Member Since: 13 Mar 2006
Location: Wales
Posts: 488
Freedom APR
Anybody beat 9.9%, I know the dealers have the ability to alter this but
I'm not entirely convinced 9.9 is the base rate.
20th Mar 2006 3:08 pm
blue meanie D3 Decade
Member Since: 04 Aug 2005
Location: Newbury
Posts: 6861
you get a £1k contribution to add into the deal at the moment I think?
moneysupermarket.com is always a good place to look I've found...and theeeeennn......???
20th Mar 2006 4:03 pm
Coffeecup
Member Since: 15 Jul 2005
Location: Middleton, Manchester
Posts: 1084
Re: Freedom APR
Tiger wrote:
Anybody beat 9.9%, I know the dealers have the ability to alter this but
I'm not entirely convinced 9.9 is the base rate.
Be very carefull what the dealers finance quote you.
Are they quoting 9.9% APR, in which case you can compare this direct with a Bank Loan.
Or, are they quoting 9.9%, which I think works out at an APR of about 12.5%. This means it is a lot more expensive than current Bank Loan figures.
CHECK, and don't take the salesman's word for it. Coffeecup March 2005 TDV6 S - Tonga Green - Manual May 2008 TDV6 SE - Stornoway Grey - Auto Dec 2010 SDV6 XS - Galway Green - Auto
20th Mar 2006 4:26 pm
SN
Member Since: 03 Jan 2006
Location: Romiley
Posts: 13710
Ultimately look at the monthly repayments against what you're borrowing.
If you borrowing £100 and the monthly repayments are £10 this is cleary better than borrowing £100 and the monthly repayments are £12 over the same periodSteve N | 21MY Defender | 08MY Discovery 3 (history) | 06MY Discovery 3 (ancient history)
20th Mar 2006 4:38 pm
John O
Member Since: 10 Mar 2006
Location: Shropshire
Posts: 37
..and of course don't forget the dynamic duo "Arrangement Fee" and "Settlement Fee" - part of the package on many of the more expensive finance offerings - including LR finance.
John O
20th Mar 2006 11:13 pm
Rodg75
Member Since: 24 Feb 2006
Location: oldham, lancs
Posts: 32
If you are looking to get a loan to buy the car, the finance apr rate is determined by your status (occupation, credit score etc.). If you go for hp or pcp its usually fixed.
I ordered my car (HSE for £39333) from www.newcar4me.com on HP, at 7.9% over 5 years.
So I hope it doesn't break down lol, biggest investment I've ever made...
Got a good trade in valuation over the phone too, and its a UK supplied car.
p.s. hope I'm okay posting that link, I don't work for them!
pps. if anyone knows of a better deal please let me know, I've not took delivery yet...
..and of course don't forget the dynamic duo "Arrangement Fee" and "Settlement Fee" - part of the package on many of the more expensive finance offerings - including LR finance.
John O
These nice little extras should be included in the APR calculation, which is why they will often not quote the APR to you directly...Discovery 3 tdv6 7 seat Buckingham Blue
Had it since new - sold Jun 17 after 12 years and 214,000 miles
21st Mar 2006 9:43 am
Tiger
Member Since: 13 Mar 2006
Location: Wales
Posts: 488
Thanks guys but I only looking at Freedon APR as I am using Freedom to get an extra £1000 towards the deal, I will the settle the finance before the 1st payment.
As the settlement figure is based on the 'Actuarial Method' I need to be sure that the interest that is on the agreement is the lowest possible so that I get the maxmium rebate for early settlement. it works abit like this
Settlement Figure = A-B-C
Where; A = Total amount payable, B = Amount Paid to Date & C = Interest Rebate.
The interest rebate is calculated by multipling (Advance Outstanding x 15 x Rate of Interest) then dividing by 360
15 is a mean figure of days in the month (this could vary between 1 & 30)
So if 9.9% is the lowest you can get from LRFS then you could typically save a bit
So if th amount borrowed is £20,000 for a nice round numbers the interest at 9.9%APR it should be ~£3754.30* + Doc fee
If this is settled before th 1st payment the sett figure should be ~£20235*
So you end up paying £235 + £105 doc fee = £340 More than if you'd paid with cash However since if you take LR Freedom you get £1000 deposit contrib. you are now £660 better off
*These figures are not exact at the moment as my spreadsheet still needs work but you get the idea.
If I can reduce the total amount of interest I can maximise my return.
Member Since: 03 Jan 2006
Location: Romiley
Posts: 13710
Rodg75 wrote:
If you are looking to get a loan to buy the car, the finance apr rate is determined by your status (occupation, credit score etc.). If you go for hp or pcp its usually fixed.
I ordered my car (HSE for £39333) from www.newcar4me.com on HP, at 7.9% over 5 years.
So I hope it doesn't break down lol, biggest investment I've ever made...
Got a good trade in valuation over the phone too, and its a UK supplied car.
p.s. hope I'm okay posting that link, I don't work for them!
pps. if anyone knows of a better deal please let me know, I've not took delivery yet...
If you only want to borrow £25K against the vehicle, the AA's 5.8% fixed rate is considerably better than 7.9% (again I don't work for the AA but thought I'd share the lowest rate with least hassle that I found)Steve N | 21MY Defender | 08MY Discovery 3 (history) | 06MY Discovery 3 (ancient history)
21st Mar 2006 3:13 pm
Rodg75
Member Since: 24 Feb 2006
Location: oldham, lancs
Posts: 32
Thanks for that Steve.
I found the aa insurance quote to be the best as well - and no need to fit a tracker...
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
March 2005 TDV6 S - Tonga Green - Manual 
May 2008 TDV6 SE - Stornoway Grey - Auto 
