Interest Rate Lies / Scam?

Ben8282

rigsbyx wrote: »

PS - I already have a 0% interest card with Virgin for 28 months, but I’m certainly not going to finance a car on it. Hashtag stupid suggestion! :rotfl:

If this card has a high balance at 0% then that would be a very likely reason for the higher interest rate offered on the loan.
I don't think that my suggestion to finance a car on a 0% credit card was stupid at all. 0% is much better than paying interest.

Craig1981

so, you ask what to do next??

either:
1) accept the loan at the offered APR rate as doubt you will get an offer anywhere else close to what you expecting
2) use a credit card as suggested, as gives you S75 protection as well

and for all of us here:
stop being so rude and obnoxious. you ask for help, suggestions, what to do, people have given this to you!
#ridiculousrigsbyx

DCFC79

Your credit rating is only seen by you and only you, lenders see your history. All that will be listed is a search was carried out.


What you do now is either:
1 go elsewhere for a loan
2 use cash
3 as suggested use a credit card
4 put more than £100 on the card and pay rest with cash


No scam here nor lies.

foxy-stoat

rigsbyx wrote: »

How rude! No doubt you talk down to others on Twitter like that, too! Be nicer to people please. And yes, I did �� I just think it’s a scam, tbh

Your not the first and you wont be the last.

Nothing negative will be on your credit file though, only a search which is nothing to get worked up about.

superbigal36

rigsbyx wrote: »

The Queen ::rotfl:

Makes sense.
Rigsby is an ardent patriot, believing himself to be an illegitimate member of the British royal family.

mcpitman

rigsbyx wrote: »

Now what should I do?

Learn what "typical APR" means and move on with your life.

eschaton

rigsbyx wrote: »

Now what should I do?

Pay more attention when trying to borrow in future?

Stop saying things are a scam when they aren’t?

Start saving?

tlc678910

Hi,
If you have a card with a 0% on balance transfers or low interest rate life of balance promotion that is current, and the limit is high enough then you certainly can buy a car on a credit card and transfer the balance onto the card with the promotion. If you have a card that is 0% on purchases you can purchase the car directly on this card but those promotions don’t tend to be for as long.
Tlc

phillw

societys_child wrote: »

Can you please explain the scam, 'cos I can't see it. Or is this just another non-scam scam post?

You're right. It's a bait and switch, which is classed as fraud & not a scam.

"The intention of the bait-and-switch is to encourage purchases of substituted goods, making consumers satisfied with the available stock offered, as an alternative to a disappointment or inconvenience of acquiring no goods (or bait) at all, and reckoning on a seemingly partial recovery of sunk costs expended trying to obtain the bait. It suggests that the seller will not show the original product or service advertised but instead will demonstrate a more expensive product or a similar product with a higher margin."

I'm sure they'll justify it by saying that a percentage of people get those rates, but a lot of companies don't police themselves very well and end up making claims in advertisements that are false (which are hard to prove as only the company has the data that could back it up anyway)

societys_child

phillw wrote: »

. . It's a bait and switch

No it isn't.