Toyota Finance

[Bearcat]

Went to my local Toyota dealership today to have a look at buying a Yaris (Zink) and it was not until I got home that I realised that the quote I was given had an APR of over 14%

I had a look at the finance agreement for when I purchased my Corolla T3 in July of 2004 and the APR on that was a little over 8%. How come it's gone up so much? Is the sales man having a laugh or trying to rip me off?

I also had a quick look on the internet for loans and I can get one with the Halifax with an APR of 6.1%, and this was not the best.

Bearcat.

[GIDDLEPIN]

I used Toyota finance on a car once then checked with my bank afterwards, it was cheaper to take out the bank loan, settle the Toyota finance and still save a shed load of money

Les

[SMW]

It's like buying a car on a credit card !

You have to check if they are quoting flat rate or APR.

APR of 14 % could be good if they are doing a stonking deal on the car - it cuts both ways.

I would shop around though.

[alanbradley]

Try www.moneysavingexpert.com for hints and tips to finding the best deals around. I fear that right now they might vary quite a bit because of the Bank of England messing around with interest rates and the like...

Good luck,

A

[Johndcfc]

All car salesman try to give you a dry bumming if they can, bank loans almost always work out better.

[G79]

When I went for Toyota Finance they said they worked in Flat Rate (which I'm assuming means the rate will not increase even if the base rate does), I managed to get the lowest rate they could do which seemed to equal an APR of about 8.5% and trust me.. this really was the lowest flat rate they could do :)

It may still have been cheaper to take out a bank load, but then you have to look at the amount your borowing and whether it is a secured or unsecured loan. I don't know much to be honest but may have to have a look around and see what the banks/building societys, etc are offering.

All I would say is that when it comes to Toyota Finance, they use their own money, and when it comes time for you getting toyota finance, haggle them all the way! Trust me, they can come down really low!

G

[SMW]

Well some basic numbers for consideration (approx)

Borrowing £10 000 over 4 years at APR 14 % will cost £5599 in interest alone, at APR 8.5 % it will cost £3439 in interest and at 6.5 % it would be a total of £2599.

[Rob_A]

I took our a loan through the AA to get my four, was the cheapest I could find :)

[Bearcat]

When I went for Toyota Finance they said they worked in Flat Rate (which I'm assuming means the rate will not increase even if the base rate does), I managed to get the lowest rate they could do which seemed to equal an APR of about 8.5% and trust me.. this really was the lowest flat rate they could do :)

I went to a different Toyota dealership today and got an APR of 7.4%

Bearcat

[G79]

When I went for Toyota Finance they said they worked in Flat Rate (which I'm assuming means the rate will not increase even if the base rate does), I managed to get the lowest rate they could do which seemed to equal an APR of about 8.5% and trust me.. this really was the lowest flat rate they could do :)

I went to a different Toyota dealership today and got an APR of 7.4%

Bearcat

Are you sure thats APR nd not flat rate? I was told they only dealt with flat rate?? Hmmm.... maybe they were telling me porky pies.. I'll ask them when I see them next.

G

[Bearcat]

When I went for Toyota Finance they said they worked in Flat Rate (which I'm assuming means the rate will not increase even if the base rate does), I managed to get the lowest rate they could do which seemed to equal an APR of about 8.5% and trust me.. this really was the lowest flat rate they could do :)

I went to a different Toyota dealership today and got an APR of 7.4%

Bearcat

Are you sure thats APR and not flat rate? I was told they only dealt with flat rate?? Hmmm.... maybe they were telling me porky pies.. I'll ask them when I see them next.

G

The paperwork say APR 7.4%. I can see no mention of flat rate.

Bearcat