Our Classifieds section is now live, it’s currently in a basic form but functionality will be added over the coming months.
I’ve always wondered about car finance/lease/pcp and the reason why so few people review the rates of bank loans prior to this. For example – VWFS (Volkswagen Financial Services) who provide finance for Porsche also; are quoting 12% APR on a £25k car on their approved used site.
For a 48 month duration, HSBC will provide £25k at 3.9% APR, which translates into £562.60 pm and a total payment of £27,004.73 over 4 years. There are no additional booking fees on top of this.
The VWFS example on a £25k car is £580.29 pm, deposit of £2,499.90, acceptance fee of £155, option to purchase fee of £60 and a total amount of £30,568.82 paid.
Therefore a £3.5k saving with a bank loan – Worth considering ;-).