Does finance APR change on cars over a year old???

Jaguar F-Type Order Forum
Haskey
Posts: 5
Joined: Mon Mar 19, 2018 4:22 pm

Post by Haskey »

Hi,

I'm a newbie. I've had a search around but can't find the answer to my question.

I'm looking to buy a 13 month old F-Type from the dealer in Southampton with finance. They claim that if the car is a year or less old then the APR is about 5% but because it's over a year old it's now about 10% (I can't remember the exact amount). Nothing they can do as this is set by 'Jaguar'.

Is that true?

I might be able to pay off the finance after a few months (I think 3 is the minimum term) and I get a free service with that. So getting finance elsewhere doesn't really help.

Are they just playing a sales game? I'm heading in tomorrow. Any advice greatly received.

Thanks in advance.

Zyp
Posts: 186
Joined: Mon Nov 06, 2017 8:20 pm

Post by Zyp »

Don't use dealer finance!
Easy enough to sort yourself with Oracle, Alphera etc.
Shouldn't need to pay anymore than 5.9 - 6.5% no matter how old the car is.
IRR V8R
Fez
Posts: 418
Joined: Sat Nov 11, 2017 4:12 pm

Post by Fez »

Sounds like waffle, source you own finance.
Black AWD 400, sport
MY 18.5
Pan Roof
Heated front screen
Front parking sensors
Full spare
cj10jeeper
Posts: 1913
Joined: Sat Apr 15, 2017 8:37 pm

Post by cj10jeeper »

The answer is that Jaguar can set the finance at any rate for any age of car to whatever they want. Sometimes new is zero to shift cars or perhaps higher in rare/new models. Second hand is typically higher, so they may be correct. Where dealers are slippery is in what they offer to customers, after all they are working to margins on car and finance

If the dealer is offering Jaguar finance it is what it is, however as posted raise your own. I too have used Oracle and they are superb and usually competitive. You should ask you bank too..
2014 MY 3.0 V6S Roadster
Subtle enhancements to create the car I wanted from SVR nose cone, 400 series side skirts & customised 'design' rear bumper, to heated SVR steering wheel and more
simpleR
Posts: 2448
Joined: Tue Oct 31, 2017 11:56 am

Post by simpleR »

I asked Jaguar and they offered a 4.9% special rate when pushed.
400 Sport AWD - MY18 - Black, pano roof and thats about it 8-)
Ian J
Posts: 32
Joined: Thu Mar 01, 2018 7:13 am

Post by Ian J »

Haskey wrote: Mon Mar 19, 2018 4:31 pm
I'm looking to buy a 13 month old F-Type from the dealer in Southampton with finance. They claim that if the car is a year or less old then the APR is about 5% but because it's over a year old it's now about 10% (I can't remember the exact amount). Nothing they can do as this is set by 'Jaguar'.

Is that true?
It's certainly true with BMW as when I bought my last one I went to look at a one year old car but buying it on finance would have cost me the same as buying a brand new car due to the difference in the interest rate.
dezzy
Posts: 434
Joined: Sun Jul 17, 2016 11:43 pm
Location: Scotland

Post by dezzy »

This is one of the reasons I always buy new cars. Despite having to take the initial depreciation hit, it always works out better for my bank balance if I'm going to keep the car at least 2 years. I get a brand new car for a lower monthly payment than a used one and often with a dealer deposit contribution or discount.

As long as I continue to buy cars on finance and keep them at least 2 years, this will be one of the reasons I buy new.

I've tried the bank and other finance companies but usually find the dealers are better. But will definitely try Magnitude, Oracle, etc the next time.
V6 coupe, Ultimate Black, 19" propellor wheels, suede cloth performance seats, interior black pack, suede cloth headlining, flat bottom steering wheel, heated seats, power tailgate
Haskey
Posts: 5
Joined: Mon Mar 19, 2018 4:22 pm

Post by Haskey »

Thanks for all your responses so far.

I phoned Oracle Finance and I told them about the dealership offering me a service if I went with their finance and they mentioned the FCA guidelines...

"inappropriately offer a financial or other incentive or inducement to a customer to enter, immediately or quickly, into a credit agreement or consumer hire agreement to which this section applies;"

So it looks like I'll be asking for that free service regardless of whether I use my dealership's finance or not :-)
Geminii
Posts: 70
Joined: Tue Aug 13, 2013 5:40 pm

Post by Geminii »

I think the critical bit in that FCA guideline is the "immediately or quickly" part. If you are offered free breakdown cover if you eventually take out finance that is not forcing you to maker a decision. If a company says you get that 'special' if you sign up in the next hour that is against FCA guidelines.

Only my opinion mind.

Good luck
Haskey
Posts: 5
Joined: Mon Mar 19, 2018 4:22 pm

Post by Haskey »

Update: So I signed up to Jaguar finance and the threat of going with Oracle finance got me a interim service plus future services included (major, minor, major).

Getting the car on Saturday. I really hope the weather is kind.
Post Reply

  • You may also be interested in...
    Replies
    Views
    Last post