7.7% APR Typical for car loans over £15,000
Credo has an "internet busting" finance rate for you when buying your next car. Vehicles must come from a bona fide car dealer, they are subject to status and a guarantor may be required. 7.7% APR...the best rate rate we found on the internet (source www.moneysupermarket.com 08/06/2011) was 8.5% for a loan of £15,000 over 4 years for a home owner.
Example One: Car cost £18,000, deposit £3,000, balance to finance £15,000. Repayable by 48 monthly payments of £356.25.An administration fee of £149.00 is to be added to the first payment and also the final payment .Total amount payable £20,398.00, total charge for credit £2,398.00. APR 7.7%
In addition, because this is a car loan, we have the flexibility to look at balloon payments and resdiual values which mean the monthly costs can be considerably lower as well as having another fantastic headline rate.
Example Two: Car cost £18,000, deposit £3,000, balance to finance £15,000. Repayable by 47 monthly payments of £245.73 with a final payment of £7472.50.An administration fee of £149.00 is to be added to the first payment and also the final payment.Total amount payable £22,319.81, total charge for credit £4,319.81. APR 9.9%
As you can see, the same loan of £15,000 for both examples, over the same term but a reduction in monthly cost of over £110 in example two, ideal for those people who are looking for the cheapest monthly repayment and are happy to pay slightly more in interest.
Please call us if you need any further information,a tailored quote or to discuss any questions you may have.
Please note that all the above quotes are subject to status and acceptance and are available on request,a guarantor may also be required.
