would you buy a car on finance?

[longwaytogo]

The repayments the garage are offering are less than any loan that we can find and yet apr is higher so I can't work it out, just fed up of looking online at loan rates but when you ring to get decision the loan rate suddenly rockets.

the rates they show on the adverts are "standard typical" in other words if your credit rating is so high you probably wouldn't need a loan then you get the advertised rate.
otherwise you get the one that is twice as expensive.

i would get a quote from the finance people and then one from a loan company and work out which, in the long run would be cheaper.

Is there a large payment at the end of the period? Or does the car revert to the garage (so in effect youu are paying hire)?

ladymuck not as far as i know there's not - surely they would have said if there was.

Well it is not uncommon with certain finance deals. What has the garage called the deal?

Try Money Saving Expert guide.

Message withdrawn

ladymuck i've gone through moneysaving expert and still getting higher interest rates than on there.

The garage haven't called the finance deal anything just said that was what the repayments wouldbe

mellowma i have the same arrangment with mine.

im not entirely certain it will work but i am hoping it will clear the outstanding amount and when i go for the finance on the new car my rating will be a little higher so the rate a little lower.

i'm going to have to give them a ring aren't i

Message withdrawn

longwaytogo, ask them what the total amount payable will be. Low repayments aren't that attractive if you pay for twice as long as you do otherwise....

ok have spoken to them and its just a straightforward finance agreement have worked it out and total amount repayable is better than the loans actually so thats what we are going with.

I know in other threads people have said that finance is secured on the car but the reality is if anything were to happen and we had a loan we would have to sell the car to able to pay off the loan so I guess either way we're stuffed if anything happens - job or health wise.