Looking for a car loan with 33% deposit, 33% month repayments, 33% balloon

jjamestyu

Hi,

Im looking for a car loan on a second hand vehicle with 1 third deposit, 1 third monthly repayments, 1 third balloon. - Loan period TBC

Does any one know of any lenders that offer this ? So far Ive only been able to find lenders offering either deposit + repayments only (no balloon) or new vehicle finance through a dealership with a balloon (but not on a second hand vehicle)

Any ideas ? Thanks

bris

Just phone a few PCP brokers and if it can be done a broker will find it for you.


I can't see any problems, deposits are usually flexible so you can put as much or as little in as you want and it's also easy to tell them how much you want to borrow.


The sticking point would be if the car is still worth 33% at the end of the term, but tbh it will be as they are usually worth a lot more than that.


Dealerships are just one of many ways to fund a PCP.


Google PCP broker.

bazzyb

How old is the vehicle and what is its current value?

jonesMUFCforever

You won't find a PCP loan IMO.
They are worked so that the balloon payment is at least 50% of future value bypassing the HP rule that you can hand the vehicle back after paying half.

Nearlyold

Is the OP looking for a PCP or HP with a balloon, while both are similar the latter has no GMFV and likely easier to obtain with a used vehicle.