What's the cheapest way of financing a car? Is it normal to pay back double what you borrow?

[CovidCorvid]

Need to replace a car urgently and looking at monthly payments. Seen a car for 4.6k. Says it needs a 1k deposit. So 3.6k left to finance. total repayments over 48 months will work out at £6,142.24.

So close to double! Seems crazy. Is this normal?

Look at money supermarket or the like. Any comparison site will give you the best deals and say how much it will cost. I borrowed 5k in September and it will cost be 700 but I have it over 5 years to make payments really low and will clear balance early. That was Hitachi personal finance.

These dealer type finances seem to be extortionate but they are always the ones posted with the adverts.

My local Credit Union gave me the best interest rate. Better than the dealership could offer me. Borrowed 6k and interest is under £500 over 4 years.

@HPandTheNeverEndingBedtime

You get it in cash and pay the garage. Look at first direct, loans have a low interest rate at 3.3% I always get mine over a longer payment term with low monthly payments but overpay it so if I ever get in financial trouble redundencies etc I can afford it.

Yeah I got a 7k loan from first direct for a car when lockdown started, by end of loan term 3 years it’ll be 7300 paid back. Less if I pay off earlier. Got the cash and paid dealer. The dealers make more on the finance than on the cars.