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HELP! I need a Car Salesman
Posted: Wed Apr 26, 2006 4:49 pm
by Tom
being offered by a dealer a car at 4.25%flat. didnt want to tell me the APR. when i pushed he said it was 9.5%APR. said that 4.25% was what you use for comparison as its a PCP with a balloon at the end.
Dont understand this whole thing. can anyone clear it up for me. am i being shafted.
Posted: Wed Apr 26, 2006 4:51 pm
by Rag_It
Mate, as I said car sales is my bag, but not the finance - we had business managers who ripped the client off at Merc!
I will phone my mate Ross who works for an asset finance company now and get him to see what that is like!
Dave
Posted: Wed Apr 26, 2006 4:59 pm
by MacK
Hi Tom,
It's not my specialist subject either, but, just add up the total the car will cost to buy (deposit+monthly payments+baloon) and see how much 'interest' they are charging, then check a bank website or loan comparitor (moneyextra.com) (?) to see how much you would be paying on a basic loan..
Hope that helps.......
John
Posted: Wed Apr 26, 2006 5:02 pm
by GregR
Posted: Wed Apr 26, 2006 5:26 pm
by gordon
IMO you'd be better getting a loan (there's some good rates on just now, use the link on the Autotrader site to compare). Then at least you'll officially own the car and if you sell it you can either pay back the money or use it for something else.
Posted: Wed Apr 26, 2006 5:35 pm
by Gareth
Northern Rock are good at the moment
Posted: Wed Apr 26, 2006 5:37 pm
by DDtB
Yup... ignore the APR it's just a sales gimmick really and two identical APRs can actually cost you different amounts...
as stated already.. just add up the total payments, deposit etc. to find out how much it will actually cost you and compare that with a loan....
http://www.fool.co.uk is a pretty decent comparison site for loans.
Also, bear in mind that an unsecured loan is pretty useful as it isn't secured on the car like finance.... so should the worst happen, you can sell the car and simply release some funding no probs at all!!
HTH.
DDtB.
