John Rambo
Registered User
- Messages
- 662
Hi there,I'm in the process of changing my car and am assessing the finance options available. Basically I need to finance approximately €20,000 of a €60,000 total. Through my own research and with help from the Best Buys section on AAM it's clear Tesco's 6.9% fixed rate loan with no penalty for early repayment is the best option. This would suit me as I plan to spread the payments over 3 years but try and hammer away at the loan and get it paid off much earlier. The guy in the garage is trying to get me to sign up for a HP agreement with GE Money which is laughable as the rate is terrible. Obviously he wants his commission! However he did say that a personal loan will affect my ability to get mortgages etc whereas a HP agreement will not because the product is asset backed and therefore not relevant to affordability calculations. This sounds bogus to me and could be just a sales tactic...is it? I'm planning to move house soon so if it is true I'd go with AIB's 6.99% HP rate fixed. The downside with this is that there are penalties for early repayment.Is this guy spoofing or is HP a better route if you're planning to go looking for a big mortgage?Any advice appreciated!