Won't Be Able to Pay The Remaining Balance

the89er

Thank you for the comments. Given me some insight.

To lopsyfa and benje302,

Pardon my ignorance, but what does it mean to take out a loan with a company? Is it just a way of saying "we'll extend your agreement end date but increase your fixed monthly payment"?

I've never have to own a car myself, so I'm not familiar with that kind of language.

AdrianC

the89er wrote: »

Pardon my ignorance, but what does it mean to take out a loan with a company? Is it just a way of saying "we'll extend your agreement end date but increase your fixed monthly payment"?

It means exactly what it says on the tin.

Currently: Fixed term PCP, expiring soon.
Want: to buy car from PCP, cannot afford to pay balloon.
Solution: Borrow money by taking out a loan... That loan just happens to be from the same people the PCP was from, instead of another provider. It's a simple loan, probably secured against the car, rather than a PCP.

the89er

Thanks.

How long would you be given to pay back the loan, 2-3 years?

AdrianC

the89er wrote: »

How long would you be given to pay back the loan, 2-3 years?

Just like any other loan: as long as you take it out for. Which'll depend on how much you're borrowing and how much you can afford to pay back.