The Student Room Group

0% interest finance deal on first (used) car

I was wondering if anyone here has had any chance of ever finding a Used car for a 0% interest finance deal. I've looked everywhere and it has pretty much been impossible to find something for 0% interest.
I think you need to ask yourself who would be offering such credit at 0 cost and why?

For a brand new dealer car you'll often be taking the finance directly with them or their credit partner (like Volkswagen Financial Services) and as they are making commission on the (inflated) purchase price it's in their interests to remove fees and make the credit as attractive as possible to get you signed and into this hugely depreciating vehicle.

Compare that to finance on a random used car from a 3rd party credit provider, they have no connection to the cars and no dealer kickbacks, they are 100% going to want clear profit from any loan they make to you, that's how they make a living.
Reply 2
Original post by S98979
I was wondering if anyone here has had any chance of ever finding a Used car for a 0% interest finance deal. I've looked everywhere and it has pretty much been impossible to find something for 0% interest.


That will almost never happen, especially with current inflation rates nearing 10%. Also, if you can't afford to either buy a <£2000 car in cash or manage to afford finance interest rates then I wouldn't get a car at all. Cars are very expensive to run, maintain, insure and tax! Let alone £30 in petrol a week
Original post by S98979
I was wondering if anyone here has had any chance of ever finding a Used car for a 0% interest finance deal. I've looked everywhere and it has pretty much been impossible to find something for 0% interest.


I doubt you will find any 0% finance deals on a used car at the moment, not in todays climate.
Reply 4
Original post by S98979
I was wondering if anyone here has had any chance of ever finding a Used car for a 0% interest finance deal. I've looked everywhere and it has pretty much been impossible to find something for 0% interest.


Here you go, simples.

https://www.chapelhouse.co.uk/used/view/vauxhall-corsa-energy-ac-ecoflex-14/dk17ucz/


Fair dos, they are advertising to possibly link you with 0% lenders for commission - but that sounds pretty overpriced for a near base spec 17 Corsa (Parkers value it about £5k), even taking into account the economy and the inflated used car market I suspect any customer is paying a large if subtle cost of credit there.
Reply 6
Original post by StriderHort
Fair dos, they are advertising to possibly link you with 0% lenders for commission - but that sounds pretty overpriced for a near base spec 17 Corsa (Parkers value it about £5k), even taking into account the economy and the inflated used car market I suspect any customer is paying a large if subtle cost of credit there.


0% interest finance though.

Sweet, sweet 0% interest finance...
Original post by Quady
0% interest finance though.

Sweet, sweet 0% interest finance...


'Just sign the ****ing thing!.... sir...'

Tbh the way they word it, I wouldn't be surprised if you try to buy and they say 'oh unfortunately you didn't meet any of our 0% partners criteria, but we can introduce you to our 'other' financial partners who specilise in different circumstances

5 Years 0% APR Used Car

0% Finance deposit available
Competitive Rates on new and used
A varied panel of lenders to catering to most - yeah this does sound quite a bit like 'good chance you'll be paying interest'
Reply 8
Original post by StriderHort
'Just sign the ****ing thing!.... sir...'

Tbh the way they word it, I wouldn't be surprised if you try to buy and they say 'oh unfortunately you didn't meet any of our 0% partners criteria, but we can introduce you to our 'other' financial partners who specilise in different circumstances

5 Years 0% APR Used Car

0% Finance deposit available
Competitive Rates on new and used
A varied panel of lenders to catering to most - yeah this does sound quite a bit like 'good chance you'll be paying interest'


Cynic
Original post by Quady
Cynic


Depends how you look at it. I buy most of my cars broken off peoples driveways for cash on the off chance I can fix them :tongue:

But really yeah I'm not the finance type, I don't really trust it esp for used cars out of warranty/MOT exemption, I'd far rather put that extra £££ to a better car or even the tools, parts and skill xp for it

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