MK5 Golf GTI

General => Random Chat => Topic started by: George on May 03, 2013, 01:08:12 pm

Title: VW Finance APR
Post by: George on May 03, 2013, 01:08:12 pm

A friend of mine is looking to buy a approved used MK6 Golf 1.4. The local dealer has one for £12k and the salesman sent him a finance proposal which states 13% APR. I'm not up to speed with current APR rates but this seems very high, especially as VW are offering 6% on some new cars.

What should the rate be?

Thanks  :happy2:

Title: Re: VW Finance APR
Post by: andrewparker on May 03, 2013, 01:10:51 pm

Well the rate is always massively more than the brand new rate, so it sounds about right.

I was looking at a used 325d Coupe the other day and was quoted 10.9%, compared to 3.9% on a new 3-series.

Title: Re: VW Finance APR
Post by: Top Cat on May 03, 2013, 01:15:02 pm

6% of 30,00, is 1800 13% of 12000 is not far off the same amount of finance profit so it sounds about the same % ish.  They could probably do better than 6% on the new car as lots of car companies use the APR as a marketing tool.  :happy2:

Title: Re: VW Finance APR
Post by: Tamiyoman on May 03, 2013, 01:43:53 pm

Finance is where a large part of the dealers profit comes from

Title: Re: VW Finance APR
Post by: tony_danza on May 03, 2013, 02:09:34 pm

I'd expect 8-9% on a used car, I'd be looking at a loan elsewhere to be honest.

Title: Re: VW Finance APR
Post by: Markyed30 on May 03, 2013, 02:57:48 pm

They all start high and u can haggle