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PCP vs HP vs Car Loan

  • 26-06-2018 9:38am
    #1
    iwantthat
    Registered Users, Registered Users 2 Posts: 212 ✭✭


    I am thinking of buying a new car and are leaning towards a PCP because of interest rates. I am looking for advice on following

    1) do I own the car right away
    2) can I pay the remaining balance of the loan earlier than the 3 years term. As in pay it in year 2 the whole lot. And if yes what are the penalties.
    3) should I do HP or Car Loan


Comments

  • #2
    Spocker
    Moderators Posts: 6,864 ✭✭✭Spocker


    1) With PCP, you won't own the car, unless you make a final (balloon) payment
    2) It depends on what type of finance you take out, but generally no. A car loan from a bank or Credit Union can usually be pad off early, but it depends on who you go with
    3) We can't tell you that, it'll be up to you in the end, depending on your budget. PLEASE look in detail at all the options, before deciding which one suits, and remember that a low monthly payment usually hides higher payments or lump sums elsewhere.

    Start here: https://www.ccpc.ie/consumers/cars/paying-for-your-car/


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