Car finance?

[hallion]

Hi guys,

I'm about to apply for a 10k loan for a used car (Evo VIII) and want to maximise my chances of getting credit. I would have an excellent credit history and can easily afford the repayments but banks appear to be lending less at the minute and refusing quite a lot of people for loans.

Would I be better going to somewhere that specialises in car finance such as http://www.oraclefinance.co.uk ?

Are there certain banks that have higher acceptance rates for car loans than others?

Grateful for any advice.

Thanks!

[Pharoah]

How old is the car / where in the UK are you / is the car coming from a dealer? I work for the largest car finance co in the UK and can get rates cheaper than bank loans if you have a good credit history and dependent on the above....

[hallion]

Pharoah said:

How old is the car / where in the UK are you / is the car coming from a dealer? I work for the largest car finance co in the UK and can get rates cheaper than bank loans if you have a good credit history and dependent on the above....

The car is 2004 and I am in Northern Ireland. The car I'm looking at is through a private seller although there are some available through dealers as well. Would going through a dealer to get finance offer a higher chance of acceptance compared to me applying directly to a bank for a personal loan?

[Pharoah]

musclecarmad said:

Pharoah said:

How old is the car / where in the UK are you / is the car coming from a dealer? I work for the largest car finance co in the UK and can get rates cheaper than bank loans if you have a good credit history and dependent on the above....

out of interest what is the APR rate you could get someone on say a 4 year old EVO if I was based in Manchester and the car was coming from a dealer assuming perfect credit history. Imagine the car cost £10,000.

Are there set up charges

are there early repayment charges

is the interest loaded

If it 'depends' please tell me what other information you'd need to tell me the rate you guys give.

Thanks

I can get APR'S between 6% - 8%, the dealers normally are charging 10% + and if you get a bank loan you are probably looking at around the same.

There is the usual admin fee to set it up like any finance agreement

If you take out the finance in you own name there are no interest penalties because the agreements are regulated by the consumer credit act

I have financed 2 997 Turbos, a Maserati Gran Turismo and an R8 in the last 2 weeks and people seem to be starting to buy sports cars again now

[Pharoah]

hallion said:

Pharoah said:

How old is the car / where in the UK are you / is the car coming from a dealer? I work for the largest car finance co in the UK and can get rates cheaper than bank loans if you have a good credit history and dependent on the above....

The car is 2004 and I am in Northern Ireland. The car I'm looking at is through a private seller although there are some available through dealers as well. Would going through a dealer to get finance offer a higher chance of acceptance compared to me applying directly to a bank for a personal loan?

You are probably better off getting a personal bank loan in this case. The problem is the car is quite old and getting an invoice to a car finance company from a private seller is difficult

[cragswinter]

Pharoah said:

hallion said:

Pharoah said:

How old is the car / where in the UK are you / is the car coming from a dealer? I work for the largest car finance co in the UK and can get rates cheaper than bank loans if you have a good credit history and dependent on the above....

The car is 2004 and I am in Northern Ireland. The car I'm looking at is through a private seller although there are some available through dealers as well. Would going through a dealer to get finance offer a higher chance of acceptance compared to me applying directly to a bank for a personal loan?

You are probably better off getting a personal bank loan in this case. The problem is the car is quite old and getting an invoice to a car finance company from a private seller is

difficult

I'm currently looking at getting a new motor,interested in your interest rates pharoe!
Assuming I put down £10,000 & had repayments around or under £350 PCM how much could I afford to borrow?
In the past I've used pcp & balloon payment options to get more bang for my buck so to speak,& can you use your lendings to fund a privately bought car or does it need to be a motor trader? (I usually buy from trade to be honest)
many thanks