Used car through main dealer - can I still get a PCP?

bclark

I am interested in possibly buying an approved used car from a main dealer, I was wondering whether or not when doing this you can still use their PCP finance deals or whether or not these are just for new cars?

I know it seems like a silly question but I can't see anything that says either way.

Shimrod

I guess it depends on the dealer - I've seen offers from BMW for PCP on their used cars. Also, Alliance and Leicester used to offer a PCP type personal load for cars - smaller monthly payments and a final balloon payment. Maybe a loan of that type would suit?

bclark

Shimrod wrote: »

I guess it depends on the dealer - I've seen offers from BMW for PCP on their used cars. Also, Alliance and Leicester used to offer a PCP type personal load for cars - smaller monthly payments and a final balloon payment. Maybe a loan of that type would suit?

Yeah I remember the Alliance and Leicester one but they seem to have discontinued it and nothing has replaced it.

It is BMW that I am looking at so hopefully they may offer their PCP on one of their approved Cars.

Doozergirl

BMW definately do

DealDrivers_company_representative

It depends on the age of the car, up to 6mths old is usually fine. The issue is the element of the PCP calculation which is the "optional final balloon payment", i.e. the residual value. The more months old a car is when a new PCP is raised on it, the harder it is to accurately calculate that final value figure as it becomes greyer with age (like all of us!).

So, many funders won't offer PCP on a car over 6mths old for that reason as they don't want the risk of losing on it when you hand it back...and in the current climate the risks are enormous so fewer funders are offering PCP on anything used as they are trying to minimise risk more than ever. You are more likely to be pushed towards a straight loan/HP as there won't be many takers offering you a guaranteed final value on a car already 1-3 yrs old unfortuantely.

bclark

Doozergirl wrote: »

BMW definately do

Excellent, thanks!