Realistic finance apr?

[stuno1]

I was wondering what sort of % APR folk have achieved with companies like magnitude? I have a perfect credit history so that should not hold me back.

Also, other than magnitude any recommendations?

Stu

[Fckitdriveon]

Affordability is the key word now. Credit score matters less than it use too (although it’s still important )

I just got 6 percent apr on my G class. With Charles and dean .


Regards

[RUSTILLDOWN]

Bank loan is usually cheaper, especially below 15k, unless a manufacturer special offer to try and increase demand.

[WonkeyDonkey]

I'd be looking for below 5%

[stuno1]

Fckitdriveon said:

Affordability is the key word now. Credit score matters less than it use too (although it’s still important )

I just got 6 percent apr on my G class. With Charles and dean .


Regards

Makes sense, affordability will ok as well.

[stuno1]

WonkeyDonkey said:

I'd be looking for below 5%

Me too. I could get a loan from my bank for 19k at 3.9% APR.

[Fckitdriveon]

Not sure magnitude even look at 19k . Think the minimum is 25k .


I did some shopping around and I m not new to the ‘game’ my rate was fairly representative of the market for the level of financing taken .

Fca regs are changing and that’s going to change rates for many .

[stuno1]

Fckitdriveon said:

Not sure magnitude even look at 19k . Think the minimum is 25k .


I did some shopping around and I m not new to the ‘game’ my rate was fairly representative of the market for the level of financing taken .

Fca regs are changing and that’s going to change rates for many .

The car value would be roughly 37k. I would be playing around with deposit amount and balloon payment. There are calculators I can use but it would be useful to know what a realistic APR is. I will call a few companies closer to the time but doing some exploratory research.

[HM-2]

RUSTILLDOWN said:

Bank loan is usually cheaper

This. 2% over 5 years with TSB for £25k, think they offer higher too. Wasn't that far off PCP rates but without a balloon payment when I bought my M140i. Overall worked out about £3k cheaper.

[Fckitdriveon]

stuno1 said:

Fckitdriveon said:

Not sure magnitude even look at 19k . Think the minimum is 25k .


I did some shopping around and I m not new to the ‘game’ my rate was fairly representative of the market for the level of financing taken .

Fca regs are changing and that’s going to change rates for many .

The car value would be roughly 37k. I would be playing around with deposit amount and balloon payment. There are calculators I can use but it would be useful to know what a realistic APR is. I will call a few companies closer to the time but doing some exploratory research.

Unless it’s a manufacturer sponsored rate then a bank loan will likely be cheaper at that price .

5.9% from magnitude (who are a broker ) or maybe jbr capital who are a direct funder is probably about right .

Keep us updated though !!!

[Normodog]

I just took out a loan at 2.8% through ratesetter.

[Fckitdriveon]

Jonno02 said:

No dealer could offer me sub 9%. I didn't want a bank loan as I wanted a low monthly payment for a specific reason. Managed to get 5% through Bank Of Scotland app. Instant approval / transfer so extremely handy.

New regs will tighten controls on dealers even more. Has to be a uniform price offered to everyone now , no more rate jiggery pokery. I always enjoyed slashing the dealer rate whenever I used dealer financing . 10.9 percent turning into 4.9/5.9 was a frequent occurrence .....apparently no more.

[Saweep]

Fckitdriveon said:

Jonno02 said:

No dealer could offer me sub 9%. I didn't want a bank loan as I wanted a low monthly payment for a specific reason. Managed to get 5% through Bank Of Scotland app. Instant approval / transfer so extremely handy.

New regs will tighten controls on dealers even more. Has to be a uniform price offered to everyone now , no more rate jiggery pokery. I always enjoyed slashing the dealer rate whenever I used dealer financing . 10.9 percent turning into 4.9/5.9 was a frequent occurrence .....apparently no more.

It will just switch the negotiation back to the price of the car, surely?

[stuno1]

I’m hoping with someone like magnitude I could get 4.9-5.9%.

Also, do such companies allow you to play with the balloon payment? Ideally based on a generic website submitted quote if like to reduce the balloon and increase monthly payments a tad.

Edited by stuno1 on Sunday 24th January 18:28

[Fckitdriveon]

Saweep said:

Fckitdriveon said:

Jonno02 said:

No dealer could offer me sub 9%. I didn't want a bank loan as I wanted a low monthly payment for a specific reason. Managed to get 5% through Bank Of Scotland app. Instant approval / transfer so extremely handy.

New regs will tighten controls on dealers even more. Has to be a uniform price offered to everyone now , no more rate jiggery pokery. I always enjoyed slashing the dealer rate whenever I used dealer financing . 10.9 percent turning into 4.9/5.9 was a frequent occurrence .....apparently no more.

It will just switch the negotiation back to the price of the car, surely?

Correct ........as has played out for me on another SVR very recently . However the ‘wiggle ‘ room on the price of the car wasn’t enough to offset the 8.9% the dealer financing.

[AdamC28]

stuno1 said:

I’m hoping with someone like magnitude I could get 4.9-5.9%.

Also, do such companies allow you to play with the balloon payment? Ideally based on a generic website submitted quote if like to reduce the balloon and increase monthly payments a tad.

Edited by stuno1 on Sunday 24th January 18:28

No, the balloon is based on the estimated future value of the car. This is set and cannot be negotiated.

[stuno1]

AdamC28 said:

No, the balloon is based on the estimated future value of the car. This is set and cannot be negotiated.

Ah ok, I thought if it was a loan and balloon and not PCP there would be more flex.