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.
Does finance APR change on cars over a year old???
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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..
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
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
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.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?
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.
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
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
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
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
Only my opinion mind.
Good luck
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