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| Customer service | 7/10  |
|---|---|
| Value for Money | 0/10 |
| Reviewer Rating | 0/10 |
| Overall Rating | 5/10  |
Full review by
Danc
on 30th Jun 2007
User Rating : 0
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Good Points: Easy as the car dealer arranges it.
Bad Points: 1. High Interest rate 2. PCP is a not worth it 3. Dealers get a high commission so push customers into buying with Mercedes Benz Finance PCP.
General comments: 1. Typically the interest rates are 3 or 4 percent above what you can get from loan companies. Sometimes they have offers of loans at very low rates but whatever you do don't get them because although the rate maybe low they take the money out of the deposit you pay so in time the loan actually works out more expensive.
2. PCP is a not worth it because when you enter into a typical agreement for 3 years they overvalue the car at the beginning. The result is that in 3 years time when you come to sell the car all of the deposit you have put in has gone. The result is that you have no equity left in the car to roll over into the purchase of your next one. It is a very expensive way to buy a car.
3. Mercedes Benz dealers are pushed by the Finance people to sell their own loan/PCP products because they get a good commission.
My advice is arrange your loan first never enter into a PCP contract unless you are prepared to loose all your original deposit and don't listen to the Mercedes Benz dealers they are not independent.
Danc's review and ratings | 225 words | 1 comment added.
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