PCP finance.

GavMan

grogi wrote: »

Did you give your PPS? Check of the credit rating takes couple of seconds...

I can't recall. Certainly gave photo ID and proof of address.

I don't think the Irish Credit Bureau have access to PPS data...

Atlantic Dawn

GavMan wrote: »

They are indeed supervised by the Central Bank for conduct of business purposes

The banks lending the money are but the actual process they engage of lending the money to the customer is not.

Doogs27

On PCP, you pay your deposit, make the three years payments. And then at the end of three years you have the final payment......but my question is, can you further finance this last payment if you're happy with the car. So In effect make another 2-3 years payments and own the car??

Wynner05

Doogs27 wrote: »

On PCP, you pay your deposit, make the three years payments. And then at the end of three years you have the final payment......but my question is, can you further finance this last payment if you're happy with the car. So In effect make another 2-3 years payments and own the car??

Yes you certainly can, not sure on interest rates and the likes but that was sold to me as a option.

bazz26

Doogs27 wrote: »

On PCP, you pay your deposit, make the three years payments. And then at the end of three years you have the final payment......but my question is, can you further finance this last payment if you're happy with the car. So In effect make another 2-3 years payments and own the car??

You can borrow via regular term loan to repay the remaining balloon payment if you want to keep the car beyond the PCP term. This can be a very cost effective way to pay for a brand new car long term if you get the PCP interest rate very cheap. For example, pay 0% interest for the first 3 years via PCP and then pay a standard interest rate over the next 2 or 3 years through a standard term loan.

Doogs27

bazz26 wrote: »

You can borrow via regular term loan to repay the remaining balloon payment if you want to keep the car beyond the PCP term. This can be a very cost effective way to pay for a brand new car long term if you get the PCP interest rate very cheap. For example, pay 0% interest for the first 3 years via PCP and then pay a standard interest rate over the next 2 or 3 years through a standard term loan.

That's what I had thought, just take out a term loan with the bank/CU etc for the remainder. This would surely be a better option than a straight up purchase a new car as the dealer would be more likely to give you a good price/perks thinking that he's getting you into a PCP cycle also.

Masala

Doogs27 wrote: »

That's what I had thought, just take out a term loan with the bank/CU etc for the remainder. This would surely be a better option than a straight up purchase a new car as the dealer would be more likely to give you a good price/perks thinking that he's getting you into a PCP cycle also.

...and you will be going to CU / Bank looking for maybe €14,000 rather than looking for €30,000++ at Year 1!!! Easier to get €14k than €30k ...sometimes!

Cyrus

what are the best PCP deals people have seen on premium cars at the moment,

volvo and jag are doing 4k contributions, as are BMW on 1 and 3 series, audi have a low rate on the a6, dont see much else of interest.

jca

Cyrus wrote: »

what are the best PCP deals people have seen on premium cars at the moment,

volvo and jag are doing 4k contributions, as are BMW on 1 and 3 series, audi have a low rate on the a6, dont see much else of interest.

0% on the new superb, fabulous car.

Cyrus

jca wrote: »

0% on the new superb, fabulous car.

it is a lovely looking car to be fair

Jobs OXO

It's amazing Seat have no scrappage on the Ateca (bar the top of the range 4wd) vs 4K on the Nissan Qashqai for any banger.

bazz26

If demand is strong and supply is low then they probably don't need to. No special offers on the Skoda Kodiak either.

EndaHonesty

bazz26 wrote: »

If demand is strong and supply is low then they probably don't need to. No special offers on the Skoda Kodiak either.

It's only a matter of time for 0% on both the Ateca and the Kodiak.

The Superb wasn't available at 0% at first either...

ShadowHearth

Doogs27 wrote: »

On PCP, you pay your deposit, make the three years payments. And then at the end of three years you have the final payment......but my question is, can you further finance this last payment if you're happy with the car. So In effect make another 2-3 years payments and own the car??

Yes, you can. In fact you are flexible on it too. For example you got 8k left as final payment on it.
You can pay out fully if you got it.
You can pay what ever you want or can from your own money, lets say 4k and you can tale the rest of it as a loan from your own bank or credit union. You will own the car too.
You can refinance it again with same garage you got from. Usually they will give better apr then bank or credit union, but you wont own a car again if that bothers you.

ShadowHearth

Jobs OXO wrote: »

It's amazing Seat have no scrappage on the Ateca (bar the top of the range 4wd) vs 4K on the Nissan Qashqai for any banger.

Looks like some of manufacturers are dialing back on offers now. Seats 172 deals are worse Then 171. For example they dont even offer scrapage on new ibiza anymore. Only leon got 0% apr left too..

orm0nd

quick fire question folks

is pcp available on new cars only? ( ie not on secondhand )

JoeA3

orm0nd wrote: »

quick fire question folks

is pcp available on new cars only? ( ie not on secondhand )

It's available on used stuff too but usually relatively fresh cars (1-2 years old) and the Apr rates would be higher than new.

jimmycrackcorm

orm0nd wrote:

is pcp available on new cars only? ( ie not on secondhand )

Audi were advertising used car PCP deals.

TheShow

jimmycrackcorm wrote: »

Audi were advertising used car PCP deals.

