Paying for a new car

onomatopoeia99

parking_question_chap wrote: »

Why do you need a £30k car?

That's not relevant. The original question was not about what to buy or how much to spend, it was about the most efficient way to finance an already decided purchase.

parking_question_chap

onomatopoeia99 wrote: »

That's not relevant. The original question was not about what to buy or how much to spend, it was about the most efficient way to finance an already decided purchase.

Its even more relevant than the original question.

onomatopoeia99

parking_question_chap wrote: »

Its even more relevant than the original question.

No it isn't. It does not matter why they feel they need to spend £30k on a car, it's none of your business and if you knew, it wouldn't help you answer the question they asked.

Since you don't need to know, you're either being nosy or judgmental.

Clive_Woody

RichardD1970 wrote: »

If you can get good discounts/incentives for using the dealer finance but can get a better APR for a loan elsewhere, then it may be worth taking the finance then cancelling it and paying it off with the loan.

Agree with the above, with one exception, you want to settle the dealer finance, not cancel it. If you tell them you want to cancel it you run the risk of them reclaiming any incentives. By settling the finance you do not run the risk of having to repay the incentives from the dealer.

At least this is what I have been advised :money:

missile

Clive_Woody wrote: »

... At least this is what I have been advised :money:

OP would have 14 days cooling off period to CANCEL the PCP agreement without losing any incentive. Been there done that.

However, OP could not arrange two lots of finance using the car as collateral. If he does not have or cannot raise sufficient funds to redeem the PCP he will not be able to do that.

parking_question_chap

onomatopoeia99 wrote: »

No it isn't. It does not matter why they feel they need to spend £30k on a car, it's none of your business and if you knew, it wouldn't help you answer the question they asked.

Since you don't need to know, you're either being nosy or judgmental.

Of course its more relevant, burying your head in the sand to think otherwise.

And fyi when posting information about yourself on a web forum, it becomes other peoples business by default.

gt568

Some interesting replies there, thanks guys. I wasn't thinking PCP to be honest, I want the car paid in full by the time the finance/loan finishes. Planning on keeping it for a fair while.

Jonesya

gt568 wrote: »

What is bets to fund this...HP (dealer finance) or a bank loan? Is it as simple as going for the lowest interest rate?

You let some other guy buy the car brand new on PCP, service and maintain it for 3 years and pay for the depreciation, then you buy it out-right for £10k in year 3.