Do I Need to Put a Deposit Before a Loan?

the89er

My parents' maturity date is next January and they'd like to take out a loan to pay off the balloon.

Is a deposit required or is that only when they're getting another car?

They're PCP.

Thanks.

EDIT:
The loan in question would be from their car finance company.

Car_54

If it’s a bank loan, no. If it’s their own bank, they may not even ask what the loan is for.

the89er

Thank you.

The loan would be from the car finance company.

Car_54

the89er wrote: »

Thank you.

The loan would be from the car finance company.

Then ask them!

tonyh66

Can they not get a loan from their bank or other source?, the APR will be way lower and the repayments cheaper.

TadleyBaggie

I asked for a settlement amount a few months in advance, got a loan at a low rate from my bank in hours, transferred the agreed amount to the finance company and it was job done.