We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
Would you move a 9.1% PCP to a 5.8% Loan?
PCP - 44 Months left £74 monthly £10k balloon payment (9.1% APR)
Loan - Accepted with Tesco at 5.8% 12.5k over 60 months.
A couple of friends have said do it because I will only be taking the loan out anyway if I keep the car in 4 years and also, I will 99% not be handing it back anyway and will be valuing it at more than 10k anyway
Loan - Accepted with Tesco at 5.8% 12.5k over 60 months.
A couple of friends have said do it because I will only be taking the loan out anyway if I keep the car in 4 years and also, I will 99% not be handing it back anyway and will be valuing it at more than 10k anyway
0
Comments
-
Not clear what your intention is? Settle the full amount including balloon payment now?1
-
Increasing the debt by 14 months on a depreciating asset - let's be honest nobody can second guess car prices so far ahead - so a risky strategy\0
-
Yes, with the loanIsthisforreal99 said:Not clear what your intention is? Settle the full amount including balloon payment now?0 -
And how much to settle the finance?IAMIAM said:
Yes, with the loanIsthisforreal99 said:Not clear what your intention is? Settle the full amount including balloon payment now?
Hoq do you know it's value in 4 years?0 -
£10.5k to settle. £2k was going to pay my maintenance plan in full. I don't know the value in 4 years, but I will likely have exceeded the mileage and highly likely will be worth more than 10kIsthisforreal99 said:
And how much to settle the finance?IAMIAM said:
Yes, with the loanIsthisforreal99 said:Not clear what your intention is? Settle the full amount including balloon payment now?
Hoq do you know it's value in 4 years?0 -
I'd have to map it all out on a spreadsheet, how much to pay it all off now, how much would it cost you for the loan for X years, how much would it cost for keeping it on PCP for 44 months? Would you be able to get the £10k together in 44 months? I mean the interest difference is significant enough to consider it all but there's not all the info to hand for me to figure it out.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅🏅🏅
STRUGGLING DURING THE HOLIDAYS??
click here for ideas on how to cope....Some websites and helplines if you're struggling this Christmas — MoneySavingExpert Forum0 -
Was the maintenance plan on finance? If not, then unwise to turn it into interest bearing.IAMIAM said:
£10.5k to settle. £2k was going to pay my maintenance plan in full. I don't know the value in 4 years, but I will likely have exceeded the mileage and highly likely will be worth more than 10kIsthisforreal99 said:
And how much to settle the finance?IAMIAM said:
Yes, with the loanIsthisforreal99 said:Not clear what your intention is? Settle the full amount including balloon payment now?
Hoq do you know it's value in 4 years?0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards