Soldato
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Can't I settle the PCP earlier with a loan though? That was one option I was thinking about.
Tescos is 3.0%
Sainsburys seem to have raised theres to 4.9%
Audi owners in here!
- Thread starter GinG
- Start date
Can't I settle the PCP earlier with a loan though? That was one option I was thinking about.
Tescos is 3.0%
Sainsburys seem to have raised theres to 4.9%
Caporegime
Unless you are getting a lot of thrown in extras through signing the PCP, why would you not just jump straight to the lower APR loan?
Soldato
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To be honest, I might do. I'm still working through everything.
I might even put more of a deposit in, but I have earmarked a bit of money for house improvements which is all booked in.
It was more the spec and price of the car rather than the interest rate. I was hoping someone wasn't going to be saying.....look here, there's a better spec for less money
Kinda mainly stuck with the used audi site although the one I'm really interested has only just come into the dealer today so wasn't even on the site.![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
You can but you may find it difficult as you'll essentially be borrowing 35 grand twice.
There must be a better car for 35k than a 3 year old TT?
Soldato
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Maybe, but I absolutely love it. Something like an M2 does nothing for me, nor does a Porsche.
Do I buy with my head or my heart
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Epic car; do it!Maybe, but I absolutely love it. Something like an M2 does nothing for me, nor does a Porsche.
Do I buy with my head or my heart
Those PCP interest rates are insane though.
£36,500 for a 3 1/2 year old TT!
You lose some of the potential benefits of PCP (e.g. VT) if you do that, but that may not be an issue in this case.
To answer the question though, no, it's not a good deal. But that isn't really what you care about is it? If you want it, go get it!
Soldato
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No, I want the car but if it's a bad deal I'll happily walk away. It is the colour and spec I want though. I phoned a car finance broker this morning, and they can't do much better. In fact, they were surprised Audi were offering 7.7% as they said they usually stick to 10%
Supermarket loans seem to cap out at 25k, meaning I need to add another 8k to my deposit....and I've just ordered a new kitchen so that's a no lol
So I either wait and buy one next year, or buy it now and switch finance plans over when I can....or simply keep the deal which is on the table and hand it back after 2 years.
Caporegime
Have you spoken to Oracle finance for your PCP see what they can do?
Soldato
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I'll call them now, thanks
Soldato
If your plan is to come off PCP to a loan you need to do it in the first 14 days, ie you withdraw from the finance its as if it was never taken out, so no fees can be applied (just plain basic interest)
After the 14 days the lender can apply fees and all sorts, its basically not worth doing really if you miss the first 14 days.
The TTrs's do hold their value well, just look at what the balloon is after 4 years.
After the 14 days the lender can apply fees and all sorts, its basically not worth doing really if you miss the first 14 days.
The TTrs's do hold their value well, just look at what the balloon is after 4 years.
Do you not have any property that you can offset this purchase against?
Personally this seems like madness to me, to buy a car without the cash to pay for it, when cars are available for any price. But if you must, then you should be able to borrow at under 2%, anything more than this is ridiculous in the current climate.
Personally this seems like madness to me, to buy a car without the cash to pay for it, when cars are available for any price. But if you must, then you should be able to borrow at under 2%, anything more than this is ridiculous in the current climate.
Soldato
Just to add, a lot of the fees are fixed amounts, so on a larger amount they may not be so crazy
Its on relatively low value loans they are in effect crazy money, and designed really to stop people doing exactly what your are talking of doing, getting rid of high APR PCP for a cheaper personal loan
Its on relatively low value loans they are in effect crazy money, and designed really to stop people doing exactly what your are talking of doing, getting rid of high APR PCP for a cheaper personal loan
Soldato
Maybe, but I absolutely love it. Something like an M2 does nothing for me, nor does a Porsche.
Do I buy with my head or my heart
mk3 TTRS?
DO IT!!!
Soldato
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Do you not have any property that you can offset this purchase against?
Personally this seems like madness to me, to buy a car without the cash to pay for it, when cars are available for any price. But if you must, then you should be able to borrow at under 2%, anything more than this is ridiculous in the current climate.
No, with things like my mortgage I'm making max overpayments and will not be touching it for anything. Car finance purchases might be my weakness, but when my house and pensions are concerned they are staying as they are.
I really would rather pay a higher rate car loan than try to offset anything against a 1.5% property. The maths would say otherwise, but I just don't want to touch anything related to my house. I have an excel sheet with that mapped out and I'm sticking to it.
This could very well be my midlife crisis car (sorry porsche boxster and mx5) so once the funs over, it's pipe and slippers.
Soldato
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I just feel safer, even though financially it doesn't make sense. I've been doing it for the past 2.5 years and am just carrying on. My house will be paid off in six years, so I just want to carry on with it. It's just one of those things.
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This makes no sense whatsoever, and you did ask for advice 
Offset against your house (even easier if you already have a charge on it!) and then put the car payments against it in addition to any normal overpayments which you had planned to make. The net position is better and you will not delay paying off the house beyond the timeframe you mention.
Offset against your house (even easier if you already have a charge on it!) and then put the car payments against it in addition to any normal overpayments which you had planned to make. The net position is better and you will not delay paying off the house beyond the timeframe you mention.
