PCP loan

Jo_S1980

I’ve just checked my PCP car loan deal and I’m on 9.9% apr !! Is it worth getting a loan at a lower rate and paying off in a lump sum ?
I never knew it was SO high in interest.
am I stuck now or is there anything I can do! 

Any advice greatly appreciated

[Deleted User]

If you can refinance at a lower rate, then of course.

But this time, make sure to read the rate being signing on the dotted line.

DrEskimo

Yes, this will also reduce the amount of interest payable considerably as you will be paying off the entire capital, rather than just the difference between the amount financed, and the optional final payment.

Of course, even though you may have a lower APR, just know that the monthly payments are likely to be much higher. This overall will work out cheaper in the long run though.