Arrange my own car finance or go through dealer?

exponential

SeanG79 wrote: »

Those figures appear to all add up, however if you have passed the credit checks with that bank you will be able to bring the rate down, with out more searches. The dealer will be getting the funds cheaper than the 6% flat...negotiate on the finance rate he is quoting

I wasn't aware that you could negotiate the rate??

I always thought the rate you got was the rate the finance company has given you after checking your credit profile?

Is 13.5 a high rate or does it fit with a "good" credit profile?

SeanG79

dealer finance in most cases works differently. You can negotiate on the rate you have been given with the dealer...

The rate is not high, for a sub £7,500.00 deal and also there is a slight rate increase via dealer finance for a 60 month term. 36/48 months being optimum. That said, negotiate the rate with the dealer, he may not budge, but he has the room to...

exponential

SeanG79 wrote: »

dealer finance in most cases works differently. You can negotiate on the rate you have been given with the dealer...

The rate is not high, for a sub £7,500.00 deal and also there is a slight rate increase via dealer finance for a 60 month term. 36/48 months being optimum. That said, negotiate the rate with the dealer, he may not budge, but he has the room to...

Hmmmm. Very interesting.....

Well you learn something new every day!

I'm glad I asked the question now as I can go on saturday armed with a fair bit of knowledge. I can always walk away if I don't like where the deal is going.
Puts the pressure on the salesman then.....

SeanG79

Bear in mind once (if) you reduce the rate, it takes a little while to get the new documents raised even though they have an online system.

exponential

SeanG79 wrote: »

Bear in mind once (if) you reduce the rate, it takes a little while to get the new documents raised even though they have an online system.

Well i'm in no rush to buy so if that is the case, then so be it.

I assume reducing the rate would involve a further search of my credit files??

SeanG79

no further searches, all remaining searches they do will be soft searches which only you can see on your file

exponential

SeanG79 wrote: »

no further searches, all remaining searches they do will be soft searches which only you can see on your file

Thankyou Sean, you have been extremely helpful!!

Will post back with the eventual outcome.....

Mike.

Joyce58

Most of us go for used cars in order to limit the cost of the vehicle. Always try to buy a used car without financing it, but most of the users finance them as the used cars are expensive. Trend Financial which is a private lender helps in financing the used cars.

SeanG79

If you needed sub-prime finance in Canada that may be helpful...

tonycottee

Are Close Motor Finance also charging fees? I had finance arranged through them (I bought a car 6 hours away), but when I got around to reading the contract, I had been charged a £200 arrangement fee and £130 for something else.
I cancelled the agreement when I got home and got a loan from Santander for half the price and without the fees.