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PCP ending - shop around for finance rates from other dealers?

  • 06-02-2019 09:56AM
    #1
    fmul9798
    Registered Users, Registered Users 2 Posts: 772 ✭✭✭


    Hi,

    Hoping maybe someone that has been through similar can advise. If a PCP is ending and the customer is deciding to keep the car, is it possible to check finance rates with other dealers also, or are you tied to that dealer or finance from a bank etc? Presumably there's something in it for the dealer arranging the finance (commisssion/kickbacks)?
    I know that if you wanted to enter into another PCP, then any other dealer could settle the outstanding finance and you're not tied to the original dealer that arranged the PCP, but I'm wondering about the financing of the final balloon payment...

    Thanks


Comments

  • #2
    JoeA3
    Registered Users, Registered Users 2 Posts: 7,530 ✭✭✭JoeA3


    You can re-finance it with anyone you like. Your own bank, credit union, a new HP deal with the dealer, etc...


  • #3
    Lantus
    Registered Users, Registered Users 2 Posts: 3,027 ✭✭✭Lantus


    If your just paying off the gmfv then it's a loan package. Typically the current dealer, bank or cu etc.

    I don't think a new dealer will take this on as they are not selling the car and they would require contractual ownership through the loan package as per an hp or pcp. I'd be interested to know if this isn't the case though?


  • #4
    fmul9798
    Registered Users, Registered Users 2 Posts: 772 ✭✭✭fmul9798


    Thanks for the info - if anyone has any personal experiences, that would be great


  • #5
    BeepBeep67
    Registered Users, Registered Users 2 Posts: 8,089 ✭✭✭BeepBeep67


    Your options are, enter into a new finance deal with the institution used to finance the PCP or an alternative arrangement via a bank, CU or motor finance specialist, just shop around for the best rates.


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