Increasing PCP payments?

lcstress2012 · 02-01-2018 4:21pm #1

I have a Ford Fiesta on pcp at €300 a month, was looking to increase it to €600 a month to pay it off quicker. How do I go about doing this, do I contact the dealer or the finance company (bank of Ireland) ?

Many thanks!

gandalf · 02-01-2018 4:25pm

Not sure if you can do this or even the benefit of doing it? Contact the dealer I assume.

James Bond Junior · 02-01-2018 4:25pm

Would you not save the 300 aside and use it to pay the balloon or for the next deposit?

lcstress2012 · 02-01-2018 4:41pm

James Bond Junior wrote: »

Would you not save the 300 aside and use it to pay the balloon or for the next deposit?

No I want to keep the optional final payment to a minimum as I will be keeping the car. I can afford €600 a month so it’s no problem

James Bond Junior · 02-01-2018 4:42pm

lcstress2012 wrote: »

No I want to keep the optional final payment to a minimum as I will be keeping the car. I can afford €600 a month so it’s no problem

Pay now rather than later, I have you.

Lantus · 02-01-2018 7:20pm

Ask with the dealer but as I understand it your payments over the three years are fixed. Your best best is to save the 300 as you say and then use it to offset the outstanding balance at the end term. You will save on any interest you would of incurred on the outstanding balance.

Gael23 · 03-01-2018 10:31pm

You can’t do that with PCP. It’s a lease agreement rather than a loan so payments are fixed. As others have suggested, save up the money towards the balloon payment or even towards an upgrade if you accumulate enough.

Increasing PCP payments?

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