Negotiating PCP on used cars

[bobsavage789]

Hi gang,

Sorry if this has been answered elsewhere (if it has, could someone send me a link please?):

I'm looking at maybe getting a used BMW on a PCP, but am put off by the ridiculous interest rates (normally significantly over 10%). Are these ever negotiable? If so, what should I aim for?

Thanks!

[barryrs]

How about using Halifax?

https://www.halifax.co.uk/car-finance/calculator/

[Weezywee]

Max discount on BMW Used PCP is down to 5.9% as far as Im aware. Makes better sense to do a 2.8% loan for a slightly longer period.

[funkyrobot]

bobsavage789 said:

Hi gang,

Sorry if this has been answered elsewhere (if it has, could someone send me a link please?):

I'm looking at maybe getting a used BMW on a PCP, but am put off by the ridiculous interest rates (normally significantly over 10%). Are these ever negotiable? If so, what should I aim for?

Thanks!

Buy something you can afford?




















Boom!

[Tomo1971]

I think its commonly thought that PCP on a used car is not generally a good idea - on new cars, the % is often much lower.

As others have said, get a bank loan at a lower apr and makes it easier to swap / sell the car mid term - as the interest rate is lower, the point of been even on the sale price vs loan outstanding comes far sooner in the agreement and so means that car sale or swap is easier.

[garylythgoe]

Weezywee said:

Max discount on BMW Used PCP is down to 5.9% as far as Im aware. Makes better sense to do a 2.8% loan for a slightly longer period.

I just bought a Mini JCW (used) and they initially offered a 6% interest rate on a used PCP package. They were keen to deal despite me not taking it.
So if you push, I imagine they will bend.

Doubt they will go below 5.9/6 though.