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Comparison Rate

vanroyce
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vanroyce Contributor

vanroyce

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I frequently see TV advertisements for Toyota, and other vehicle manufacturers, stating a finance "Comparison Rate".

What does this mean? No one seems to know. I went to my local Toyota dealer and asked a new car salesman. The answer he gave me was gobble-de-gook and I learned only that he didn't have a clue.

So, Toyota, please tell me, and the millions of others who do not know, WHAT DOES "COMPARISON RATE" MEAN.


Andrew357 Grand Master

Andrew357

Posted
Posted

I frequently see TV advertisements for Toyota, and other vehicle manufacturers, stating a finance "Comparison Rate".

What does this mean? No one seems to know. I went to my local Toyota dealer and asked a new car salesman. The answer he gave me was gobble-de-gook and I learned only that he didn't have a clue.

So, Toyota, please tell me, and the millions of others who do not know, WHAT DOES "COMPARISON RATE" MEAN.

It's not a Toyota term, it's a financing term. ALL lenders since 2003, are required to state a comparison rate to help identify the true cost of the loan (per annum). A loan isn't based solely around the interest rate alone; other factors such as the amount loaned, term, repayment frequency, interest rate and other fees/charges applied by the lender all need to be factored it.

It doesn't factor in everything though (e.g - early payment fees, govt charges etc) so you should never enter into a loan solely based on the comparison rate.

You shouldn't be such a smart**** RE: not knowing what a comparison rate is; if you don't know what a comparison rate is (and even too lazy too google it), you shouldn't be looking to finance your next purchase.

vanroyce Contributor

vanroyce

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Many thanks for the information about comparison rates Grasshopper McGee - very informative.

Seems you have an extremely appropriate avatar though - a photo of mouth-all-might Gordon Ramsey.

While I appreciated the information I did not appreciate the abusive post script.

Andrew357 Grand Master

Andrew357

Posted
Posted

Many thanks for the information about comparison rates Grasshopper McGee - very informative.

Seems you have an extremely appropriate avatar though - a photo of mouth-all-might Gordon Ramsey.

While I appreciated the information I did not appreciate the abusive post script.

As much as I didn't appreciate the sarcastic notes which flowed throughout your initial post, especially as you were asking for help.

More of a harsh-truth than abusive.


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