How much would I be charged to buy the above. I have a good credit score now, so was wondering if anyone knew how much per month I would be charged. Thanks.
It varies Chrissa depending on what sort of APR they charge - your deposit etc etc
Find out what they would charge - then shop around - it may be cheaper to get a credit card with 0% on it pay it off and get rid of it if you no longer need it.
Are you buying from a garage Chrissie or private?
A lot of the credit cards today have a pre approval scheme which I believe does not show up on your credit record.
But Experian allow you to go onto their site and do a check to see who will accept you for credit cards.
use a 0% credit card, they'll charge you up to 3% one off charge that's it if you repay within the time. Also the finance and car will not be related so it will pass an HPI check so you can sell it again when you want.
If you have a good credit score then get a bank loan and use it to pay cash. The interest on the bank loan will be a lot less than interest on a loan from a finance company or car dealer.
Before looking to go down the credit card route, ask the dealer if he will accept one. Since retailers are no longer allowed to pass on the card charge to the customer some garages have stopped accepting them for car purchases. Many have always put a maximum that they will allow you to pay on a card.
I’ve never purchased a car on credit, but understand that some garages may offer you loan terms on a ‘Flat rate’ rather than quoting an ‘APR’ for the loan.
Just so you know, on a flat rate loan, you are deemed to owe the full amount throughout the loan period for the purposes of calculating the interest – rather than giving you credit for the amount paid off during the loan period.
So if tempted to take out a flat rate loan, always ask for the effective APR you will be paying.