I’m looking for independent PCP finance
Discussion
You may find BMW APR is higher but their GFV may also higher which will cancel out the APR reduction from an independent. Pick up the phone to Oracle who may be able to quote you but I dont expect they will be competitive at this level. I would get the best deal you can on the car (assuming its new), use carwow etc and negotiate the APR also.
jdwoodbury said:
You may find BMW APR is higher but their GFV may also higher which will cancel out the APR reduction from an independent. Pick up the phone to Oracle who may be able to quote you but I dont expect they will be competitive at this level. I would get the best deal you can on the car (assuming its new), use carwow etc and negotiate the APR also.
True, but it's a keeper this onejdwoodbury said:
So why do you want PCP, to keep the monthly payments down? Using BMW will probably be the lowest monthly, if this is a used car make sure it is GFV and not just a balloon.
The lowest BMW FS will ever go on AUC is circa 6.5 (and that's rare)Indy's can often get into the 4's - I've used Lombard in the past.
If i wasn't planning to keep then yes, high GFV makes a big difference and keeps BMW competitive.
But it needs to get paid off in the fullness of time, so all you're doing is deferring a higher loan.
Sim75 said:
The lowest BMW FS will ever go on AUC is circa 6.5 (and that's rare)
Indy's can often get into the 4's - I've used Lombard in the past.
If i wasn't planning to keep then yes, high GFV makes a big difference and keeps BMW competitive.
But it needs to get paid off in the fullness of time, so all you're doing is deferring a higher loan.
Personal loan over 5 years makes more sense then. £20k over 60 months at 3% is £360 p/m.Indy's can often get into the 4's - I've used Lombard in the past.
If i wasn't planning to keep then yes, high GFV makes a big difference and keeps BMW competitive.
But it needs to get paid off in the fullness of time, so all you're doing is deferring a higher loan.
What would the GFV be of the car after 36 months with whatever mileage you do? PCP at 6.5% over 36 months is £360p/m with £10k left at the end of the 36 months.
Stretch a bank loan over a longer term, it essentially works in a similar way to a PCP but potentially with a much lower APR.
If you borrowed £20k over 7 years (as an example) you might find the settlement after 3 years to be lower than a PCP balloon and the monthly payments similar. Remember that you are paying interest on any PCP balloon throughout the term and you will have to find/finance the balloon at the end of the term.
If you borrowed £20k over 7 years (as an example) you might find the settlement after 3 years to be lower than a PCP balloon and the monthly payments similar. Remember that you are paying interest on any PCP balloon throughout the term and you will have to find/finance the balloon at the end of the term.
You could use a high street loan at ~ 3% to max out the deposit on the PCP. That way you are paying 3% on the bulk of the debt rather than 6.5.
My quick calculations show that putting a max deposit of £12k (3k existing cash + 9k loan) on a £30k car over 3 years with £15k GFV will reduce the 6.5% to a net 4%.
https://www.thecalculatorsite.com/finance/calculat...
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If you align the length of the loan with the duration of the PCP then you will simply have have to find the GFV amount at the end of the PCP.
If the loan is longer then your monthlies are lower, but you will have to service two loans or consolidate into one in 3 years.
My quick calculations show that putting a max deposit of £12k (3k existing cash + 9k loan) on a £30k car over 3 years with £15k GFV will reduce the 6.5% to a net 4%.
https://www.thecalculatorsite.com/finance/calculat...
---
If you align the length of the loan with the duration of the PCP then you will simply have have to find the GFV amount at the end of the PCP.
If the loan is longer then your monthlies are lower, but you will have to service two loans or consolidate into one in 3 years.
Some very good man maths on this thread
I had the classic call with the junior salesmen earlier. Firstly tried to convince me that their 10.5% apr was ‘actually very competitive sir’ and also how the car couldn’t be reduced a penny as it was ‘priced to sell’. God that phrase makes me laugh. As opposed to what?? ‘priced not to sell’
I had the classic call with the junior salesmen earlier. Firstly tried to convince me that their 10.5% apr was ‘actually very competitive sir’ and also how the car couldn’t be reduced a penny as it was ‘priced to sell’. God that phrase makes me laugh. As opposed to what?? ‘priced not to sell’
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