Finance for used car

fire_man

Hi,

Would anyone know what rates Finance companies charge through dealerships for second hand cars?

Football Friend

On used cars the guy selling the finance will try rip you as on new cars they usually have to sell at x rate whereas on used they can try for as much as they can to increase commission so be wary of that.

The best rate you would get would be 6.9% which would match the car loan rate in the credit union.

fire_man

ok thanks and I presume it would be a hire purchase agreement on a used car?

Football Friend

Yup it would be. To be honest if you could I'd go for the credit union loan, for the flexibility of the repayments alone, of course only applicable if it's a possibility for you.

fire_man

Ya I have another with Credit Union otherwise I would have. I applied today through a delaer and they took very little details off me, is it easy enough to get approval?

chancer12

The credit union and the banks are offering better deals. Not sure how many are getting approval tho' but the rates seem fair enough

colm_mcm

How old are the cars you're looking at? Are you looking at financing 100% of the cost of the car or close?