Getting personal loan instead of PCP

Tastybowl

molerat said:

So that says she needs to pay £18858.54 to buy the car off of the finance co.  They will not take the car back, she needs to find someone to buy it off of her so I assume a garage has offered her £16K to £17k leaving her £2K short.

Keeping the car for the next 3 years is going to cost her another £10.2K, £8.2K more than ending the finance, then she just hands it back or finds someone to give her over £13K for it and pay off the finance.  If it is really only worth £16-17K now it is not going to be worth £13K in 3 years time.  She is already taking the hit on depreciation so keeping it for the next 3 years could make sense then just hand it back, the finance co will then be left with a car not worth £13K.

Has she got a value from the likes of Arnold Clark or We Buy Any Car ?

What age is the car ?

She has had a valuation of £17,900 and the car is just over a year old. She was just hoping to try and get out of it and start saving money. As I say, if she could get a personal loan to cover the £2000 and buy a car the payments would be less meaning she could save money every month but seems like she is stuck for another 3 years.

Altior

I don't see how getting the loan progresses the scenario much, it's just shifting the liability. £12K over 3 years is circa £330 pcm just for the capital repayment, so one can assume the loan term is a lot longer than the balance of the pcp duration if the monthly is lower.

The thing about cars is people tend to pay whatever, either dpn or repairs so relinquishing this car with manufacturer warranty for an older car with no manufacturer warranty poses it's own risk. 

I would just take the medicine and see the pcp deal out, but it's just personal inclination. I don't see a huge money saving angle with this project.