[Chazclark2]

Anyone used Halifax PCP? Can't get online as I don't have account with them but was wondering if anyone's used them and can give me an idea of APR's?

 

[sir_dave]

I've answered this on m3cutters lol.

 

[barryh1988]

Yes I did a quote on there a couple of days ago. Depending on the PCP amount it's around 4 - 4.1%

This is direct from my quote with figures etc

Deposit
£3000

Finance amount
£30,585

Term length
47 months

Apr
4.1%

Amount repayable
£34,108

Monthly amount
£454

Final payment
£12,764

Similar over 36 months they seem to keep the final payment quite low.

 

[barryh1988]

Anyone used Halifax PCP? Can't get online as I don't have account with them but was wondering if anyone's used them and can give me an idea of APR's?

On a side note I think I worked it out I only save about £500 taking Halifax PCP over the 5.8% dealer offered one so not much in it

 

[philm]

Remember as well that often dealers will offer a really good discount if you take their finance as they get incentives from the finance company.

 

[Chazclark2]

Yes that doesn't seem much better than the dealers IMO Audi were only quoting another £50 per month on a 40k car on a similar deal as posted above^^^

The important thing I was really trying to distinguish is wether Halifax differentiate between used and new cars like car dealers do where APR can jump massively between the two, for example merc is around 13% used!!! A 40k used A45 over your average term is about £700-800 a month, crazy money.

 

[AJRFulton]

Yes that doesn't seem much better than the dealers IMO Audi were only quoting another £50 per month on a 40k car on a similar deal as posted above^^^

The important thing I was really trying to distinguish is wether Halifax differentiate between used and new cars like car dealers do where APR can jump massively between the two, for example merc is around 13% used!!! A 40k used A45 over your average term is about £700-800 a month, crazy money.

and people think I'm talking sh*t when I say that, unless you are a cash buyer, buying new is just as cheap, often cheaper, in terms of monthly outlay - as buying something 2-3yrs old.

 

[Chazclark2]

It says you can't re finance with it

 

[philm]

Yes that doesn't seem much better than the dealers IMO Audi were only quoting another £50 per month on a 40k car on a similar deal as posted above^^^

The important thing I was really trying to distinguish is wether Halifax differentiate between used and new cars like car dealers do where APR can jump massively between the two, for example merc is around 13% used!!! A 40k used A45 over your average term is about £700-800 a month, crazy money.

and people think I'm talking sh*t when I say that, unless you are a cash buyer, buying new is just as cheap, often cheaper, in terms of monthly outlay - as buying something 2-3yrs old.

Couldn't agree more, last time I looked at a used car on PCP for someone the APR was 29%, it took a lot of pushing to get the dealer to disclose the figure.

Normally dealers have incentives from the manufacturer which are often passed on in a discount on top of more competitive finance.

3 of my last 4 cars have been recently introduced models, so no chance of getting one used anyway. Those on the market have been more than new ones, mainly due to the nearly new ones being moderately specced up and sold at around the price new. The one that wasn't just released model had a £4800 discount without any dealer finance involved.

 

[TRL]

Trouble with this Halifax deal is that they want the dealer to invoice them I am told. If you buy a new car and take this route the dealer
loses £1500 of support and therefore you pay £1500 more for the car. So the saving is almost cancelled out when comparing 5.9% against
their 3.8% deal. Not sure how the GFV compares as I have never been quoted. Anyone care to share if the GFV is higher or lower than BMW set them?

 

[Chazclark2]

What I want to know is what sort of APR Halifax quite for used approved cars, new car deals from dealers are very competitive but as soon as that cars left the forecourt and become had they really rip the arse out of the APR, even if Halifax was something like 6% that's still around half what dealers want