Car PCP

[spoons]

Guys can i get a pcp on a private car sale. Thanks

 

[acsmyth]

I doubt it, most PCP deals will be set up through dealer financing in partnership with a bank/loans company.

 

[KevM]

I would doubt it. I think some of the banks do it for their customers, but I’d be fairly sure they need an invoice of sale from a registered dealer

 

[NickR]

Oracle Finance do HP/PCP for personal sales I believe.

 

[Chris_702]

PM me

 

[mx5 turbo]

Yes you can

 

[Ricky]

Don’t know much about it, but is there not a thing called car finance 247 or something? Pretty sure they lend you the money to buy the car then you pay it back to them gradually.

 

[gary87]

Halifax actually do PCP as a loan that you can get directly from them.

Most of those car finance companies won't deal with private sales however!

 

[Shannonsir]

Are PCP rates regardless of lender not typically going to be higher and less flexible than a personal loan, especially on a used car?.

 

[Cossers]

I assume, if, at the end of the pcp period you want to hand the car back, it’s got some sort of agreed future value, can they do that on a second hand car? If not would that not be a bit risky?

If you got pcp from a bank what would they do with the car if not wanted?

 

[gary87]

I assume, if, at the end of the pcp period you want to hand the car back, it’s got some sort of agreed future value, can they do that on a second hand car? If not would that not be a bit risky?

If you got pcp from a bank what would they do with the car if not wanted?

Effectively you get every PCP deal from a bank - it's the finance company that holds the interest in the vehicle for the duration that you own it. At the end, you have three options, pay the final payment, trade the vehicle in somewhere or hand the vehicle back. For the hand back option, some finance companies will just ask you to take it to an auction house were it will be assessed for condition and mileage and that's the end of it.

@Shannonsir it just depends on which finance company you are able to use as to what rate you get - at the same time you may get a lower rate with Black Horse as opposed to Northridge but the residual value is worse - meaning that although your rate is less; your monthly payments are more.

Nearly 50% of our used car business is PCP - 100% of financed new car purchases are generally done through PCP because of low rates/manufacturer contributions.

 

[kippermoon]

this guy has a very good take on the whole pcp/personal loan thing.

 

[kharma45]

Are PCP rates regardless of lender not typically going to be higher and less flexible than a personal loan, especially on a used car?.

more than likely. I don’t see anyone getting a PCP on a used car as low as 2.9% whereas the likes of Sainsbury’s will loan that (if you’re accepted at that rate) on amounts from £7.5k-25k.

 

[Cossers]

this guy has a very good take on the whole pcp/personal loan thing.

He makes sense! Well apart from remortgaging to get the deposit! Lol

I’ve never had pcp, I never will but ill not knock anyone that does!

People view finance in all sorts of ways and as long as they are happy with the way they do it that’s all that matters.

 

[PeteM]

He makes sense! Well apart from remortgaging to get the deposit! Lol

I’ve never had pcp, I never will but ill not knock anyone that does!

People view finance in all sorts of ways and as long as they are happy with the way they do it that’s all that matters.

remortgaging the house for a deposit was definitely an eye brow raiser , never a good move

 

[Cooper]

this guy has a very good take on the whole pcp/personal loan thing.

Reminds me of buying the Evora. Quick spreadsheet and my first personal loan came into being. The PCP deal was laughable I thought but I guess folks look at things through different lenses.

 

[Coog]

Couldn't quite work out how the Halifax PCP worked to be honest but the above makes sense.

 

[Ghost]

What sort of area is this. I've noticed mine. Newtownabbey

 

[gcon45]

Classic mid life crisis.
Remortgaging the house to buy a 2008 Porsche with 60K+ miles on it.

I think that video would only have been a fair comparison if the PCP and personal loan had the same APR.

I’ve seen 0% APR PCP deals offered with low deposits.
Not something I’ve ever done personally but it’s a good way to go if you like to change every few years and don’t want the hassle of dealing with tyre kickers and want a low monthly payment.

 

[Igxom]

The important things I would look at would be on the road price of the car and interest. If you can get the same interest rate on PCP as you can on a bank loan (eg. BMW doing 2.9% on X3M's etc) then PCP gives you some guaranteed options - which means you can have defined costs in advance, this is something you don't necessarily get through a personal loan (other than the fixed cost of paying the full term). Add on to this the fact that a lot of manufactures will offer chassis support (up to several thousand ££s) on finance deals and it can cost considerably less than personal loans which wouldn't benefit from the manufacturer contribution.

Generally speaking I wouldn't use PCP for used cars because the rates are normally poor for these, for example sticking with BMW I just checked a rate they offer for an approved used X3M and the rate is 12.4% (vs the 2.9% for a new one) which is just awful.

Separately, incurring or increasing debt (ie. remortgaging to get a deposit for a loan) just seems ludicrous to me. I am sure there will be circumstances and individuals where it makes sense but it generally seems like a poor idea to me.

 

[Toeman]

No car is worth remortgaging your house for what planet was he on

 

[zafturbo]

On a side note ,how can I get my daughter out of a 4 year pcp when she is 22 - 23 months into it .she needs a diesel car and would happily stay with another vw polo.was got through vw Boucher rd.
I did tell her not to go pcp but she knew best at the time .

 

[NickR]

On a side note ,how can I get my daughter out of a 4 year pcp when she is 22 - 23 months into it .she needs a diesel car and would happily stay with another vw polo.was got through vw Boucher rd.
I did tell her not to go pcp but she knew best at the time .

Look into Voluntary Termination. Once you have paid back 50% that is an option. The finance company will tell you when that will be.

 

[Shannonsir]

^ an example and instance where a personal loans flexibility comes into touch Vs PCP..

 

[zafturbo]

Look into Voluntary Termination. Once you have paid back 50% that is an option. The finance company will tell you when that will be.

Will this mean she has defaulted on the loan so it will affect her credit rating .i don’t want that for sure.