PCP finance.

Zurbaran

Abba987 wrote: »

Don't do it. It doesn't add up. So much money and NOTHING at the end to show for it.

Finance. Second hand but not too old. Something to show for your cash at the end. What if at the end you are not in a position to start again ? All that gone

Just re finance if I don’t want a new one.

Zurbaran

Lantus wrote: »

12k is a massive deposit around 30% which is the best scenario for buying a car outright. 260 is a very low monthly and you should budget 100 to 200 ideally extra a month to save to help pay off gmfv. 250 extra each month would give you 9k ready with just 3k to pay off.

If the thought of paying anything over 260 is abhorrent then query if you can really afford this car. Your next pcp when you trade in will be at around 12% deposit with a much higher monthly........ If you are planning to keep long term then fine.

Ask the dealer on the monthly based on a fair equity {deposit} of 4.5k and what the monthly will be.

As mentioned it’s 36%. I’m paying a current car loan. This is the reason I’m happy to go full deposit as I’m looking at the loan and the monthly’s as one amount. So in essence I’m paying around 480 a month all in. In 3 years time I would need a big enough deposit to make the monthly payment be around 480 if I was to go again.

Zurbaran

DaveyDave wrote: »

The Corolla Luna Sport is €33k. The 180hp Civic top spec auto is €33k. I think the 150hp Golf Highline DSG is similar money. All are very similar performance. Golf would have better finance options, the others are both 3.9%. Corolla lower running costs. A well specced 150hp DSG Leon FR would cost €32k with the same performance. Although performance isn't everything.

I'd personally go for the Civic over the Corolla.

Whilst performance is like a petrol the fuel costs are more diesel so it it’s a bit of an inbetweener. The Honda is a good example as the spec is very similar along with price although the mpg seems to be very different going by what owners are saying and the Corolla still performs a bit better performance wise. Civic is bigger though but for me I had ruled it out as I just don’t like the back of it with the black plastic bits to make it more sporty looking.

I did spec a golf to match it with the 2.0d dsg. It came to just under 37k. I wouldn’t go for a new car when they are replacing it in a few months. It would definitely eat at me.. So same goes as the Leon and Octavia. To add to that the smoothness of the hybrid is brilliant compared to conventional engines so that’s another plus for the Corolla over the competition for me.

Casati

Zurbaran wrote: »

Whilst performance is like a petrol the fuel costs are more diesel so it it’s a bit of an inbetweener. The Honda is a good example as the spec is very similar along with price although the mpg seems to be very different going by what owners are saying and the Corolla still performs a bit better performance wise. Civic is bigger though but for me I had ruled it out as I just don’t like the back of it with the black plastic bits to make it more sporty looking.

I did spec a golf to match it with the 2.0d dsg. It came to just under 37k. I wouldn’t go for a new car when they are replacing it in a few months. It would definitely eat at me.. So same goes as the Leon and Octavia. To add to that the smoothness of the hybrid is brilliant compared to conventional engines so that’s another plus for the Corolla over the competition for me.[/

Ultimately on paper it’s expensive but not more than the competitors so if it’s what you like go for it. If your not trading in I’d be expecting a discount off that retail price mind you

Lantus

Zurbaran wrote: »

As mentioned it’s 36%. I’m paying a current car loan. This is the reason I’m happy to go full deposit as I’m looking at the loan and the monthly’s as one amount. So in essence I’m paying around 480 a month all in. In 3 years time I would need a big enough deposit to make the monthly payment be around 480 if I was to go again.

Your still going to be paying a loan on the car you are trading in? Seems tough. If you like car go for it though.

hooch-85

Will you be approved for PCP when you have a current car loan outstanding?

Cyrus

Lantus wrote: »

Your still going to be paying a loan on the car you are trading in? Seems tough. If you like car go for it though.

are you trading the car the loan is on? if thats the case you get that loan cleared and whats left over goes in as your deposit.

