Compare Quad Bike Finance

 Quad Bike Finance – Getting The Best Deal!

Picture this – You see a Quad Bike, ATV or Buggy for sale and you have not got the cash right now but would love to buy it, so what do you do?

Would you either call in to the bank, building society or even an online finance house and see if you could get a loan to pay for that dream machine, right?

Well before you do, I would like to open those eyes to a little known trick that has been around for some time yet is not obvious to the untrained eyes. Sit back, relax and let me show you just how clever some of these loan companies really are.

Typical Examples
A typical example is the normal way a finance or lending facility displays it’s rates to give you an idea of how much you will have to pay back on say a loan agreement of £3000 over 36 months – with a Typical APR of say 14.9%. The law states that anyone quoting APR’s has to demonstrate this type of example, but is it giving you the complete picture?

Personal Loans
Quad Bike Finance is something that you don’t see advertised due to lending companies not being able to calculate future values of machines. This has meant that most lending facilities design something on a personal load basis so you can fund the future purchase of a Quad Bike, ATV or Buggy.

APR
Looking at an APR can sometimes be very difficult to calculate how much interest you will be paying over the period. The reason for this is because the APR will vary depending on the amount you borrow and the period of time you take it over.

The smaller amount you borrow and the shorter the term will increase the APR figure, and the more you borrow over a longer period will reduce the APR considerably. To get some idea of how much you are going to pay back in interest you have to know the basic lending rates.

Should you wish to find this out, all companies must, on request, tell you what the base rate of interest is that you are paying. A typical example of how to work out what you will be paying back is displayed below.

Example – £3000 over 36 months
If the base lending rate of interest is 7% then you need to do the following calculation to work out how much your Quad Bike or ATV will cost you.

3000 x 7% = 210 x 3years = £630

£3000 + £630 = £3630 total borrowed including interest.

Divide this by 36 = £100.83 per month.

Arrangement Fees
Some lending companies will include two other fees which are the loan set up fee (loan arrangement) which is added to the first payment – and the cancellation fee which is added to the last payment. This will then remove your details from the finance register to say you have cleared the full amount.

An example of how much you will pay will depend on where you borrow the funding from. Banks seem to add the most on so they can reduce the lending rates making the APR look more attractive. (Sometimes between £100 & £150 set up and the same for cancellation.)

Finance companies will be slightly lower with set up costs between £85 and £125 depending on which facility you decide to use. An average cost to set up a loan with any major finance organisation should be between £90-100.