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Car PCP Finance

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    Car PCP Finance

    Bit of an odd one so apologies if it's in the wrong forum or has been covered (did have a look and can't see).

    I'm considering buying a car on one of these PCP finance deals and am wondering if anyone else has done this recently? I'm wondering if they're going to try and poke into my work situation and simply not understand it. (Contracting through my own Limited, have been for a little under a year).

    I have a very good credit score so that'll be no issue but if they start asking about employers details and wanting to look at payslips I'm guessing that they're not going to get the situation and it'll be a huge mess.

    Anyone know the score?

    #2
    Used them many times, no issues. Easy to get, the car is their collateral, so the good credit score is all you need. Usual confusion about whether to put self-employed or employed, other than that, a breeze. Great way to buy that 2 year old luxobarge that's lost more than half it's value at low risk - simply pay half the money back and hand it back when you are bored with no risk or consequence.

    Used this for my TVR Griff 500, BMW 740, 745 and 760. None of which cost me more than 400 a month.
    World's Best Martini

    Comment


      #3
      Thanks. I'm happy to put employed and company's details if they ask.

      I never thought I'd fancy a PCP deal but does seem a way to get a nicer car than I'd buy and then give it back and start again in 2-3 years.

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        #4
        Only downside is that you'll never have equity to put down on the next one. As long as you can live with that, you'll be fine.
        World's Best Martini

        Comment


          #5
          Yeah. Think I've made my peace with that.

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            #6
            Make sure you don't end up needing it to commute for a contract miles away and need to rack up the miles on it otherwise you're going to get bent over when its time to hand the keys back in a couple of years time. The extra mileage will cause it to depreciate way more than normal over the period and therefore worth less to them at the end and you cop for the £ per mile over the agreed mileage amount.

            You're probably aware of that already but thought it worth mentioning if not

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              #7
              Cheers. I have thought about it and to be honest I'm not factoring in contract travel miles... Naively hoping to stay working at home

              Did look at the charges if I go over and it was about 7p / mile. Dunno why but that seems as if I do a bit over it won't cost too much. £70/1,000 miles.

              Do wonder if I'm missing something there.

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                #8
                Originally posted by v8gaz View Post
                Great way to buy that 2 year old luxobarge that's lost more than half it's value at low risk ...
                Does that mean you use PCP for 2nd hand cars? I'm on my third PCP deal now but always ended up getting brand-new (Audi) as the APR and discounts are usually way better. Maybe it's just Audi and I should shop around next time, but when I enquired about an 18 month old Q5, the APR was almost double and it basically made it way too expensive.

                Just interested to know what sort of deals people have got. I don't mind spending £400/month but that never seems to get me anywhere near BMW 740 territory...

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                  #9
                  Originally posted by Fandango View Post
                  Make sure you don't end up needing it to commute for a contract miles away and need to rack up the miles on it otherwise you're going to get bent over when its time to hand the keys back in a couple of years time. The extra mileage will cause it to depreciate way more than normal over the period and therefore worth less to them at the end and you cop for the £ per mile over the agreed mileage amount.

                  You're probably aware of that already but thought it worth mentioning if not
                  Thats always worried me. Buy it on the basis of 10K a year or something then find yourself in a gig needing to do double that.

                  I understand the extra per mile can be a bit excessive too.
                  Rhyddid i lofnod psychocandy!!!!

                  Comment


                    #10
                    Originally posted by psychocandy View Post
                    Thats always worried me. Buy it on the basis of 10K a year or something then find yourself in a gig needing to do double that.

                    I understand the extra per mile can be a bit excessive too.
                    or stupidly cheap. The quote for the leon I nearly took had an excess of 4.8p a mile....
                    merely at clientco for the entertainment

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