Lantus

Cyrus wrote: »

are you trading the car the loan is on? if thats the case you get that loan cleared and whats left over goes in as your deposit.

I'm assuming it's a credit union loan so technically there is no outstanding finance on car. Still, buying a new car before old one is paid off seems a bit odd but is acceptable and as long as op can afford fine.

Zurbaran

Yeah it’s a personal loan. Shouldn’t have any problem being approved.

L-M

teednab-el wrote: »

Lads can you do a deal with vw bank after the 3 years is up to pay remainder of car without buying a new car and entering pcb again. Im on pcb at the moment.

Just so you know you can refinance the balloon payment over a further term of up to 36 months with/without a deposit at 5.9% apr currently which will beat any bank/credit union if you’re not in a position to pay it off. Make sure you go in to a dealer at least 20days before the ballon is due.

beggars_bush

37000 for a Corrolla?

You can actually buy a house for that
https://touch.daft.ie/cavan/houses-for-auction/corlough/corlisbannan-dowra-corlough-cavan-2207851

And have change

Jack lemmon

bazz26 wrote: »

You don't have to involve the car salesman or go near the dealer. Your PCP agreement is with a bank or finance company, they normally inform you towards the end of the PCP term telling you when the balloon payment is due for payment. You can ring them up and make the settlement payment.

All correct, though with vw you don’t even have to ring either, on the final payment they’ll take the Guaranteed Minimum Future Value (GMFV) amount also. Just make sure there’s enough to clear it in account.

mickdw

beggars_bush wrote: »

37000 for a Corrolla?

You can actually buy a house for that
https://touch.daft.ie/cavan/houses-for-auction/corlough/corlisbannan-dowra-corlough-cavan-2207851

And have change

You would have some craic driving that up the motorway.

phill106

beggars_bush wrote: »

37000 for a Corrolla?

You can actually buy a house for that
https://touch.daft.ie/cavan/houses-for-auction/corlough/corlisbannan-dowra-corlough-cavan-2207851

And have change

ah but no nct on it....im guessing its a bit smokey...

SteelyDanJalapeno

beggars_bush wrote: »

37000 for a Corrolla?

You can actually buy a house for that
https://touch.daft.ie/cavan/houses-for-auction/corlough/corlisbannan-dowra-corlough-cavan-2207851

And have change

Relevance?

You could buy 37,000 Mars Bars for it and have plenty change

Zurbaran

Mad how people keep bringing up the 37k. It includes the amount paid in finance and as pointed out by others that’s what cars in this area cost nowadays.

JoeyJJ

Cleared my PCP last month, car all paid off now thankfully.

Just be careful if Finance is from a different bank you may need to do multiple payments credit transfer can often be limited to 10k between banks and 5k on card payments.

XsApollo

Anybody handed a car back at the end?
Was it to the dealer or through VW bank.
On the VW website it says hand it in to the dealer , on the phone they said send an email to them and they will get back and send a truck to pick it up.

mickdw

Has to be madness surely unless you made a terrible purchase day 1

XsApollo

Yea just bad timing.
About to start a house purchase and refinancing will complicate that and my funds are being used to pay for the house.
Had planned to pay off the GMFV.
It is stupid but more important things have popped up.

And no it wasn’t a bad purchase
Car is in the green by about 3 or 4K at least.

SteelyDanJalapeno

XsApollo wrote: »

Yea just bad timing.
About to start a house purchase and refinancing will complicate that and my funds are being used to pay for the house.
Had planned to pay off the GMFV.
It is stupid but more important things have popped up.

And no it wasn’t a bad purchase
Car is in the green by about 3 or 4K at least.

Sell it privately then?

XsApollo

SteelyDanJalapeno wrote: »

Sell it privately then?

