TVR Dealers invoicing in Euros

[4dr saloon]

is anyone aware of any TVR dealers willing to invoice in euros and receive a bankers draft in euros?

being over the water in ireland motor finance is only available if i can get a euor invoice?

there is obviosuly the option of getting a personal loan but apr always higher

anyone have any previous experience or knowledge in the area?

thanks

matt

[DonnyMac]

4dr saloon said:

option of getting a personal loan but apr always higher matt

Really? you can get a personalloan @ 6.1% APR, are car loans cheaper?

[Far Eastender]

Why not borrow Euros and convert them to GBP's??

[4dr saloon]

DonnyMac said:

4dr saloon said:

option of getting a personal loan but apr always higher matt

Really? you can get a personalloan @ 6.1% APR, are car loans cheaper?

i wish, personal loan is around 7.4%, where as pure motor finance over here is very competitive, currently paying 3.9% apr which i got as a special introductory offer

remember though that is here in the republic of ireland

[4dr saloon]

Far Eastender said:

Why not borrow Euros and convert them to GBP's??

a possibility but to draw down a sterling draft is going to cost me 2% commission plus a exhange rate that is beneficial to the bank

[Ean218]

4dr saloon said:

Far Eastender said:

Why not borrow Euros and convert them to GBP's??

a possibility but to draw down a sterling draft is going to cost me 2% commission plus a exhange rate that is beneficial to the bank

Whereas buying from a UK motor trader in Euros is going to cost you the trader's bank's x% commission plus an exchange rate that is beneficial to the bank and the trader!

[4dr saloon]

Ean218 said:

4dr saloon said:

Far Eastender said:

Why not borrow Euros and convert them to GBP's??

a possibility but to draw down a sterling draft is going to cost me 2% commission plus a exhange rate that is beneficial to the bank

Whereas buying from a UK motor trader in Euros is going to cost you the trader's bank's x% commission plus an exchange rate that is beneficial to the bank and the trader!

good point sir, hadn't thought about that.....

shall have to ponder so more

[kmpowell]

4dr saloon said:

Ean218 said:

4dr saloon said:

Far Eastender said:

Why not borrow Euros and convert them to GBP's??

a possibility but to draw down a sterling draft is going to cost me 2% commission plus a exhange rate that is beneficial to the bank

Whereas buying from a UK motor trader in Euros is going to cost you the trader's bank's x% commission plus an exchange rate that is beneficial to the bank and the trader!

good point sir, hadn't thought about that.....

shall have to ponder so more

Any savvy person doesn't use a bank these days to do a foreign currency transaction, because you will be hit with a fixed 'house' day rate, commission, and a ludicrously wide spread!

Our (the company I work for), has one of the cheapest currency services in the country at the mo...

http://www.h-l.co.uk/our_services/currency_service...

HTH

Edited by kmpowell on Thursday 31st May 15:42

[DonnyMac]

4dr saloon said:

i wish, personal loan is around 7.4%, where as pure motor finance over here is very competitive, currently paying 3.9% apr which i got as a special introductory offer

remember though that is here in the republic of ireland

Right, that's it, I've seen this great house up the road I'm going to put a set of alloys on it and get a really BIG 'car' loan to pay for it at 3.9%

My bank does currency for free - perhaps worth asking your Bank Manager, I'm with HSBC.

[4dr saloon]

DonnyMac said:

4dr saloon said:

i wish, personal loan is around 7.4%, where as pure motor finance over here is very competitive, currently paying 3.9% apr which i got as a special introductory offer

remember though that is here in the republic of ireland

Right, that's it, I've seen this great house up the road I'm going to put a set of alloys on it and get a really BIG 'car' loan to pay for it at 3.9%

My bank does currency for free - perhaps worth asking your Bank Manager, I'm with HSBC.

wheels on a house, now thats a different kettle of fish!!!

cheers all for the heads up, giving me plenty of ideas.....

never knew that getting a TVR was going to be soooooooo frustrating!!!

feck it though, its going to be worth it!! (it will won't it!)

[DonnyMac]

OH YES!

[kmpowell]

DonnyMac said:

My bank does currency for free

Trust me DM it's not free. What the bank will do is load their commission into the quoted spread (the buy-sell price). It's like all these adverts for 'commission free' travel money you see on the telly - it's all rubbish, the spreads are wide on the currency crosses and you pay through the nose that way.

Example; If you go to the airport to the Travelex currency bureau you will see an extortianatly wide spread on all currency crosses. However if you go to the Travelex website the spreads are tight. Why, well they have a captive market at the airport so there is no need to compete however if you are online the chances are you are shopping around. A tip for you, the cheapest way to buy holiday money is to order some via travelex a few eeks in advance, and then pick it up at the airport. Inside the package you will get the exchange rate which you can compare the airports quoated rates... it will shock you how much you will save!

The same goes for banks and their spreads, they may claim to do it for free, but they will simply widen the spread of the currency corss and make their money that way. Anther little trick banks like to do is give you a 'fixed day' price, meaning that even if the currency price moves in your favour, you will still get the most expenive price on the day.

In a typical (yes this really is a typical example) currency conversion from the bank, it can cost you as much as 4% more than going through a broker such as currencies direct, or oursleves. 4% is a hell of a lot of money when you are talking about buying a car!

Edited by kmpowell on Friday 1st June 08:07