I got a finance through a garage last may for €15k. at the time the rate quoted was better then I was offered with my bank so went ahead with it.
I have just received my first statement today and am extremely confused.
1) its says is a hp agreement not car finance - does anyone know the difference
2) initial loan €15,000 Charges €3,117 (which is the interest).
Loan is over 5 yrs, does anyone know what the rate is that I am being charged.
3) Settlement figure is €13,782.68 even though I have repaid €2,673 (I have it 9 months!) Which means the charges for the 9 months are €1,455.68 -almost half the 5 yrs interest.
Needless to say I am a little confused so comments on the above is appreciated.
I know I should have looked into it more carefully at the time but stupidly I was blinded by the shiny alloys.
I have just received my first statement today and am extremely confused.
1) its says is a hp agreement not car finance - does anyone know the difference
2) initial loan €15,000 Charges €3,117 (which is the interest).
Loan is over 5 yrs, does anyone know what the rate is that I am being charged.
3) Settlement figure is €13,782.68 even though I have repaid €2,673 (I have it 9 months!) Which means the charges for the 9 months are €1,455.68 -almost half the 5 yrs interest.
Needless to say I am a little confused so comments on the above is appreciated.
I know I should have looked into it more carefully at the time but stupidly I was blinded by the shiny alloys.