Paying off car finance early - Reductions?

motorguy

neilmcl wrote: »

The typical APR for new cars is never that high, BMW's for example, is only 4.9%.

I was assuming with the interest charges he seems to be accruing its new to the O/P, not a new car. Even a pre-reg would incur used car finance rates.

I could be wrong though.

AdrianC

motorguy wrote: »

I was assuming with the interest charges he seems to be accruing its new to the O/P, not a new car.

<pet teeth-grate>
I do wish people would stop referring to used cars, and non-new-build homes, as "new". It can have a big difference to the advice given.

Lytton_2

I also took out a finance plan similar to the one you mentioned. I made sure I had more or less the full volume in savings though as the incentive for the plan was that VW were running two years breakdown cover and service plan for free. Similarly with you their settlement figures were difficult to obtain, the phone numbers are the obvious option because you need to have someone on the other end of the line that you can be firm with if you think they!!!8217;re being dishonest. I wanted to make several part payments over a fortnight or so so that I could claim the cash back on my credit cards, they tried to deter me from making several part payments rather than one lump sum but there was no actual penalty for doing so. Whichever method is cheapest for you, follow it. Read the terms in the paperwork and most importantly give them a call if you!!!8217;re still unsure of anything. Most of the phone staff are often friendly and aren!!!8217;t like the intimidating sales agents in the showroom itself. Just ring, ask for a settlement figure if you want to pay today, and you!!!8217;ll have a much more accurate figure than guesswork alone. And good luck.

motorguy

AdrianC wrote: »

<pet teeth-grate>
I do wish people would stop referring to used cars, and non-new-build homes, as "new". It can have a big difference to the advice given.

Indeed. I might be barking up the wrong tree entirely with my assumption of course.

We'll need the O/P to confirm.

Also, a pre-reg car sitting with 0 miles on it somewhere may well be considered "new" by the purchaser but wont qualify for new car incentives such as low rate finance, etc.