BMW Finance rate for buying used car

[Mavster]

Guys,

Am buying a car using a BMW loan (buying car as used from a main dealer (£10k loan over 3 years), quick question is that the finance guy is only going to 9.7% APR. Can I get him down any more? He seems to be digging his heals in when I ask him for a reduction. Any help on rates achieved recently would be much appreciated.

Cheers

Steve

[Reggie-g]

You can get a lot cheaper rate on the high st. Try Sainsburys..... You'll also save an arrangement fee.

[Benstan]

+1 for trying elsewhere. High street banks and large stores (sainsbury , tesco and m&s) likely to offer better rate.


Sent from my iPhone so apologies for typos

[X5Sport]

When I specced up a new X6 a couple weeks ago the APR was 6.9%, and for a 1er, 3.9%.  Your dealer must be missing their targets.  I'm not buying either and did it on line.

+1 for go someplace else.

Richard

[jaynana]

[quote="X5Sport"]
When I specced up a new X6 a couple weeks ago ..

[/quote]

had enough of the pink? 

[Mavster]

I should have explained, I don't have a choice, as they are only going to give me a discount on the car if I use their finance.

I have them down to 4.6% flat which is about 9%APR for the loan. The idea is to pay off within a few months, I just wondered if this % here for a used car purchase was competitive from a BMW dealer. or if they will go much lower.

Cheers

Steve

[Benstan]

When I was looking at AUC a year ago, I was offered 9.9% or thereabouts - but for new cars, BMW UK were offering 2.9%.  9% for AUC doesn't sound off-market on that basis.  Also, if you're paying off the debt in a few months' time (assuming that the deal allows you to do that without penalty), I can't imagine that there will be significant difference between what you are being offered by the dealer and what you might hope to negotiate.

Good luck.
B

[Imy]

^^^^ as above. If your paying it off it a few months then a few bps give or take will have such a minor influence that it wouldn't be worth worrying about...

[X5Sport]

[quote="jaynana"]
[quote="X5Sport"]
When I specced up a new X6 a couple weeks ago ..

[/quote]

had enough of the pink? 
[/quote]
Nope!  Just wanted to see what a fully specced one costs now.  Was speccing  a 1er conv (I do like them) as HRH is showing some interest......until I told her the Mini and her beloved E46 would have to go.......I've seen lead bricks fall faster than her face did.  Oops!  Thought It came with a bigger engine, but only the petrol gets an IL6.

Richard

[Barney]

I hope the discount is worth it, when they were trying to get me to have finance they quoted silly percent with £300 fee either side of the repayments.
Also why worry about interest rates if you're going to pay it up in a few months? The difference in interest will be minimal, it's the set up and final fee you should be worrying about!!

BTW what happend to the black X5, I'm guessing that deal didn't go through?

[Mavster]

I got 850 quid off price and also a 2nd year warranty thrown in plus Scotchgaurd paint interior treatment

£325 total charges (50% upfront)


Well spotted Barney. Yes, I didn't buy that one in the end, it is your fault  actually

I think it is back up for sale now.

Cheers

Steve

[Barney]

Make sure there's not another £325 at the end or if you settle early.

[B1GGM]

[quote="Barney"]
Make sure there's not another £325 at the end or if you settle early.
[/quote]

I read his post as £162.50 up front and another £162.50 at the end? I could be wrong though.

Cheers

P

[Barney]

think you're right..

[Reggie-g]

Get the discount, sign the finance papers and then cancel the following day. It'll cost you a fee plus some interest so depends on the level of discount. I did this on the missus old Q5.....