PCP funding for end of term PCH

[dawsonhousehold]

Hi All

Help required! I’m coming to the end of term from a PCH with my Yeti 4x4. I’ve been given a price to purchase it and the combined total including all the hire payments works out at a 25% discount from new, so I have agreed to buy it. I wanted to put it on a PCP and VW finance said they couldn’t & I would need to arrange my own finance. I got a quote with Admiral and have just called them (now only 14 days left till I need to fund the car), but they have said they only finance cars from dealers as this is settling debt. I explained that I had no debt as it was purely a hire arrangement but still no go.

Any one know of any companies that can arrange this?

Thanks in advance.

[Auric Goldfinger]

Ask your dealer to buy it from you, they will settle the finance and them buy it back from them.  It might cost you a few pounds to do it but worth a try. The dealer would get the commission for a finance deal you will be taking out. 

[dawsonhousehold]

Oh, thats a good option. Didn't think of that, thank you for your input.

[dawsonhousehold]

Anyone else? Dealer not interested...

Edited 1 April, 2019 by dawsonhousehold

[TonyTonic]

19 minutes ago, dawsonhousehold said:

Anyone else? Dealer not interested...

Can you not get a normal personal loan at 3%?

[SurreyJohn]

Not sure why you are trying to do a PCP again, very unlikely anyone is going to give you an option to purchase on a used car

 

So effectively you need to buy it, and as a separate transaction,  borrow the money from someone (your bank, supermarket loan, whoever),

Look on something like Martin Lewis moneysaving to find good loan deals (depends on number of years to repay and amount required)

 

Simply borrow money (and add in whatever you have saved up) so you have enough funds to buy off existing finance company

 

One thing, sometimes loans have rates in steps, if you borrow just under a rate change amount, then repayment could be more, so take lower rate by rounding it up

 

[dawsonhousehold]

Yes, can get a loan at 3%. Thank you Surrey John.

 

 

[bigmick9445]

If you really want to PCP, then Halifax do a PCP type agreement as well as a conventional type of loan. Don’t know if you need to be an existing customer or whether it is open to all. 

HTH