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Loan to pay off PCP?
d0nkeyk0ng
Posts: 873 Forumite
in Loans
Originally bought my car under PCP. Seemed like a good idea as I'd planned to change the car every three years and not get tied down. But now am coming to the end of the PCP and I've decided I like the car too much to sell it.
Currently have around £11k saved up. I can pay off the balloon payment of £9k without any difficulty, but it messes with my current plans to move out fairly soon (domestic situation not good and I can't think about just myself).
I'd rather carry on paying £300pcm (or even £500 pcm) to pay off the balloon than get hit in one lump sum.
Could I go to my own bank (Natwest) and apply for a loan? Or would they look at my savings and say no?
The PCP company have sent a letter saying they will be happy to refinance the ballon payment, but I'd imagine it'd be at a higher rate than the bank?
I have a few months to play around with some ideas but need some advice.
Currently have around £11k saved up. I can pay off the balloon payment of £9k without any difficulty, but it messes with my current plans to move out fairly soon (domestic situation not good and I can't think about just myself).
I'd rather carry on paying £300pcm (or even £500 pcm) to pay off the balloon than get hit in one lump sum.
Could I go to my own bank (Natwest) and apply for a loan? Or would they look at my savings and say no?
The PCP company have sent a letter saying they will be happy to refinance the ballon payment, but I'd imagine it'd be at a higher rate than the bank?
I have a few months to play around with some ideas but need some advice.
0
Comments
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No harm to ask both, then compare the aprsDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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