finance rates

[ojb]

who does the best rates/ deals ?

any info would be a great help

thanks

[fidgits]

erm.

Best bet is put it on your mortgage for cheapest rate.

Depending on the amount, shop around banks/loan companies.

getting it from an OPC is just asking for the KY jelly...

See, you can answer that question without saying "if you cant afford to pay for it, you cant afford it"

[Yex]

Get the dealer where the car is to give you a quote. Then try Rob at Classic & Sports Car Finance 07050 139381 for a "real world" quote. I've never used him but have see a few good words about him on this site and PCGB. If you really want to push the dealer harder go back with the quote you are happy with and they will almost certainly match it.

Yex

[gubbs997]

you should be able to get 2-2.25% over base (flat rate 3.5%), but would depend on how much you borrow etc. Saffron finance I found quite helpful as well as Classic already mentioned.

Careful though as it makes amazing cars appear suprisingly affordable....

[scotty_917]

I got a quote from an OPC this morning and they wanted 9.9% APR Indeed...the KY would've come in handy

[ojb]

thanks i'll keep looking i've got 1.85 % over base so far from supercarfinance

[dunnred7]

5.9% from alliance and leicester, straight loan secured/unsecured as you like - thats as cheap as chips as far as I can see

[Egbert Nobacon]

ojb said:

thanks i'll keep looking i've got 1.85 % over base so far from supercarfinance

Chaps, a note of caution.

If you are looking at a floating rate (variable) transaction then you need to be aware that the rate over base is sometimes not as low as it seems.

What is important is that you check how the interest is calculated and then billed to the account.

The best method and most accurate method is "daily interest calculation, billed to the account monthly" i.e it calculates interest on balance outstanding each day and bills it to the account monthly thereby actually reflecting what you owe taking into account each of your monthly payments.

The worst is quarterly interest calculation i.e the interest for the quarter is calculated in advance at the start of the quarter and applied to the account but doesn't take into account any monthly payments you make during that quarter.So you are paying interest on money that you don't owe.

This method of calculation actually inflates the true rate of charge by between 0.25 and 0.5%.

This can apply to either a true variable or balanced payments (payments remain constant - balancing charge paid at end to reflect any movements in base rate)

The latter is not so common these days as many people have cottoned on but it pays to ask the question " How is the interest calculated and when is it billed to the account?" when getting your quote and read the small print before signing an agreement as even some mainstream Finance Houses will still use this in a competative situation.

Edited by Egbert Nobacon on Wednesday 8th November 07:53