We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Some advice with interest rates please.
mhenry9885
Posts: 23 Forumite
in Loans
Hi,
I recently purchased a car and used the dealers in house to fund it by means of a fixed sum loan agreement. I am however a little confused with the interest rates.
On the credit agreement is states that the APR is 46.9
However, on the same page it says 'interest is charged at an equivalent rate of 18% pa'
Based on my monthly payments I am currently paying the 46.9% interest rate (£3000 over 36 months @£142 per month) but why would it also say 18%??
Can upload a picture if needed.
Many thank yous!!
I recently purchased a car and used the dealers in house to fund it by means of a fixed sum loan agreement. I am however a little confused with the interest rates.
On the credit agreement is states that the APR is 46.9
However, on the same page it says 'interest is charged at an equivalent rate of 18% pa'
Based on my monthly payments I am currently paying the 46.9% interest rate (£3000 over 36 months @£142 per month) but why would it also say 18%??
Can upload a picture if needed.
Many thank yous!!
0
Comments
-
is one flat rate?0
-
It is flat rate yes,
I'm just a little confused as I previously had a loan with them and the interest rate was 18%0 -
18% flat rate would equate to about 46% APR. Car dealers often quote flat rate so that their deals seem more appealing. 18% flat rate is horrendous though - why did you sign up to it?I used to think that good grammar is important, but now I know that good wine is importanter.0
-
Why do people ask questions here after they signed expensive agreements.Space available for rent0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.8K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.1K Work, Benefits & Business
- 616.3K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards