Car Finance??

[BigRichi]

I'm going to have a look at a car tomorrow.
The car itself is 6k...will be looking to finance about half that figure.

I havent financed a car for a few years...since the credit crunch really and wondered if anybody could give me an idea what a decent interest rate is?? Obviously I will aim as low as possible but what should I be aiming for??

What rates are dealers really able to go down to these days??

Thanks all

[paoloh]

If you are borrowing that sort of figure, get yourself a 0% Credit card.

[BigRichi]

paoloh said:

If you are borrowing that sort of figure, get yourself a 0% Credit card.

Not really an option unfortunately....will probably need a guarantor as credit problems with my address.

[Paul Drawmer]

A personal loan from your bank might be a lower rate than dealer finance, and won't put a charge on the car either.

And I guess you'll need to pass the same credit checks for dealer finance anyway.

[Fox-]

Finance for just £3k will get you a crap rate.

Do it on a 0% credit card, if you cant do this, buy a £3k car.

[Eddie the Ead]

Agreed with the comments, if you'll struggle to get a credit card then the first tier lenders at the dealers will also turn you down which puts you into the hands of the poor credit suppliers and rates will probably be well over 30%APR for such a small amount.

[Hip2Bsquare]

paoloh said:

If you are borrowing that sort of figure, get yourself a 0% Credit card.

Usually a 2 or 3% charge for a car purchase on most cards.

Plus 0% is usually on a balance transfer from another card.

[Fox-]

Hip2Bsquare said:

Plus 0% is usually on a balance transfer from another card.

No its not, just as many 0% purchases deals.

[paoloh]

Hip2Bsquare said:

paoloh said:

If you are borrowing that sort of figure, get yourself a 0% Credit card.

Usually a 2 or 3% charge for a car purchase on most cards.

Plus 0% is usually on a balance transfer from another card.

If the dealer tries to charge, tell them, you'll buy elsewhere.

Most dealers, it is FOC up to £2k. Most will stretch to £3k to get deal done,

[Zippee]

Paul Drawmer said:

A personal loan from your bank might be a lower rate than dealer finance, and won't put a charge on the car either.

And I guess you'll need to pass the same credit checks for dealer finance anyway.

As per above - though if your address has problems (presumably not you personally?) then you'll have even worse trouble with a personal loan than you will with a credit card. Dealer finance is expensive anyway, let alone with a dodgy address....