Car Finance APR ??

[CatalystV8V]

What's a good APR for finance at the moment?... been offered 12.4% but that seems very high given interest rates are at an all-time low.. The Stealer seems to think it’s a good deal??
If anyone has any recent experience I would appreciate your thoughts..

Thanks,

Richard.

[brakedwell]

My local West Sussex AM Dealer =12.5% apr

[Cipo]

8.8% APR = around 4.25% flat, I was recently quoted this by a high end manufacturer ( not AM) it's a buyers Market so stick to paying around this........good luck.

[michael gould]

i hate car finance

[George H]

michael gould said:

i hate car finance

Why?

I like how it eliminates the saving up element from a car purchase.

[brakedwell]

George H said:

michael gould said:

i hate car finance

Why?

I like how it eliminates the saving up element from a car purchase.

I'm enjoying saving up for my Rapide

[CatalystV8V]

Thanks folks.. really appreciate your input...

I guess finance has its place. I perefer to keep my funds as liquid as possible providing the right package can be agreed..

Thanks again!!

[michael gould]

CatalystV8V said:

Thanks folks.. really appreciate your input...

I guess finance has its place. I perefer to keep my funds as liquid as possible providing the right package can be agreed..

Thanks again!!

wish i could get 12% add on my cash !

[Adam2S]

michael gould said:

wish i could get 12% add on my cash !

You can - lend it to CatalystV8V to buy his car with!

[X7LDA]

Michael - have a look here (http://uk.zopa.com/ZopaWeb/). Sign up, deposit money and you can lend it at any rate you want.

OP - I got 4.1% flat less than 6 months ago. Double that to roughly achieve the APR %. Try Oracle, I didn't use them but they seem to be very competitive (offered me 4.3% flat)

[IanDH]

Moneysupermarket.com. Go the the page specifically for car loans.

Put in what you want to borrow, over how long and it'll give you all the lenders offering over that term. As an example you can borrow £25k from Tesco Bank over 10 years for a car purchase at about 8.1%. This works out roughly £300 a month.

There are 4-5% deals for smaller amounts over shorter periods. once you go over 5 years the number of lenders goes down quite quickly, and over 7 years you're down to about 2 or 3.

May issue is whether you want a balloon payment option or not. The best quote I got for a balloon was from Prestige Car Finance (4.5% I think).

[CatalystV8V]

Dealer has now offered finance at 3.99% flat rate.. So thanks to everyone for their input...

[michael gould]

CatalystV8V said:

Dealer has now offered finance at 3.99% flat rate.. So thanks to everyone for their input...

thats more lke it !

[Shmee]

michael gould said:

CatalystV8V said:

Dealer has now offered finance at 3.99% flat rate.. So thanks to everyone for their input...

thats more lke it !

Much much much more like it. To be honest amazed that they bother starting out so highly. I guess just like list prices they aim high for the people that will bite without questioning. It's disturbing how much higher rates are at the moment than not that long ago though although on really top end cars the money still seems good.

[DB9VolanteDriver]

Here in the US, you can get up to $70K at 2% APR for 4 years, or 2.5% APR for 5 years. Hard to pass up a deal like that. Course it doesn't help you guys in the UK at all, but it does indicate what rates should be based on the record low interest rates being paid to depositors.

[MrOrange]

IanDH said:

...you can borrow £25k from Tesco Bank over 10 years for a car purchase at about 8.1%. This works out roughly £300 a month.

10 years on a car loan sounds a touch brave.

[IanDH]

MrOrange said:

10 years on a car loan sounds a touch brave.

Financially on paper there's not that much difference between a ballon payment based finance over 4/5 years, if you're going to pay it off early. Problem with a lot of balloon based finance is that it's only available on car up to a certain age; e.g. getting balloon based finance on an 05 DB9 was an issue for me so a took a different route..

I'm not saying you'd necessarily want borrow £25k over 10yrs but it's nice to know it's an option should you want/need to. My dad got hos SL500 in Houston, TX for 2% I think. It certainly does show that we are being ripped off in the UK.

[keith52]

HI
wish i could get 12% add on my cash

You can enterprise inns 2018 bond pays 13% pa plus secured against 600 pubs

keith

[michael gould]

keith52 said:

HI
wish i could get 12% add on my cash

You can enterprise inns 2018 bond pays 13% pa plus secured against 600 pubs

keith

Enterprise inns are a disaster area ....I know them well.....share price has gone from 110p to 33p in the past year.....profit from 230m to 24m

It is felt that the valuation on their property is overstated

If im going to lend money then i want half a chance of getting it back !