Car Finance - paying off early - any penalties?

matt_drummer

born_again said:

Your the one who is sat there with the T/C of your finance agreement. Not all have the same T/C

I would probably pay off £100-£200 a week doing delivery gigs just paying off the loan with the profits of delivery. That way the car is essentially paying itself off as a workhorse. 

What does the finance agreement & your insurance say about using the car in such a way? As you are into business territory there.

No they are not!

Did you read the opening post?

matt_drummer

Desmond_Hume said:

But that’s literally the answer. Your contract will state the penalties. Other contracts other people had won’t apply to you. 

They don't have any car finance!

Did you read the opening post?

GDB2222

Do you get to choose the finance company? Don’t dealers have just one that they offer you?

matt_drummer

Usually, yes.

That is why I suggested the OP finds a car they like and see what the finance deal on offer is.

GDB2222

Some PCP contracts prohibit or restrict business use.  So, thats something the OP needs to check. 

I assume that Amazon check insurance, but possibly not the finance? 

Desmond_Hume

matt_drummer said:

Desmond_Hume said:

But that’s literally the answer. Your contract will state the penalties. Other contracts other people had won’t apply to you. 

They don't have any car finance!

Did you read the opening post?

So, were we to post all lenders T&Cs to help choose?

matt_drummer

Desmond_Hume said:

matt_drummer said:

Desmond_Hume said:

But that’s literally the answer. Your contract will state the penalties. Other contracts other people had won’t apply to you. 

They don't have any car finance!

Did you read the opening post?

So, were we to post all lenders T&Cs to help choose?

No, but read your post.

You said `Your contract will state the penalties.'

They don't have one and you would have known that if you had read their opening post.

What you could have said is that the penalties will depend on the lender you choose and to read the documents carefully before deciding.

seatbeltnoob

GDB2222 said:

Some PCP contracts prohibit or restrict business use.  So, thats something the OP needs to check. 

I assume that Amazon check insurance, but possibly not the finance? 

not interested in pcp, looking at hire purchase for 2015 car. pcp is for new cars or nearly new cars arent they?

GDB2222

seatbeltnoob said:

GDB2222 said:

Some PCP contracts prohibit or restrict business use.  So, thats something the OP needs to check. 

I assume that Amazon check insurance, but possibly not the finance? 

not interested in pcp, looking at hire purchase for 2015 car. pcp is for new cars or nearly new cars arent they?

Good point. 

jimjames

Going left field, if you have £10k in the bank and are buying a car for £8-10k then use your savings. You can then add the £200 gig money to your savings whenever you want. Makes no sense to pay 10%+ interest on a loan but get 4% or less on your savings. If you want some protection then pay a small amount on credit card.