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Default Finance help - 6th December 2016, 07:13 PM

Hi all,

Currently looking at a mini on PCP

The rate I'm given is 5% or about 3% interest with a 5000 final payment.

The car is used, do you recon it's a good rate?

Many thanks
  
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Default 6th December 2016, 09:34 PM

Have a look at the Apr.
And work out how much interest your paying.
If it sounds affordable and good for you then go for it.
  
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Default 6th December 2016, 09:36 PM

5% isn't bad for used car finance, with a GFV of 5k I'm inclined to ask what the sale price is?

May be worth looking into a HP for a similar amount of time or drag it out a year and the payments may be similar except you aren't gaining interest on a balloon payment.
If you can get a secured loan against the car from a bank that may be a better still rate
  
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Default 6th December 2016, 10:35 PM

Quote:
Originally Posted by Chris R53 View Post
5% isn't bad for used car finance, with a GFV of 5k I'm inclined to ask what the sale price is?

May be worth looking into a HP for a similar amount of time or drag it out a year and the payments may be similar except you aren't gaining interest on a balloon payment.
If you can get a secured loan against the car from a bank that may be a better still rate
Hi there.

It's just over 11k. It works out at around 160 a month which is 10 more than I wanted but they're not moving :-)!
  
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