car finance

[mrggg123]

In short im looking to buy an audi s3 for around 12k. I have 9k saved up.

I've found a loan company called carloan4u and if I pay 3k over 60months it equates to £50 a month.

My question is if I paid back the remainder say in 12months, will I be hit with fees? and If so how much? Also would I have to pay any extra interest or just the interest left until the end of the contract?

Does anyone know this company, because I have read they dont charge for early repayment but not too sure. If anyone could recommend any other companies I would appreciate that too.

cheers.

[panholio]

Only they know they answer to this. Call them.

They also appear to be offering interest free looking at your figures. Which is odd.

[mrggg123]

panholio said:

Only they know they answer to this. Call them.

They also appear to be offering interest free looking at your figures. Which is odd.

Yes sorry I think its like £58, the interest is very low if you have a good credit score.

[NicholasLawrence]

Carloan 4 U were very helpful.


I'm self employed (big risk to banks), and they secured £8000 loan with Barclays Bank, I'm payin back £10,000 over 4 years which is a good rate, so I'm told.



Here's the man!

Matt Pritchard
Car Finance Advisor
Tel: [phone] Extension 7867
Email: [e-mail]





I'm not sure on the early repayment charges - but I don't think its that bad if you want to pay 'chunks' off the repayments/end early.

Depends which bank you get the loan with, hope that helps!

[mrggg123]

NicholasLawrence said:

Carloan 4 U were very helpful.


I'm self employed (big risk to banks), and they secured £8000 loan with Barclays Bank, I'm payin back £10,000 over 4 years which is a good rate, so I'm told.



Here's the man!

Matt Pritchard
Car Finance Advisor
Tel: [phone] Extension 7867
Email: [e-mail]





I'm not sure on the early repayment charges - but I don't think its that bad if you want to pay 'chunks' off the repayments/end early.

Depends which bank you get the loan with, hope that helps!

very helpful thank you

[anonymous-user]

I make that (borrow 8000, 4 years, pay back 10000) about 11.5% APR, which is pretty terrible in the general loan market but not sure how it stacks up for self employed people.

OP always get the APR for the loan - that's the easy way to compare, but in terms of early repayment fees as others have said the only way to know is to check the terms and conditions of the lender as they can and do vary.

[Fox-]

2 points..

a) If you've already saved £9k you are not far off. Why not simply wait?

b) IF you don't want to wait, you'll be better off getting a conventional loan from a bank. It will be cheaper and better than 'car finance' especially for an amount as low as £3k.

c) Isn't £12k the bottom of the S3 market? Make sure you don't stretch yourself into the bottom end of a car market, it tends to end up in tears. Pick something you can comfortably afford a decent example of, something your budget elevates you into the middle of the range of not the bottom.

[valiant]

For £3k I'd be more tempted to bung it on a 0% credit card rather than go down the loan route.