Pesky car loan interest rates

[MR2rob]

So looking to fund approx. half the car with a Bank Loan and checked a month ago and was 4.3%, now same amount, same period is 7.4%. (with a potential further increase today). So heads up to others looking to get a loan.

I know the loan is tiny compared to mortgages etc. but frustrating none the less and food for thought.

 

[Warren]

Might be the part of the reason why there's been few cancelled cars available to get so quickly. I was shocked with the finance rate on offer from Toyota 8.4% is really high. If the bank loan rates are not much lower then maybe people are rethinking it.

 

[Mark Morris]

I’ve been banging in the overtime in work to get the £15700 final payment for the Yaris sorted. I too had thought I’d just borrow what’s needed but I hate paying interest etc

 

[Warren]

The finance on the GR Yaris was awesome, 0% sounds amazing now. I'm selling my RS4 cry and dipping into savings to fund the GR86 because I refuse to pay that level of interest on the PCP. Though because of that this will be the first time I've owned a new car outright which actually feels great.

 

[MR2rob]

The finance on the GR Yaris was awesome, 0% sounds amazing now. I'm selling my RS4 cry and dipping into savings to fund the GR86 because I refuse to pay that level of interest on the PCP. Though because of that this will be the first time I've owned a new car outright which actually feels great.

Totally agree I hate paying interest specially that level of interest. On £16k it was close to £3k interest over 4yrs!!