Paying off main dealer used PCP with another PCP

[rs4al]

So a lot of main dealers are offering two year warranty, two year service etc if you go with their extortionate used PCP finance.

Would it be at all feasible to buy on their PCP and then pay it off with a PCP, say from Oracle as currently need to sell another car to pay off the finance completely.

[chrisch77]

I would say no, because you wouldn't be able to take out another secured car loan on the same vehicle until the old finance (PCP) is paid off.

Nothing to stop you taking out an unsecured personal bank loan instead to pay off the PCP though, lots of people routinely do this to get the benefit from dealer/manufacturer sales incentives when taking out their finance.

[rs4al]

Good point, hadn't thought of that.

[Internetexplorer]

Easy thing would be to talk to oracle and ask them.

Refinancing is potentially possible.

[LightningBlue]

I was once going to do this but with HP and took the dealer’s finance to get a discount on the car but when I applied for another loan the rate had increased as my credit score had gone from excellent to good - worth bearing that in mind.