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1948 Views 10 Replies 10 Participants Last post by  santacruz
:confused: OK there's not much room to negotiate on price/extras, but has anyone had any luck negotiating on discounted finance?

I will be looking to finance my new mini on MINI Select, quoted at around 13% interest rate. Has anyone knocked down the 13%?
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I went into my dealer with a quote from HSBC Carchoice which quoted me 9.2% APR, they promptly responded offering me 8.7%APR. I gave them the deposit there and then. Has anyone else had other experiences like me?
I think there is a thread on this somewhere, try the search. I got 8.4% and I know some people got 7.9%, basically they will match or beat any rate you find.
I bought mine on lease purchase (like PCP but final settlement value not guaranteed and you can vary it) using dealer finance. They insisted that 4.3% flat (8.9% apr) was the lowest they could go, but I've seen people on here say they got 3.9% flat. There are very low rates for straight personal loans quoted by people like Tesco and Lombard (check their websites). The problem is that you don't know what APR you're actually going to get until you apply. Then if you don't like it you have to apply elsewhere. Too much of that and your credit scoring could be affected by too many searches.
Too true, my girlfriend just applied for a car loan with Northern Rock and they said, oh you've just missed out on the 8.9% but we can offer you 10.1%. By that point you've already been credit scored and you risk going elsewhere and them refusing you and having loads of searches on your file.

On that point can I recommend to anyone to get a copy of their credit report from Experian. It's amazing the number of mistakes there are that need correcting.

Many companies search you more than once in the space of three months, which they aren't supposed to do and this affects your credit score. This includes mortgage companies, all of these can be removed if you contact the companies involved.
Do they have a website, could be fun to see my credit history!!


Edit:Never mind, found it! - wasn't too hard to guess!
MINI Finance at 4.25 flat to match Alliance and Leceister's 8.5 APR.
A & L offer 8.5% car loan (deferred payment) and standard loan
BMW Finance matched the 8.2% the A&L offered.
Minty said:
BMW Finance matched the 8.2% the A&L offered.
Yep, same here....we got an extra special offer from NWest (due to the type of account we have) and BMW, by some kind of miracle, matched that!

I've heard the same thing with most garages...they'll match any rate you get. Given the ease of getting quotes from the internet, thats what I'd do in future, just get the lowest and they'll match it!

As above, first quoted rate was around 13% (I tried not to laugh too much!!)
BMW are offering me 7.7% straight off with an assurance they will match any lower quote I can find. First time BMW have ever quoted me anything like the lowest price for finance! wow :)
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