Yea I have it up.
No takers yet.
It’s not an expensive car.
Seat Ibiza

ELM327

SteelyDanJalapeno wrote: »

Sell it privately then?

very few people would buy a car that is on finance

Toyotafanboi

Unless the house purchase is imminent or your cash is already tied, why dont you buy the car out and then sell it privately, from what you're saying it's probably going to make you money that way. You'd probably turn the whole thing around in 4 weeks or so.

Ryath

Could you not try chatting to the chatting to the garage? I know they don't have too but they may give you more than the GMFV hopefully you have enough equity in it.I'm assuming its the Ibiza Mk4, being the old model may hurt you though. Explain the situation with the mortgage and say after that is sorted you can enter another PCP deal.

XsApollo

Ryath wrote: »

Could you not try chatting to the chatting to the garage? I know they don't have too but they may give you more than the GMFV hopefully you have enough equity in it.I'm assuming its the Ibiza Mk4, being the old model may hurt you though. Explain the situation with the mortgage and say after that is sorted you can enter another PCP deal.

Yea I’m going in this lunchtime.

Won’t be doing any more car deals on finance tho.
Anyway see what happens.

SteelyDanJalapeno

XsApollo wrote: »

Yea I have it up.
No takers yet.
It’s not an expensive car.
Seat Ibiza

What do you mean by "its in the green by 3 or 4k" ?

You think its worth say 10k, but the gmfv is 6 - 7k?

XsApollo

Surely it worth 9.5k
Car has 20kkms on it.
Anyway decided to keep it.
So

SteelyDanJalapeno

XsApollo wrote: »

Surely it worth 9.5k
Car has 20kkms on it.
Anyway decided to keep it.
So

I only ask because we were in a similar position last year, garage offered 8k for 2 year old clio, we ended clearing the outstanding balance and selling privately for 11k

XsApollo

I had a good offer for the car if I went new again.
Pretty much continue on with a new car same spec and same payments.

DaveyDave

Here's a silly question, which is most likely a no, but can refinancing the final payment be handed over to someone else?

It would be great if the GF could take my Golf off my hands while I get another one. That would be too easy though.

mickdw

Gf gets personal loan in her name for outstanding amount. Gives it to you. You clear finance then sign car to her.
You are then starting from zero with a new car so will have to find a deposit. You have basically given all your equity away to your gf.

sk8board

What refinance interest rates have people got for their balloon from VW?

Mrs has a 171 golf coming to end of 3 year PCP. Balloon is €10k.

XsApollo

5.9 is what I was offered there the other week.

CoBo55

XsApollo wrote: »

5.9 is what I was offered there the other week.

Over how many years? 5.9 isn't bad compared to C.U.

XsApollo

Over 1,2 or 3

CoBo55

XsApollo wrote: »

Over 1,2 or 3

Are you going to pay it off or will you change the car?

sillysocks

We got 6.9 over 5 years, will probably pay it off quicker but wanted to keep the payments down as we had to change a second car around the same time.

CoBo55

sillysocks wrote: »

We got 6.9 over 5 years, will probably pay it off quicker but wanted to keep the payments down as we had to change a second car around the same time.

8 years is a long time to be paying for a car, you'll be sick looking at it.

mickdw

CoBo55 wrote: »

XsApollo wrote: »

5.9 is what I was offered there the other week.

Over how many years? 5.9 isn't bad compared to C.U.

Credit union is a very expensive place to borrow money. Given the way they seem to now have the same lending criteria as all the banks, I honestly don't see the point of them.
Heavy enough interest rates plus holding 25 percent of loan in savings. It doesn't add up as far as I'm concerned.

XsApollo

CoBo55 wrote: »

Are you going to pay it off or will you change the car?

If you read back a bit I was debating wether to hand the car back , as I’m in the middle of something and financing wasn’t an option.
I paid off the balloon in the end.

sillysocks

CoBo55 wrote: »

8 years is a long time to be paying for a car, you'll be sick looking at it.

