Start new PCP......whilst furloughed?

[AudiMan9000]

Is it possible to start a new PCP whilst furloughed or is the finance likely to be refused? Even if it is possible, is it wise?

Edited by AudiMan9000 on Sunday 31st May 22:01

[Spy]

Probably not wise unless you are certain your company and your job are secure once furlough ends.

Many companies are suffering and will continue to suffer after lockdown. They have only retained and furloughed staff whilst the government is paying. Many plan mass redundancies once they are expected to pay all or more of employees pay.

[Camelot1971]

AudiMan9000 said:

Is it possible to start a new PCP whilst furloughed or is the finance likely to be refused? Even if it is possible, is it wise?

Edited by AudiMan9000 on Sunday 31st May 22:01

If you need to ask that question, it's probably best you find a grown up to help you with your life decisions.

[Jamescrs]

is it wise- No

Is it possible- Yes

[MDL111]

I guess only you can assess your job security, chance of a new job if the current one disappears and state of your savings to cover any period without income - plus your general willingness to take risks

[jwilco]

Camelot1971 said:

AudiMan9000 said:

Is it possible to start a new PCP whilst furloughed or is the finance likely to be refused? Even if it is possible, is it wise?

Edited by AudiMan9000 on Sunday 31st May 22:01

If you need to ask that question, it's probably best you find a grown up to help you with your life decisions.

Sounds like you need some personality advice. Luckily you don't need an adult for this - a child should also be able to help.

[AudiMan9000]

jwilco said:

Camelot1971 said:

AudiMan9000 said:

Is it possible to start a new PCP whilst furloughed or is the finance likely to be refused? Even if it is possible, is it wise?

Edited by AudiMan9000 on Sunday 31st May 22:01

If you need to ask that question, it's probably best you find a grown up to help you with your life decisions.

Sounds like you need some personality advice. Luckily you don't need an adult for this - a child should also be able to help.

Why are there so many hostile responses on PH? Personally, I decided against a PCP whilst on furlough some time ago. However, a friend of mine has decided to go ahead with it, which prompted me to seek the views of others on this forum. I don’t think it’s an unreasonable question. Being furloughed isn’t necessarily a step towards redundancy. Many on this forum have returned to work after furlough. The lad in question has been assured by his employer that the situation is temporary. But my own view is that in principle it is a big risk. Most of the replies to this have been helpful/pleasant. I don’t understand why some feel the need to launch personal attacks.

[anonymous-user]

Smart arsed keyboard warriors mate.

You'll get used to it if you hang around on here long enough.

[bitchstewie]

AudiMan9000 said:

Why are there so many hostile responses on PH? Personally, I decided against a PCP whilst on furlough some time ago. However, a friend of mine has decided to go ahead with it, which prompted me to seek the views of others on this forum. I don’t think it’s an unreasonable question. Being furloughed isn’t necessarily a step towards redundancy. Many on this forum have returned to work after furlough. The lad in question has been assured by his employer that the situation is temporary. But my own view is that in principle it is a big risk. Most of the replies to this have been helpful/pleasant. I don’t understand why some feel the need to launch personal attacks.

I'd be hesitant to take out any new unnecessary finance right now just because of the general situation many businesses may find themselves in at some point if not right not.

I wouldn't say that view is specific to furlough but I'm pretty sure if I was furloughed that it would be an additional part of my thinking.

So yes like you a "big risk" if stuck with something you can't afford to pay for because you suddenly find yourself unemployed alongside a lot of other people that may make finding new employment more challenging than if you simply decided to switch jobs.

[AudiMan9000]

bhstewie said:

AudiMan9000 said:

Why are there so many hostile responses on PH? Personally, I decided against a PCP whilst on furlough some time ago. However, a friend of mine has decided to go ahead with it, which prompted me to seek the views of others on this forum. I don’t think it’s an unreasonable question. Being furloughed isn’t necessarily a step towards redundancy. Many on this forum have returned to work after furlough. The lad in question has been assured by his employer that the situation is temporary. But my own view is that in principle it is a big risk. Most of the replies to this have been helpful/pleasant. I don’t understand why some feel the need to launch personal attacks.

I'd be hesitant to take out any new unnecessary finance right now just because of the general situation many businesses may find themselves in at some point if not right not.

I wouldn't say that view is specific to furlough but I'm pretty sure if I was furloughed that it would be an additional part of my thinking.

So yes like you a "big risk" if stuck with something you can't afford to pay for because you suddenly find yourself unemployed alongside a lot of other people that may make finding new employment more challenging than if you simply decided to switch jobs.

I think this pretty much hits the nail on the head. The lad in question was at the end of the PCP on his old car. I don’t see why he didn’t remain careless until brought back to work, but I can see why feeling that he needed a car was a factor. I’m still only 34 months into a 48 month PCP. I’ve now broken even in terms of equity and wanted to get out before the warranty expires, but given the current situation I’m able to wait. The dealership are willing to hold onto the car for me for the time being so I only plan on going ahead if I’m recalled to work.

[MOBB]

Camelot1971 said:

AudiMan9000 said:

Is it possible to start a new PCP whilst furloughed or is the finance likely to be refused? Even if it is possible, is it wise?

Edited by AudiMan9000 on Sunday 31st May 22:01

If you need to ask that question, it's probably best you find a grown up to help you with your life decisions.

WTF?

This site, honestly.

I don't think its a wise idea either, but why the y response?

[06andiano]

I think you likely could get a pcp but would have to check the TC's as might be something about stating if you're in non-permanent employment (Don't know what furlough counts as).
The risk is that you apply for the finance they ask for further evidence and it results in you getting turned down for finance with a mark on your credit file. You can judge how much that means to you.

Depends how much you need the car right now if its luxury hold off for sure.