Quote:
Originally Posted by scooba0010
WTF ,so the financial guy is Taking the pi$$. Im now thinking my gut reaction is /was right
|
0% or 4.5% offers are not 'real'. Just think about it, you can make more money than that by putting your money in the building society. Why would they be selling you finance at a loss?
These low finance rates are just discounts in disguise. I recently bought a new VW Polo and the discounts on drivethedeal.com were the best I could find. I got about 12.5% of the list price. But ... To get the 0% finance you normally have to buy at list! So it may well be MORE expensive than a decent discounted deal with 7.2% APR (which is the current best personal loan rate).
http://www.moneysupermarket.com/loans/
You've negotiated a decent discount at 9% push for a lower rate by all means, but I think you will struggle to do much better than 7% at the moment.
If you borrowing less than £25K the loan will be regulated and the agreement will detail the costs of early settlement. Check these carefull to see what interest you will be charged.
As I said before, also remember that if you spend your cash it has gone. If you invest that money and take finance the interest earned on the savings will offset the cost of the loan.