We probably won’t hold onto it for 8 years, just gave us more options at the time.
Although there’s plenty of people do hold onto cars for 8 years!

CoBo55

sillysocks wrote: »

We probably won’t hold onto it for 8 years, just gave us more options at the time.
Although there’s plenty of people do hold onto cars for 8 years!

Very true, having lived with a father who literally drove his cars until they fell apart I vowed never to be like that!!

Lantus

sk8board wrote: »

What refinance interest rates have people got for their balloon from VW?

Mrs has a 171 golf coming to end of 3 year PCP. Balloon is €10k.

Vw is typically 5.9 and payable over 1, 2 or 3 years. You can pay off early easy enough and the set up is seamless. Just one document to sign and some Id. I even had a 1 month gap between the old and new deal payment wise which was no issue.

If you pay via credit union the car is yours so even if economy goes bonkers and you default on cu loan they can't take car....

sk8board

Lantus wrote: »

Vw is typically 5.9 and payable over 1, 2 or 3 years. You can pay off early easy enough and the set up is seamless. Just one document to sign and some Id. I even had a 1 month gap between the old and new deal payment wise which was no issue.

If you pay via credit union the car is yours so even if economy goes bonkers and you default on cu loan they can't take car....

Thanks - we’re tempted to refinance or just pay it off, and wait for the ID3 test drives later next year. We need a slightly bigger family car now for 3 kids across the back, but only 1 in a child seat.

ShadowHearth

Lantus wrote: »

Vw is typically 5.9 and payable over 1, 2 or 3 years. You can pay off early easy enough and the set up is seamless. Just one document to sign and some Id. I even had a 1 month gap between the old and new deal payment wise which was no issue.

If you pay via credit union the car is yours so even if economy goes bonkers and you default on cu loan they can't take car....

When I was talking to Seat ( same VW bank ) I was told it's 5.9% and you choose yourself how much you want to finance and for how long. The only important condition was that it has to be minimum 5k eu. It's handy and lower alr then any bank or credit union. People forget that they don't need to refinance the whole sum. If your balloon is about 10k, you can pay your own 4k and refinance 6k. It's an option.

Lantus

sk8board wrote: »

Thanks - we’re tempted to refinance or just pay it off, and wait for the ID3 test drives later next year. We need a slightly bigger family car now for 3 kids across the back, but only 1 in a child seat.

Is Id3 not a golf sized model? 3 kid compatible??? Do they have dimensions...

If the car needs to be bigger move now. You've got flexibility for any brand.

sk8board

Lantus wrote: »

Is Id3 not a golf sized model? 3 kid compatible??? Do they have dimensions...

If the car needs to be bigger move now. You've got flexibility for any brand.

everything i've seen online says the ID3 is golf size externally but passat size internally, due to the lack of engine allowing them to extend the wheelbase a pretty decent 5-6".

We have 3 kids, 13, 11 and the youngest is 1 this month, so we only need 1 full-size isofix and nothing else, but obviously need more shoulder room with this next car as they grow.

What we're after is a 5-seat car with a reasonably proper middle rear seat.

Lantus

sk8board wrote: »

everything i've seen online says the ID3 is golf size externally but passat size internally, due to the lack of engine allowing them to extend the wheelbase a pretty decent 5-6".

We have 3 kids, 13, 11 and the youngest is 1 this month, so we only need 1 full-size isofix and nothing else, but obviously need more shoulder room with this next car as they grow.

What we're after is a 5-seat car with a reasonably proper middle rear seat.

It's the width that's critical. Not many cars where 3 in back is feasible or comfy beyond school runs. Any dimensions for comparison.

Edit; looks like it's 1800 wide which is 10mm more than a golf and 10 less than an octavia. Passat and superb are an inch bigger. Of course that won't necessarily translate to internal width....

BelovedAunt

Lads what's the general consensus on PCP. My friend was telling me it's a good (but expensive) way of having a new car every three years, even if you never own it.