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Hire after PCP
I'm not sure if that make any sense, but this is my idea of financing a Skoda car.
With hire purchase I have to pay 5.9% APR(2100).
With PCP there is 0% APR and balloon of 9.5k to be payed + 150 for contract.
I wonder if I can sign a hire purchase for the final PCP payment? There is a high chance I could save 2000 in 3 years, so I would have 9.5k - 2k = 7.5k to pay at the end. I'd like to sign the hire purchase agreement for 7.5k on 5.9% APR, which would be ~600(3 years).
So i would repay the the whole car in 6 years for 750(600+150) fees only?
But I don't know:
1. if I will be allowed to make hire purchase afterwards
2. if the hire purchase will be rel to 9.5 or to actual market value(9.5 + equity)
If the 2nd apply, then there should not be any benefit over hire purchase only finance?
With hire purchase I have to pay 5.9% APR(2100).
With PCP there is 0% APR and balloon of 9.5k to be payed + 150 for contract.
I wonder if I can sign a hire purchase for the final PCP payment? There is a high chance I could save 2000 in 3 years, so I would have 9.5k - 2k = 7.5k to pay at the end. I'd like to sign the hire purchase agreement for 7.5k on 5.9% APR, which would be ~600(3 years).
So i would repay the the whole car in 6 years for 750(600+150) fees only?
But I don't know:
1. if I will be allowed to make hire purchase afterwards
2. if the hire purchase will be rel to 9.5 or to actual market value(9.5 + equity)
If the 2nd apply, then there should not be any benefit over hire purchase only finance?
0
Comments
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You might depending on circumstances be able to get a loan at around 3%0
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Or even qualify for a credit card with 0% on purchases.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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