Discussion
Hello All,
I can't post in P&P yet as not been a member long enough, so think this may be an appropriate place? (Please move or delete if not).
I am considering buying a motor on finance, and have been quoted 10.8% APR from one of the major players.
Is that a competitive rate? Borrowing £40k over 5 years.
P.S - I appreciate borrowing money over that term is expensive. But, it makes the repayments per month more comfortable.
I can't post in P&P yet as not been a member long enough, so think this may be an appropriate place? (Please move or delete if not).
I am considering buying a motor on finance, and have been quoted 10.8% APR from one of the major players.
Is that a competitive rate? Borrowing £40k over 5 years.
P.S - I appreciate borrowing money over that term is expensive. But, it makes the repayments per month more comfortable.
Depends on the type of finance.
I would say no, not competitive. Pop over to a loan comparison site and plugin the numbers - see what interest rates come back.
If not HP and a lease deal than things may get different as I'm not sure what private options look like. There are private provider of lease finance you could get in touch with for alternative quotes.
I would say no, not competitive. Pop over to a loan comparison site and plugin the numbers - see what interest rates come back.
If not HP and a lease deal than things may get different as I'm not sure what private options look like. There are private provider of lease finance you could get in touch with for alternative quotes.
TwigtheWonderkid said:
If you know it's ridiculous, then there are no buts. It's ridiculous.
I don't mind ridiculous. I'm young (relatively) and I want one of those cars.The ONLY way I can do that is the above finance option.
I think ridiculous is putting my money away, waiting and saving to get a slightly cheaper finance deal only to be hit by a truck tomorrow.
All i'm asking is, for that type of deal does anyone think I can get it cheaper...?
BobSaunders said:
Money supermarket is pumping out quotes for 5.8% APR - 5.9% APR from Carloan4u and Credit plus at circa £766.84 a month for 40k over five years. Total amount repayable is £46,010.58 ish.
Doesn't sound too ridiculous if you were able to get close to this - i'm guessing early 40k decently specced R8s have bottomed out like GTRs so you could always chop it in and pay it off if need be. mocca said:
Doesn't sound too ridiculous if you were able to get close to this - i'm guessing early 40k decently specced R8s have bottomed out like GTRs so you could always chop it in and pay it off if need be.
That was my thought. I don't see them losing much value over 2 years so keep it for a bit, sell and repay the loan. The depreciation curve should have flattened out on early models by now so when OP comes to sell in a couple of years the value should hopefully out weigh the debt/finance.
The problems occur when finance and depreciation curve are different, or if the finance is not affordable due to life changes.
The problems occur when finance and depreciation curve are different, or if the finance is not affordable due to life changes.
These guys are the default option (no affiliation to me although I have used them before).
http://www.classicandsportsfinance.com/
http://www.classicandsportsfinance.com/
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