Audi dealer interest rates on used car PCP

[Hugo911]

Hi all, just wanted to get an idea of interest rate quotes people have got on used car PCP.

Looking at an A5 2016/17 plate with low mileage from an Audi main dealer. Being offered silly rates of 11%, surely that’s too high given on new A5s they are offering c3%.

Would be grateful for any advice.

[Patch1875]

Used pcp rates are always much higher, bank loan would be the way to go.

[RammyMP]

The dealer PCP deals often come with free services or other offers, take the Audi finance to get the deal then pay it off using a bank loan.

[Hugo911]

Thanks guys, do you mean a straight bank loan or a bank PCP?

Never thought about taking the dealer pcp for the deal and then paying it off and moving to bank

Edited by Hugo911 on Sunday 25th March 13:37

[Hugo911]

Thanks guys, do you mean a straight bank loan or a bank PCP?

Never thought about taking the dealer pcp for the deal and then paying it off and moving to bank

Edited by Hugo911 on Sunday 25th March 14:28

[Hugo911]

Thanks guys, do you mean a straight bank loan or a bank PCP?

Never thought about taking the dealer pcp for the deal and then paying it off and moving to bank

Edited by Hugo911 on Sunday 25th March 15:07

[PositronicRay]

Cash for used
PCP for new

[Hugo911]

Could you explain your logic?

[Patch1875]

New PCP usually comes with deposit contributions as an incentive get them then pay it off.

With the high apr and small incentives used PcP is very expensive so loan is the best way to go.

[SpanishTony]

After agreeing the deal with the finance there is a 14 day cooling period at which point you go get the cheaper bank loan to pay off what you owe whilst keeping the servicing of the original deal.

[RammyMP]

Patch is correct. I got a new A5 cheaper than a used one due to the deposit contribution. I paid the finance off after a month.

[Hugo911]

Thanks chaps. Went for the brand new one as it was only a tiny bit more per month due to lower interest rate on the new one plus significant dealer & manufacturer contributions.

Now just need to decide on whether to pay it off and take a bank loan. I hear the logic but at 3.3% APR from Audi, the bank loan is going to struggle to compete. Plus I get the potential benefit of the GFV in case the market gets oversaturated in 3 years - especially given the amount of people buying new cars these days on pcp!