car finance

k1984

Hey forum folk, hope everyone is well today

Im looking to buy a new car in the coming months but i have been given 2 very different quotes on PCP. On the manufacturer website the car is £15800

quote 1:
price: £13865
deposit: Nil
36 monthly payments: £325
+ 1 payment (GFV): £5229
apr 11.5%

quote 2:
price: 13000
deposit: Nil
36 monthly payments: £275
+ 1 balloon payment: £6630 (awaiting confirmation if this is a GFV)
APR is 10.69%


this might sound like a ridiculous question but, taking quote 2's final payment as not a GFV what would you suggest is a better deal?

Also is it better to have a larger GFV or a lower GFV as a final payment?

cheers,
K

jayremoh

those rates arent great. you are better negotiating 1st, then comparing.

nomoneytoday

k1984 wrote: »

Also is it better to have a larger GFV or a lower GFV as a final payment?

cheers,
K

If you are planning on giving the car back at the end it makes no odds. However, I would go for a lower GFV in case you want to buy it or trade in the profit at the end

I would negotiate on the APR - 8 or 9% should be possible

jayremoh

also, will you keep the car 3 years. pcp's are expensive to get out of.

have you looked at bank loan instead?

or even leasing?