VW bank seem to be doing PCP on second hand, but mostly 1/2 year old cars.

bazz26

EndaHonesty wrote: »

It's only a matter of time for 0% on both the Ateca and the Kodiak.

The Superb wasn't available at 0% at first either...

Of course, as soon as a new model becomes established and demand tapers off then the deals start appearing. They will make hay while the sun shines in the meantime though.

acronym Chilli

ShadowHearth wrote: »

Looks like some of manufacturers are dialing back on offers now. Seats 172 deals are worse Then 171. For example they dont even offer scrapage on new ibiza anymore. Only leon got 0% apr left too..

Some of this just to do with how the orders/stock situation reconciles. The purchasing period in Ireland is pretty "lumpy" due to the plates setup concentrating sales into January & July. But dealers/distributors have to order well ahead from the factories. Once the cars are bought, they're loath to try to send them back or redirect them, so the deals will follow in order to make the sales soak up the available stock in a timely fashion. Or not if demand is healthy.

Fiskar

ShadowHearth wrote: »

Looks like some of manufacturers are dialing back on offers now. Seats 172 deals are worse Then 171. For example they dont even offer scrapage on new ibiza anymore. Only leon got 0% apr left too..

Brand new larger and more refined Seat Ibiza is now in so no deals. Deals only were on the outgoing model. New Ibiza has to get sales ahead of the new Polo due to ine the new year and which will no doubt take sales away from the Ibiza. Also the engine range on the new Ibiza offering in this country is awful. Who in their right mind would buy a 1litre 3 cyclinder Ibiza FR?
Saw the new Fiesta reviews for 2018 model. It is mutt ugly. Also has a 3 cylinder with cylinder deactivation (whatever for in such a small engine)

ShadowHearth

Fiskar wrote: »

Brand new larger and more refined Seat Ibiza is now in so no deals. Deals only were on the outgoing model. New Ibiza has to get sales ahead of the new Polo due to ine the new year and which will no doubt take sales away from the Ibiza. Also the engine range on the new Ibiza offering in this country is awful. Who in their right mind would buy a 1litre 3 cyclinder Ibiza FR?
Saw the new Fiesta reviews for 2018 model. It is mutt ugly. Also has a 3 cylinder with cylinder deactivation (whatever for in such a small engine)

I actually really dont like new fiesta. Definitely the worst of all super minis that coming out now.

I wanted new ibiza fr with 1.5tsi 150hp engine, but that engine online coming in January. No way I am waiting for it and went for old cupra.
New ibiza is fantastic and in my personal opinion it looks better then new polo. I just hope they will have cupra version of it.

I think ateca was same - no deals. So ibiza is new and looks like very good value, so no deals too. In 2-3 years we will see good deals.

DaveyDave

I know this was discussed not too long ago but would someone be able to tell me quickly the process of trading up a year early? If I remember correctly there's a small fee for doing so? Other than that, the car would be worth more wouldn't it, therefore having a better deposit for a different model?

Or is it just best to wait out the last year?

Cyrus

DaveyDave wrote: »

I know this was discussed not too long ago but would someone be able to tell me quickly the process of trading up a year early? If I remember correctly there's a small fee for doing so? Other than that, the car would be worth more wouldn't it, therefore having a better deposit for a different model?

Or is it just best to wait out the last year?

there was no fee when i did it

best thing to do is ask them see what the figures look like

mickdw

DaveyDave wrote: »

I know this was discussed not too long ago but would someone be able to tell me quickly the process of trading up a year early? If I remember correctly there's a small fee for doing so? Other than that, the car would be worth more wouldn't it, therefore having a better deposit for a different model?

Or is it just best to wait out the last year?

Basically you request a settlement figure which will be issued from whoever financed your car. You then go to dealer and see what they will offer for current car. Difference between this offer and the settlement figure is your deposit to go forward.
To say the car is worth more is true but you will also have more money outstanding. Generally you pay off the car loan quicker than the car devalues so the longer you go into tge deal, the more beneficial it should be to you in terms of deposit to go forward. There may be a case for doing an early deal if your current car is soon to become an old model.

DaveyDave

Asking again as I didn't see anyone answer. Has anyone returned a car with minor cosmetic scratches? i.e a small scratch on an alloy or some light side panel scratches from a bush etc. Wondering how harsh they'd penalize you for minor cosmetic wear and tear?

bazz26

Are you handing it back or trading it in as part of another PCP deal?

JoeA3

DaveyDave wrote: »

Asking again as I didn't see anyone answer. Has anyone returned a car with minor cosmetic scratches? i.e a small scratch on an alloy or some light side panel scratches from a bush etc. Wondering how harsh they'd penalize you for minor cosmetic wear and tear?

It would be no different to any other regular non pcp scenario when trading the car in. It depends on the car, it's mileage, year on the plate, the relative demand for said model/spec and the dealer in question. Minor cosmetic damage won't be a big factor in what you're offered for it.

mickdw

They cannot penalise you anymore than is reasonable if you are trading in for a new car as you are in an open market so if you think you are getting screwed, go to next dealer.
Handing the car back and walking away could leave you alittle snookered if there is damage as it will need to be paid for. My advice would be not to enter into a pcp if there is any possibility that you would have to walk away at the end as that is throwing money away.