PCP Interest Rates

[Sloucher]

I'm confused over interest rates, I hope someone with better financial knowledge can advise.

MG currently offer PCP at 4.09% fixed rate p.a. They also quote 7.9% APR.
Does 4.09% fixed rate p.a. equate to be the same as 7.9% APR over 48 months then?

Lloyds Bank offer 4.8% APR over 48 months.
I don't understand, if Lloyds rate is 0.1% higher than MG, why, for the same car with the same deposit, are the repayments to Lloyds £196.03 pm for 48 months with a balloon payment of £16, 634, and MG's repayments are £219.57 with a balloon payment of £17, 707?

Which of the two PCP quotes do I believe?

 

[Blackeunos]

The Lloyd's rate is 3.1% lower (4.8% v 7.9%).

You can't compare a flat rate to an APR, completely different thing.

I recently bought a Cupra Born and went with Lloyd's, same as you, monthlies and balloon payment both cheaper than the dealer.