Pcp finance, up the payments?

lcstress2012 · 21-04-2019 08:49PM #1

I have a pcp from 2017 at €300 per month. I’m going to keep the car so want to up the payments so the gmfv can go down (balloon payment). Anyone ever done this. Do I contact dealer or finance company ?

Outkast_IRE · 21-04-2019 08:51PM

lcstress2012 wrote: »

I have a pcp from 2017 at €300 per month. I’m going to keep the car so want to up the payments so the gmfv can go down (balloon payment). Anyone ever done this. Do I contact dealer or finance company ?

Probably just as easy if you set that money aside yourself toward the payment at the end . What do you think the advantage is of upping the payment ?

Wildly Boaring · 21-04-2019 08:56PM

Direct debit into a credit union acc monthly.

Harder to get at.

Have it as a lump toward the balloon when due.

Little to be gained putting toward the monthly.

is_that_so · 21-04-2019 09:01PM

lcstress2012 wrote: »

I have a pcp from 2017 at €300 per month. I’m going to keep the car so want to up the payments so the gmfv can go down (balloon payment). Anyone ever done this. Do I contact dealer or finance company ?

You're into your last year and I doubt you can do it as you have signed a contract at a fixed rate but certainly save the money.

mickoneill31 · 21-04-2019 09:04PM

I had a Pcp several years ago. I got onto the finance company and asked them how to pay it off early. Was relatively simple. They just gave me the final amount and the account number.
I was paying interest at the time so paying it early saved me money.

The car dealer wasn't involved at all. He actually rang me a year later asking what I wanted to do at the end of my agreement. He didn't know I'd already paid it off.

bazz26 · 21-04-2019 09:23PM

All the PCP interest in included in the monthly repayments over the 3 years anyway so your not saving anything by overpaying the monthly amount. Best put the extra money into a savings account until the PCP term matures.

Lantus · 24-04-2019 04:52AM

Gmfv remains the same irrespective of payment amount. You either made a large or small deposit and the difference is your monthly.

Begin saving the difference in a seperate account and use this as a lump sum to pay off. Any remainder is a bank or credit union loan.

Dealers finance might not let you do this so check if your planning on using say vw finance to settle.

Shefwedfan · 24-04-2019 07:13AM

Depending on your interest rate you could take loan out now and buy out car before end of pcp, you are probably getting a better rate with pcp so just save the extra and take less of a loan to buy out car

Pcp finance, up the payments?

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