finance

[elephant]

Maybe the wrong forum for this

can aynone tell me the correct finance rate BMW offer at present? Went for a test ride last wed and the dealer said it was something like 3.6%, but got a quote and the APR is 8.9% on the printout (didnt notice all that till i got home!). The saleman definately mentioned the figure of 3.x but no matter how i fiddle around with APR calculators i cant see how this turns into 8.9%

Yes i know i could just ring the dealer tomorrow, but i'm curious now to see what rates people have been getting! BMW website not much help.

Also, anyone know any details of changes to 2006 models as unless i'm quick to sell my bike i'll be waiting til 2006

Thanks in advance

 

[Wizard]

That'll be 3.x over the BMW Finance base rate of 5.whatever. They tried to suck me in with that one too.

 

[Franky]

As I didn't finance the whole amount my rate was 3.something%, maybe thats what they meant?

 

[BBB61]

The rate they probably mentioned was the flat rate as opposed to the APR.

Bob

 

[antarcticash]

I got caught on that too.
The flat rate is 3.6%
APR is 8 something or other.
If you pay over £4000 deposit it is a good deal
I also used bmw finance and got heated grips thrown in and a gs luggage thrown in for £100.
I am also getting a half price deal on some conti off road tyres.
My remus system was fitted free of charge.
better than any loan i could get.
I was going to pay for it all but her in doors decided to have the bathroom re fitted so have to keep her happy.

 

[Madmountainman]

Northern Rock are doing an excellent fixed 5.6% APR at the moment!

 

[snoopy]

I went for it. Am paying £670 extra over 3 years on £5000. his works out at 3.6% base. I dunno what APR stands for but the BASE rate appears to be the one to look at.

 

[Jason P]

The old APR trap. APR is Annual Percentage Rate. Some say EAR (effective annual rate) is a better yardstick. Base rate doesn't really mean anything. Anyone paying more than 6 % APR is being ripped off IMHO, unless you have a bad credit rating.

If you've a credit card with a limit big enough to pay for the bike, I'd look at applying for a Texaco card - and if you get one with a limit to cover your other card limit (if you see what I mean) then the Texaco card offers 3.9% APR for the life of any balance transfer - for this to work you have to have bought the bike on ANOTHER CARD!! Treat it like a loan (always repay the minimum, about 5% of the balance, and shove the texaco card in the freezer so you can't use it) and it's a cracking deal...

JP