how much is a PCP deal for a £20k car
Discussion
Have a play with this:
http://www.pcpcal.co.uk/
It isn't 100% accurate, but would be close enough to a rough figure for your mate.
http://www.pcpcal.co.uk/
It isn't 100% accurate, but would be close enough to a rough figure for your mate.
Your thinking of GFV is too high, most finance houses seriously lowball them on used cars, I'd say tops would be 30% of purchase price
At 4% flat on an £11,000 balance (20k car - 3k deposit - 6k GFV)
36 x £342 (4% flat)
PLUS interest on GFV (roughly £720 at 4% flat over the term)
= £362 per month
At 4% flat on an £11,000 balance (20k car - 3k deposit - 6k GFV)
36 x £342 (4% flat)
PLUS interest on GFV (roughly £720 at 4% flat over the term)
= £362 per month
Edited by Andy665 on Wednesday 28th March 14:12
Edited by Andy665 on Wednesday 28th March 14:13
It's a six-year-old car.
I suspect that most finance companies wouldn't touch it on a PCP; straight finance maybe, or you could go for a deferred balance personal loan.
You'd be looking at £300/month over five years for £15k (with no balloon) and you can sell the car at any time. I suspect the overall cost of doing it this way would be much less than a PCP.
I suspect that most finance companies wouldn't touch it on a PCP; straight finance maybe, or you could go for a deferred balance personal loan.
You'd be looking at £300/month over five years for £15k (with no balloon) and you can sell the car at any time. I suspect the overall cost of doing it this way would be much less than a PCP.
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