Refinancing an Oracle Car PcP

[ratty6464]

Instead of taking the company car option I opted for the allowance bought a year old 4 series on pcp and financed through Oracle which at the time was a lot cheaper than the finance BMW were offering, although the Apr is around the 7% mark so still high.

Now some of the balance has been reduced I'm thinking of settling the balance via a standard loan around the 3% mark to reduce monthlies and interest cost.

Has anyone got any experience with Oracle and if they will find you a better rate if you are looking at exiting a product? Or are they not really bothered?

[rfoster]

I would suggest 7% APR for a used car on PCP is very reasonable. You may be able to obtain a personal loan for a lower rate now - you can request a settlement figure from the finance company and with that you can work out whether it's better to stick with the current agreement or settle and refinance.

[Mattt]

Surely your PCP would've been cheaper on a brand new car?