PCP overpayment advice

[WEST_BMW_M3]

Hi everyone need a little help or advice.Was going to swap the car but the financial adviser (near had a stroke when I told him what I was after lol) advised me to hang fire till I get a new mortgage deal sorted cause the banks are being strict on money.Anyways I have money sitting there to buy a new car but I was wondering would making an overpayment change anything apart from reducing the monthly payment?
Thanks

 

[Boabybooster]

Hi everyone need a little help or advice.Was going to swap the car but the financial adviser (near had a stroke when I told him what I was after lol) advised me to hang fire till I get a new mortgage deal sorted cause the banks are being strict on money.Anyways I have money sitting there to buy a new car but I was wondering would making an overpayment change anything apart from reducing the monthly payment?
Thanks

Do you need the car, if you've paid more than have the value of it you can just hand it back with no adverse effect on your credit history, or if it's in equity just sell it and pay off the finance.

 

[WEST_BMW_M3]

Do you need the car, if you've paid more than have the value of it you can just hand it back with no adverse effect on your credit history, or if it's in equity just sell it and pay off the finance.

Well sadly yeah, i depend on a car for work and I wouldn't have paid half the value yet.lol.Was offered a good deal at the dealer but I have to hang fire.annoying but something to look forward to!

 

[KevM]

An overpayment will only reduce either the monthly payment or end balloon. Hang on to your money

 

[WEST_BMW_M3]

An overpayment will only reduce either the monthly payment or end balloon. Hang on to your money

thanks thats wat I was thinking, just needed to confirm to be sure.The bank is giving peanuts for saving money.lol