Ripped off with Car finance

iolanthe07

It's common for car dealerships to quote flat interest rates when they are trying to do a deal. Actual APR's are more than double the flat rate. Anyone taking dealership finance needs to read the T & C's carefully.

Rab86

Thanks for the replys.

Tictax - I am happy enough withthe payments to the point i can afford it. I'm annoyed because i feel like i was mislead and i was as folish to not read what i was getting myself into properly

Spend some time loking into my options tomorrow with a fresh head

Thanks

TighterThanTwoCoatsOfPain

edit - cross post with above

yup, almost certainly will have quoted you the flat rate..

i think i read somewhere that people offering finance have to quote the APR as its the only comparably means of comparing rates or something...

Anyhoo, you signed the agreemet because you were happy with the amount you were paying per month, yes? The rate may well be 6% - flat rate that is. Perhaps you mis-understood rather than mis-sold?

tictax

APR can be calculated in different ways. The best method is to compare the total amount repayable as this is the actual cash you will pay assuming you don't pay the loan off early.