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Car loan 4 % apr bargain

madgooner
madgooner Posts: 15 Forumite
Part of the Furniture Combo Breaker
in Loans
Just been out to order a new Vectra, got a loan set up with Aliance and Leicester with 5.9 APR but the garage Evans Halshaw have given me a loan of 4% APR how can the garage offer a rate like that? Bargain i think!!!!!!!!!!

Comments

  • Phoenix79_2
    Phoenix79_2 Posts: 1,434 Forumite
    Probably becasue the car is overpriced anyway. My mate purchased a nearly new Merc at 3.9% from a Merc dealer. BMW finance will always beat any deal when you buy from them as well.

    Good luck with the new car :)
  • sniperpenguin
    sniperpenguin Posts: 289 Forumite
    Double check that the rate he gave you was actually APR, not a flat rate. APR works out usually (roughly) double the flat rate :(
    "Getting Married" - The act of betting half of everything you own on the fact you will love someone forever :rotfl:
  • Robert_Sterling
    Robert_Sterling Posts: 2,207 Forumite
    There is plenty of profit on the recommended retail price so a dealer can well afford to lose a bit on the finance deal.
    ..
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