PCP Interest Rates

[4ND]

I looked on MG's site for the MG4 and today its 7.9% APR!
I was looking at a Hyundai i20 N and it's 8.2% APR!!
Neither has any deposit contribution, too.
And those APR rates will probably increase again after today.
Who'd pay those rates?!

I say, there's people with a lot more money than me if they'll pay APR interest like that

 

[dave99]

the MG site has been 7.9% APR since I started looking a few weeks ago, no idea when it last went up though.
I've just secured 15k loan at 4.8%, now sat in a 2.5% savings account ready for my decision

 

[McPhee]

Very unrealistic savings interest rates I think.
If you have details of where we can obtain these rates I'd be very interested.

See post #49

RCI Bank, 4.9% AER on a 4 year fixed savings account. There are a few other accounts close to this too.

 

[4ND]

BoEngland now put base interest rates @ 3%

I was hoping with the comical APR's many manufactures are charging now for finance 'deals' would have dissuaded many a would be renter to hold back, and desperate dealers would have been pre regging more cars, knocking £thousands off, like in the 'glory days', for cash purchasers to lap up.
Not so though, the PCPers seem to be still paying it.

 

[NickHeynes]

BoEngland now put base interest rates @ 3%

I was hoping with the comical APR's many manufactures are charging now for finance 'deals' would have dissuaded many a would be renter to hold back, and desperate dealers would have been pre regging more cars, knocking £thousands off, like in the 'glory days', for cash purchasers to lap up.
Not so though, the PCPers seem to be still paying it.

I think they/we always will. Certainly I will until just before I retire probably.
Don't forget that you can't compare a base rate of 3% directly to an apr( well you can but it's a bit algerbraic) so we used to use the rule that an apr on a 3 yr deal would be approx double the flat rate. So if MG are charging 7.9% than the flat rate is around 4%. And just looking at my finance docs bears that out.
I also think that there are simply not enough cars in the marketplace for pre-reg deals to be available.

 

[4ND]

I think they/we always will. Certainly I will until just before I retire probably.
Don't forget that you can't compare a base rate of 3% directly to an apr( well you can but it's a bit algerbraic) so we used to use the rule that an apr on a 3 yr deal would be approx double the flat rate. So if MG are charging 7.9% than the flat rate is around 4%. And just looking at my finance docs bears that out.
I also think that there are simply not enough cars in the marketplace for pre-reg deals to be available.

Yes, agreed.
Regarding the base rate in the economy, compared to the comical car APR rates, I just meant that now they've hiked that again, the manufactures will no doubt follow suit. So they'll be even higher than they are now.

You are right about the pre reggers. Those days when a car was £thousands off to get those monthly sales totals up. I got my MX-5, a week pre regged, 4 miles on the clock for £5.5 grand less than RRP!