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PCP query

  • 02-07-2016 4:36pm
    #1
    shabbyalonso
    Registered Users, Registered Users 2 Posts: 225 ✭✭


    Hi all and apologies as I know pcp has been discussed to death. However I couldn't find the answer I was after.

    After year 3, the options appear to be cough up whatever money is owed to buy the car outright; hand back the keys or do another trade in pcp style deal.
    My questions are:
    - during the 3 years, can you pay off lump sums of cash from your outstanding balance?
    - at the end of the three years, and assuming you want to keep the car, can you continue on paying the balance for another 2-3 years with the same finance deal i.e. Continue with same low Apr as opposed to having to get a loan somewhere else to pay off the balance.

    Thanks


Comments

  • #2
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    In most cases you can't pay off any more than the agreed monthly amount.

    You can re finance the car but it is a new agreement and subject to whatever APR is available at the time of re-financing.


  • #3
    MidMan25
    Closed Accounts Posts: 1,027 ✭✭✭MidMan25


    I was told by a dealer that if you choose to refinance at the end of 3 years with VW bank (Covering VW, Skoda, Audi, Seat), they will take the typical market rate lending rate for car finance (About 10-11%) and deduct 6% from it, so you would be looking at an APR of 4% roughly.

    No guarantees of course that this will definitely be the case in a few years time but that's the current way of thinking supposedly.


  • #4
    grogi
    Registered Users, Registered Users 2 Posts: 8,616 ✭✭✭grogi


    shabbyalonso wrote: »
    Hi all and apologies as I know pcp has been discussed to death. However I couldn't find the answer I was after.

    After year 3, the options appear to be cough up whatever money is owed to buy the car outright; hand back the keys or do another trade in pcp style deal.
    My questions are:
    - during the 3 years, can you pay off lump sums of cash from your outstanding balance?
    - at the end of the three years, and assuming you want to keep the car, can you continue on paying the balance for another 2-3 years with the same finance deal i.e. Continue with same low Apr as opposed to having to get a loan somewhere else to pay off the balance.

    Thanks

    Ad.1 - why would you do it? You would be freezing your cash only
    Ad.2 - no, you need to get a new financing deal. Dealer could have access to some decent deals though.


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