Oh Dear, what have I done?
Bought a new car last friday (Honda Civic Type R GT black) and went the finance route. Honda finance were showing rates of 7.9% for new cars. Mine wasnt "new" as it had done 7 miles. But, I thought the interest would be 7.9% but I was wrong. It was 13.8%APR!! With Black Horse finance. Just got the agreement through this morning and was shocked. For credit of £12,670 (6k deposit) over three years i will have to pay back a grand total of £23,373.32 (car cost = £18,760 charge for credit £4703.32).
Ok, I was wrong for not checking the interest rate but I thought it would be the one advertised. Options? Any advice would be helpful but I think creek and paddle in "dirty water" springs to mind. Can I cancel and pay it off by a bank loan which IS 7.9% and swallow the charges? I don't think I've pleaded for help on a forum before...but please help.
I have spoken to the Dealer who said he would phone me back..guess what? He never. Am I allowed to say which Dealer?