Loans vs PCP

[illmonkey]

This has probably been done to death over many topics and years.

Currently have a £11k loan 6.9%APR with 18 months left £250/month. Car is now worth more than the loan, so seems maybe a good time to sell it, clear the loan and take any profit as a deposit for a PCP.

From memory, there is one particular figure I need to watch out for, which equates to the APR? Am I correct?

I'd look at a 36 month PCP, so I can hand the car back after 18 months (more than enough for me!), probably spending about the same, maybe a tad more. What value of car am I likely to arrive at? Considering balloon payments, small deposit etc. I can't find any calculators on manufactures sites for examples. I know Mini/BMW Had one, but it seems to have disappeared.

[Leeds220]

Are you sure you can hand it back after 18 months? I thought it was after half the total value of the car had been repaid rather than half the contract period has passed?

[illmonkey]

Leeds220 said:

Are you sure you can hand it back after 18 months? I thought it was after half the total value of the car had been repaid rather than half the contract period has passed?

More of an assumption and what I've heard. I suppose it won't be bang on 18 months, but at a certain point?

[Pwig]

50% of the total amount payable.

Usually about 2 and a half years on a 3 year deal and 3 years on a 4 year deal depending on the GFV