PCP Finance - advice please

Foxy994

Hi there,

If this post is in the wrong forum then please feel free to move it.

I hope that one of you can possibly help me with a query with my car finance.

Basically, I am on a DMP with Payplan but also have PCP Finance with Capital Bank for my car which is coming to an end shortly. I have received a letter from Capital Bank who have advised that I have three options:

*trade the car in and re-finance a new car - this is not an option, I asked Payplan if I could re-finance as long as the payments are the same or lower than currently paying and they agreed. Unfortunately I was turned down for the finance.
*hand the car back - I really need the car for communting to work.
*pay £2720.00 and keep the car - I obviously dont have the money to pay this lump sum and have been advised by Capital Bank that I will be turned down to re-finance the £2720.00

I know you guys always give great advice and wondered if anyone could help in this instance.

Thank you in advance.

Tracy

Helonearth

Hi Tracy,

I know that this might not be your most popular option, but as a last resort you could always think about a cheap runaround banger to tide you over? I had to and it has worked out well as I don't feel I have to take my £400 skoda to a garage for repairs and instead work on it myself!

You might also find that if you swap for a cheaper car or get a personal loan rather than car finance, you save money by not having to buy comprehensive insurance. If your car is only worth £200, there is no point in spending £400 on having it insured comprehensively!

I hope this helps
x