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PCP vs Personal Loan
Lost_Prophet
Posts: 172 Forumite
in Motoring
All,
I'm curious on something... details below:
Car: Mini Cooper D (2011 Plate)
Mileage: 32,000
Settlement Figure: £12,500
Quoted Dealer Value: £9,000 (First Offer)
Current Agreement
Current Payment: £287
Final Payment: June 2015 (4 Year PCP)
Balloon Payment/GFV: £8,200 (June 2015)
Interest: 10.2% APR
Based on the above, I have done a quick calculation and on the comparison site two homeowner personal loans as follows:
Option 1
Loan: £10,500
Period: 36 Months
Payment: £314
Interest: 5.1%
Final Payment: Aug 2016 (3 Year Loan)
My Contribution: £2,000
Option 2
Loan: £12,000
Period: 36 Months
Payment: £360
Interest: 5.1%
Final Payment: Aug 2016 (3 Year Loan)
My Contribution: £500
Of the above, is the Current Agreement, Option 1 or Option 2 the most attractive in peoples opinions?
I am tempted to say Option 2, as this makes me the owner, means in June 2015 only £4,700 is left to pay as opposed to £8,200 and most importantly (possibly a negative element) means I have ploughed no further 'deposit' into it. Thoughts?
I'm curious on something... details below:
Car: Mini Cooper D (2011 Plate)
Mileage: 32,000
Settlement Figure: £12,500
Quoted Dealer Value: £9,000 (First Offer)
Current Agreement
Current Payment: £287
Final Payment: June 2015 (4 Year PCP)
Balloon Payment/GFV: £8,200 (June 2015)
Interest: 10.2% APR
Based on the above, I have done a quick calculation and on the comparison site two homeowner personal loans as follows:
Option 1
Loan: £10,500
Period: 36 Months
Payment: £314
Interest: 5.1%
Final Payment: Aug 2016 (3 Year Loan)
My Contribution: £2,000
Option 2
Loan: £12,000
Period: 36 Months
Payment: £360
Interest: 5.1%
Final Payment: Aug 2016 (3 Year Loan)
My Contribution: £500
Of the above, is the Current Agreement, Option 1 or Option 2 the most attractive in peoples opinions?
I am tempted to say Option 2, as this makes me the owner, means in June 2015 only £4,700 is left to pay as opposed to £8,200 and most importantly (possibly a negative element) means I have ploughed no further 'deposit' into it. Thoughts?
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