Discussion
Can anyone advise on what a good (realistic) APR would be for a used car (2014). I'm looking to put down a 45-50% deposit and want the rest spread of 36 months.
Ideally I want to use Aston finance so before I even start talking to them about specifics I'd like an idea of what I should be aiming at % wise.
Ideally I want to use Aston finance so before I even start talking to them about specifics I'd like an idea of what I should be aiming at % wise.
Had this from a guy we have used. No affiliation etc
Hi Nick
If you or your colleagues are looking to buy a car this year, I have hire purchase from 2.19% and PCP from 3.25%
Regards
Mark Stein
07831-178222
www.mannisland.co.uk
Hi Nick
If you or your colleagues are looking to buy a car this year, I have hire purchase from 2.19% and PCP from 3.25%
Regards
Mark Stein
07831-178222
www.mannisland.co.uk
Big Ry said:
Very true, but i'm not borrowing against my house for a car.......
Sure but its all about net position right? If you have say 60% equity in your house and need to take out 5-10% to buy a car or whatever, then overpaying to get back to where you were its much more appealing than paying 5% on a separate loan and net having the same debt amount. Even better if you have a rental property and can reclaim the tax on the loan interest.Anyway, your choice and may not be appropriate, but just a consideration.
As with any business deal its about the complete picture/deal.
I found some smoke and mirrors with the big dealer so went freelance! I think I saved about £4k and got a better car, longer warranty and lower monthly repayments. I had to b work for it though and do my own due diligence and micro clause swotting!
I found some smoke and mirrors with the big dealer so went freelance! I think I saved about £4k and got a better car, longer warranty and lower monthly repayments. I had to b work for it though and do my own due diligence and micro clause swotting!
Ken Figenus said:
As with any business deal its about the complete picture/deal.
I found some smoke and mirrors with the big dealer so went freelance! I think I saved about £4k and got a better car, longer warranty and lower monthly repayments. I had to b work for it though and do my own due diligence and micro clause swotting!
Tell us more Ken!I found some smoke and mirrors with the big dealer so went freelance! I think I saved about £4k and got a better car, longer warranty and lower monthly repayments. I had to b work for it though and do my own due diligence and micro clause swotting!
"APR" is meant to be a standardised way of comparing loan rates to allow consumers to determine "cheapness". The difficulty with that is the different ways fees are charged (beginning, end, amortised over life), how interest compounding rests are calculated (daily (360 day year or 365 or 366), 3 "monthly" (average days in a month or actual elapsed days in a month), 6 monthly). Bottom line "APR" does not allow for true absolute comparisons. Only way to determine "cheapness" is to sum all payments required over life of loan (first and last are likely to be different amounts to usual monthly payment in between), all opening fees, all closing fees, all other fees of whatever name, then deduct principal amount borrowed and that will be the cost.
Usual "subtleties" (one could use another word) are to say
(i) its a 3 year loan, so punter assumes 36 equal payments in total inc first and last, ending payment being 3 years and 1 month minus a day after initial drawdown. Whereas it may be 36 equal payments plus an opening or closing differing payments, so 37 months/37 payments. Per month it looks cheaper, net it will be more. Equally 3 years can be expressed as 35 payments ending on date of drawdown + 3 years.
(ii) not mentioning its a variable rate loan at lenders' absolute discretion, with fixed payments except for the final payment for any compounded interest rate increase.
(iii) not including all fees applicable to draw and clear the loan.
Usual "subtleties" (one could use another word) are to say
(i) its a 3 year loan, so punter assumes 36 equal payments in total inc first and last, ending payment being 3 years and 1 month minus a day after initial drawdown. Whereas it may be 36 equal payments plus an opening or closing differing payments, so 37 months/37 payments. Per month it looks cheaper, net it will be more. Equally 3 years can be expressed as 35 payments ending on date of drawdown + 3 years.
(ii) not mentioning its a variable rate loan at lenders' absolute discretion, with fixed payments except for the final payment for any compounded interest rate increase.
(iii) not including all fees applicable to draw and clear the loan.
/research
/consider other forms or sources of funding etc
. The best deal may be with the big dealer as its ALL about timing IMHO - or just rock up with you wallet and let them start one up 
If you're in the U.S., you should definitely check out Pentagon Federal Credit Union. It looks like a membership credit union, but you can join by donating $10 or $15 to one of two military programs. Then you're in.
The rates are incredible - as low as 1.99%.
www . pen fed . org
They even have balloon payment financing starting at 1.74%.
The rates are incredible - as low as 1.99%.
www . pen fed . org
They even have balloon payment financing starting at 1.74%.
bought mine from new at a 14 plate in June. Stratstone hooked me up to Alphera and got 2.95% over 3 years with a ballon at the end. I had a similar deal on the previous AM through ING and a reducing balance finance but I was told they pulled out of the market. Rates will depend of your personal circumstances etc but i've found Stratstone to be able to get me the better deals that Oracle or others.
rjn21 said:
"APR" is meant to be a standardised way of comparing loan rates to allow consumers to determine "cheapness". The difficulty with that is the different ways fees are charged (beginning, end, amortised over life), how interest compounding rests are calculated (daily (360 day year or 365 or 366), 3 "monthly" (average days in a month or actual elapsed days in a month), 6 monthly). Bottom line "APR" does not allow for true absolute comparisons. Only way to determine "cheapness" is to sum all payments required over life of loan (first and last are likely to be different amounts to usual monthly payment in between), all opening fees, all closing fees, all other fees of whatever name, then deduct principal amount borrowed and that will be the cost.
Usual "subtleties" (one could use another word) are to say
(i) its a 3 year loan, so punter assumes 36 equal payments in total inc first and last, ending payment being 3 years and 1 month minus a day after initial drawdown. Whereas it may be 36 equal payments plus an opening or closing differing payments, so 37 months/37 payments. Per month it looks cheaper, net it will be more. Equally 3 years can be expressed as 35 payments ending on date of drawdown + 3 years.
(ii) not mentioning its a variable rate loan at lenders' absolute discretion, with fixed payments except for the final payment for any compounded interest rate increase.
(iii) not including all fees applicable to draw and clear the loan.
i never used to understand this.Usual "subtleties" (one could use another word) are to say
(i) its a 3 year loan, so punter assumes 36 equal payments in total inc first and last, ending payment being 3 years and 1 month minus a day after initial drawdown. Whereas it may be 36 equal payments plus an opening or closing differing payments, so 37 months/37 payments. Per month it looks cheaper, net it will be more. Equally 3 years can be expressed as 35 payments ending on date of drawdown + 3 years.
(ii) not mentioning its a variable rate loan at lenders' absolute discretion, with fixed payments except for the final payment for any compounded interest rate increase.
(iii) not including all fees applicable to draw and clear the loan.
not actually sure....
Gassing Station | Aston Martin | Top of Page | What's New | My Stuff