the GAP insurance they offered me was about 3x as expensive as I found elsewhere, so shop around.
Gassing Station | General Gassing | Top of Page | What's New | My Stuff