Official finance UK.

[Tom D]

My dealer called today to sat that their finance system has gone live, the finance is a direct deal through INEOS not the dealer. The lender is Santander and the rate is 9.9%.

Just thought some of you would be interested. I am getting other quotes though as I haven’t had to pay that much in years. With interest rates going the way they are maybe its a good deal…. I’ll report back..

 

[jamesfielding]

Ouch, 9.9% that is a bit steep!

 

[Tom D]

That’s APR…
I thought it was steep too, but I haven’t financed anything for 12 months and a lot has happened in that time..

 

[stickshifter]

Average APR for a new car loan in the U.S. is 5.16% (data from December 2022). Perhaps not an effective bargaining strategy to cite U.S. rates, however.

Credit score	Average APR, new car	Average APR, used car
Superprime: 781-850.	3.84%.	3.69%.
Prime: 661-780.	4.90%.	5.47%.
Nonprime: 601-660.	7.25%.	9.81%.
Subprime: 501-600.	10.11%.	15.86%.
Deep subprime: 300-500.	12.93%.	19.81%.

Source: Nerdwallet

 

[Shaky]

I asked today about a scheme I can access through work and was told 8% Apr. I thought that was steep but maybe not after seeing IA is 9.9%.

Like Tom D, I haven’t needed or looked at any finance stuff for a number of years and clearly things have changed for the worst very recently.

 

[Logsplitter]

Just got this from the Nationwide Building Society website , for bank account holders only, but a good reference :-

Buy a car with a Nationwide loan
With a Nationwide personal loan, there's no need to worry about deposits, excess mileage or damage charges.
Using a Nationwide loan, you'll:
Own the car outright
If your loan covers the full cost of the car
Have fixed monthly payments
They won't change during the term of your loan
Pay no hidden fees
We won't charge you for setting up, overpaying or settling your loan early.
Representative example

6.9% APR Representative (fixed). Based on an assumed loan amount of £10,000 over 60 months at an interest rate of 6.9% p.a. (fixed). Monthly repayment £196.56. Total amount payable £11,793.60.
This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years for our members with a mortgage, savings or current account. You could be offered a different rate based on your personal circumstances. The maximum you could receive is 29.9%.
We offer personal loans for terms from 12 months up to 7 years. You can choose the term in years or months when you apply.