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PCP Finance Rates

eusap · 2022-11-29 09:01:54

I was today looking up the PCP rates on the Hyundai Santa Fe and the Kia Sorento, i noticed something odd, on the Hyundai the interest charged was on the Total amount (incl your deposit) whereas on the Kia the interest charged was on the Total minus your deposit which i assume is the correct way. So if you have PCP finance…

29-11-2022 10:01am

#1

eusap

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I was today looking up the PCP rates on the Hyundai Santa Fe and the Kia Sorento, i noticed something odd, on the Hyundai the interest charged was on the Total amount (incl your deposit) whereas on the Kia the interest charged was on the Total minus your deposit which i assume is the correct way.
So if you have PCP finance which way is it charged for you?

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#2 29-11-2022 10:07am

[Deleted User]
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Interest on PCP is liable on the total amount borrowed, same as any other loan - i.e. including the final payment, but not including the deposit which wasn't borrowed. You're correct.

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