Short term loan to clear Vehicle PCP

CrazydogDH

Can anybody tell me if it is possible to borrow a relatively high amount (c £20k) to clear a PCP on my vehicle for a very short period? I would expect to pay back within 1 month. The intention is to sell my vehicle for my next purchase at a better price than the existing dealership is offering. I would need to consider the higher sale value (c£1500) with the cost and hassle of a short term loan.

Thanks.

[Deleted User]

That would depend on your circumstances, but without a very high income, it's unlikely.

DCFC79

CrazydogDH wrote: »

Can anybody tell me if it is possible to borrow a relatively high amount (c £20k) to clear a PCP on my vehicle for a very short period? I would expect to pay back within 1 month. The intention is to sell my vehicle for my next purchase at a better price than the existing dealership is offering. I would need to consider the higher sale value (c£1500) with the cost and hassle of a short term loan.

Thanks.

Well you would need a decent credit file to get that amount, as zx81 says it depends on your income. You have any bad marks on your credit file.

Apply for a loan and see what they offer, maybe your bank is a start or a lender advertising a decent rate. Be wary that you arent in any way entitled to the representative rate advertised by lenders.

dawyldthing

You'd be better selling it then buying with the money rather than a bridging loan