Car finance

C17yb8be

Can anyone help? 

Car value at garage £5195.. 
finance paperwork says vehicle is £6780.64, 38.9%APR and 21.4% per annum, total amount to repay is £14,144.01
£7363 in charges for credit is this right?

Grumpy_chap

It would appear as though you are being offered sub-prime credit.
It might be better if you can find a cheaper car that you can afford and then save for a newer car.
Failing that, shop around for cheaper finance.

Ectophile

It looks like your calculation is correct.  The interest rate is extortionate.

Do you really want to pay over £14k for a car that you think is only worth just over £5k?

timwalker

!!!!!! walk away. There is nothing else to say.

scrappy_returns

Is it being bought on a credit card at those rates?

2see

the words , barge pole touch wouldn't springs to mind.

Archie_Duke

Ectophile said:

It looks like your calculation is correct.  The interest rate is extortionate.

Do you really want to pay over £14k for a car that you think is only worth just over £5k?

That’s probably only actually worth £3500! What’s the model, year and condition? We can have a laugh look at the real value.

 C17yb8be said:

Can anyone help? 

Car value at garage £5195.. 
finance paperwork says vehicle is £6780.64, 38.9%APR and 21.4% per annum, total amount to repay is £14,144.01
£7363 in charges for credit is this right?

Don’t sign anything with this garage. Seriously.

Archie_Duke

scrappy_returns said:

Is it being bought on a credit card at those rates?

No, @c17yb8b3 mentioned finance paperwork in their OP.