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BOI Car Finance

kennyb3 · 2015-04-13 09:43:42

I assume if buying second hand car via SIMI dealer it makes sense to go with HP (@ 8.6%) compared to standard loan (@ 11.5%)? I assume downside is not being able to overpay HP amount?

13-04-2015 9:43am

#1

kennyb3

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I assume if buying second hand car via SIMI dealer it makes sense to go with HP (@ 8.6%) compared to standard loan (@ 11.5%)?

I assume downside is not being able to overpay HP amount?

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Comments

#2 13-04-2015 12:16pm

bazz26

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Both methods have their pros and cons. The main ones being the HP may have a lower rate but the car is not your property until the final payment is made. Just read the small print.

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