Pcp deals examples
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Subject to status. Volkswagen Financial Services. Solutions PCP I want to keep my options open with an agreed future value. Solutions PCP is the flexible finance plan designed to allow you to drive a new vehicle sooner than you may think. How it works Once you have chosen your vehicle you just need to make a few simple decisions at the start: Deposit Pay your deposit, which can be made up of part-exchange or cash and can be as little as the value of one repayment Your repayment period Choose any period between 18 to 48 months its completely up to you.
However, depending how far you are in to your agreement will affect the final amount left to pay - If you exceed agreed mileage at the start of your agreement and intend to return the vehicle then excess mileage charges will apply - Keep the vehicle in good condition as this will affect the value of the vehicle.
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However, if you must have the latest car to keep up with the neighbours, then a PCP can make a lot of sense. You'll have a brand-new car on your driveway every three years or so, and because you're not buying outright, you can get a bit more car for your money than you'd be able to get by taking out a conventional loan.
The only outstanding payments there may be at this stage will be if you've exceeded the mileage allowance for the term of the PCP, or if there is damage to the car that will need repairing. But then you won't have the car as an extra bargaining chip when it comes to arranging a deposit on your next car. Also in Life. Please enquire directly with us to identify what is available from stock or to order and for final confirmation of price. Car Price.
This difference between the balloon payment and the car's value can then be used to help reduce the deposit you will pay on the next car the dealer will line up for you when the current PCP runs out. This is ideal if you want to drive away in a car from the same manufacturer, although isn't great if you've had a bad experience with the manufacturer and want to walk away. You can't take this cash away and spend it elsewhere - it's just there to sweeten any future PCP you may want to sign up to.
Definitive guide to PCP deals
If you do walk away, that's it - no car, no cash back, but at least you don't have to cover the final balloon payment. Once the monthly payments stop, that's it, you're back to square one. The only outstanding payments there may be at this stage will be if you've exceeded the mileage allowance for the term of the PCP, or if there is damage to the car that will need repairing.
A PCP can be a good way of owning a car for a short term, then if your circumstances change, you don't have to worry about the financial burden any more once you've handed the car back. But then you won't have the car as an extra bargaining chip when it comes to arranging a deposit on your next car.
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The GMFV is the minimum amount the car will be worth at the end of the agreement. So if the car unexpectedly drops in value, you'll be protected.
Lenders are traditionally conservative when estimating the GMFV, so the car is often worth more than predicted — although this trend is less common than it once was. If the car is worth more than the GMFV, you can put any excess payments you have made towards its deprecation into a new vehicle. Manufacturers push PCP, so interest rates are often low, but they also set mileage limits with an excess mileage charge applied if you exceed them, usually at a pence-per-mile rate.
While that's good practice anyway, if the car is damaged and you return it at the end of the PCP deal, the dealer can mark down its value. If you want to take ownership of the car at the end of the term, PCP will often prove more expensive than hire purchase finance deals, but if you want to hand the car back or trade in for an all new model, as most PCP customers do, it's a good option.
Click the links below or on the top left of this page to get full guides on each of the key car finance options….
PCP finance deals can make buying a new car highly affordable. But how does PCP work?
Cavanaghs as always deliver an excellent service when you are purchasing and servicing your vehicles — they are a pleasure to deal with Mr J Sullivan, Limerick. The team is always very friendly and professional Mrs K Tobin, Limerick.
Use carwow's PCP finance calculator to estimate the monthly payment for your new car – pick your interest rate, deposit and term to help you budget. And if this is the case, your dealer will usually ask if you want to use that 'equity' as a deposit on a new PCP deal on a brand new car. For example, if the car's.
Mr P Foley, Tralee. Deposit or Trade-in value. Total Loan Amount.
Select a Choice 5 years 4 years 3 years 2 years. The finance calculator is intended to provide indicative repayments and may vary from the actual current rate. Please use the "Apply Now" button to request an actual finance quote using current market rates. This site uses cookies: Find out more.