Settling Car PCP questions

AFK_Matrix

Hi there,

I don't know if this is the right part of the forum but here goes.

I have taken on a car PCP for a 3 year period and I am coming up to having paid 1 years worth.

Now I am wondering if there is anyway to save some money at all. I was wondering can I get a 0% Super Balance Transfer card and pay the PCP off with this?

If I am able to do this I am a little confused on how this actually works. So at the moment I pay a monthly amount in 2 and a bit years I can either hand the car back or sort out another new car or pay a balloon payment and own the car. So if I managed to get a Super balance card with a limit that covers all of the monthly payements for 2 and a bit years and go ahead and pay all of this off at once. Do I then just not pay anything for 2 and a bit years to the car company (obviously paying the minimum back on the card etc) or does it not work like that?

I am not bothered if this won't work just be nice to save some money on paying interest. The monthly payments are manageble.

Oakdene

You would need a MONEY TRANSFER card as opposed to a Balance Transfer card as far as I know.

It doesn't work the way you would say as you would need VT settlement figure which is half of the contract total which allows you to hand the car back when you have made the payments. So basically if you made the 50% payment mark you would hand the car back & not have the car to run around in for 2 years

molerat

OP mentioned SBT card, old term for money transfer.

The finance co may accept a one off payment in lieu of the monthly payments and may give a reduction but it will be an unusual scenario for them. Might be easier to put the transfer money into interest paying current accounts and pay the monthly pcp from there.