Secondhand car finance rates.

[Louis Balfour]

One of my family is looking at buying a 911 (Non-franchised dealer) and he has been quoted 9.9%APR for a HP deal.

I think he is borrowing £65k with £10k down and I assume he has a good credit rating.

It's a long time since I financed a car, but 9.9% sounds punchy. Am I right?

[The Rotrex Kid]

9.9% on a £55k balance is bonkers. No way. Hitachi probably worth a call.

[akadk]

Best you’ll get is 5.9% on a pcp via Alphera

[anonymous-user]

Some will say you can't blame the dealer for trying, but that is so bad I think I might look for another car from another dealer as well as look for another finance deal.

[ninepoint2]

Try Magnitude..

[gangzoom]

Louis Balfour said:

It's a long time since I financed a car, but 9.9% sounds punchy. Am I right?

Depending on their mortgage situation additional borrowing is currently sub 1.5% fixed for 5 years or 1.5% for 7 years. Crazy to pay 9.9% unless your desperate, in which case buying a 911 is equally crazy.

[anonymous-user]

9.9 is bad but iirc Honda used finance rates are 10.9%! (on certain cars.) Utterly bonkers.

Edited by mstrbkr on Saturday 12th September 22:39

[vulture1]

If they are smart enough in life to get to a stage to buy a very nice car like that i'd expect them to be able to find credit at a better rate than that.

[dogz]

akadk said:

Best you’ll get is 5.9% on a pcp via Alphera

Clydesdale where 4.5% last time I looked unless rates have shifted massively. With most companies though, its not a true PCP as you don't have the option to hand the car back and will either have to sell the car to settle the balloon or refinance

Worth giving them a call

[red_slr]

Oracle and Mann Island are both Barclays partners so you could get a quote off both and then see what they can do to get the deal.