Re: Approved Car Finance

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Re: Approved Car Finance

Pete Smith

17 Apr 2004 13:29

> Mate of mine has just bought a car from Approved Car Finance. It's a 1998
> Suzuki Baleno which I see go in Autotrader for about £1500 to £1995
[quoted text clipped - 3 lines]
>
> So he's financing £4000 at 29% and paying £39 a week over 3 years.

Holy sh.t! Not even Yes! are charging 29% any more. They're charging an
eminently decent rate of 19%[0]

Does he have a bad credit history, or is he just stupid?

> So for a £2k car, he's paying £6084 !!!!!

Does the UK have usury laws?

> And he thinks he has got a good deal!!!

Someone did, but it wasn't him!

Pete.

[0] When someone credit worthy can get 5.9% On a 10k loan over 5 years, this
makes 5564 interest to 1571 interest.

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David J. Button

17 Apr 2004 11:09

Mate of mine has just bought a car from Approved Car Finance. It's a 1998
Suzuki Baleno which I see go in Autotrader for about £1500 to £1995

The purchase price was £5000 - he gets £1000 trade in for his old vehicle
and £225 cash back on the deal.

So he's financing £4000 at 29% and paying £39 a week over 3 years.

So for a £2k car, he's paying £6084 !!!!!

And he thinks he has got a good deal!!!

Be warned won't you???

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