PCP Balloon Payment and Mortgage
Discussion
Hi
Looking for some advice!
My PCP agreement on my Mazda 2 is due to finish this month. I have already replied to Santander stating that I would like to pay the balloon amount and keep the car (don't reckon there's a better alternative for that price).
My reasoning for this is I'm soon going to buy a house and so planned to take a bank loan out over 5 years to pay the balloon amount and decrease my monthly payments from £200 to £95 a month, thus improving my affordability.
However, after reading more into it I'm not sure if this is possible. I used Rate Setter who rejected my eligibility check (despite Moneysavingexpert saying I had a 95% chance with them).
Is this because the outstanding balloon amount already counts as a loan still to be paid?
I could possibly borrow the amount of a family member and pay it back once the car is sold after I've settled in my new house.
Or would I be better just part exchanging for something else?
As you can tell I'm fairly clueless so any advice would be welcome!
Looking for some advice!
My PCP agreement on my Mazda 2 is due to finish this month. I have already replied to Santander stating that I would like to pay the balloon amount and keep the car (don't reckon there's a better alternative for that price).
My reasoning for this is I'm soon going to buy a house and so planned to take a bank loan out over 5 years to pay the balloon amount and decrease my monthly payments from £200 to £95 a month, thus improving my affordability.
However, after reading more into it I'm not sure if this is possible. I used Rate Setter who rejected my eligibility check (despite Moneysavingexpert saying I had a 95% chance with them).
Is this because the outstanding balloon amount already counts as a loan still to be paid?
I could possibly borrow the amount of a family member and pay it back once the car is sold after I've settled in my new house.
Or would I be better just part exchanging for something else?
As you can tell I'm fairly clueless so any advice would be welcome!
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