BMW and M Power Owners

JustBen said:
Fair enough, my current car is the only time i've financed a car and didn't actually know you could get PCP from outside of the dealership will have a read on money saving expert, look at carwow and the likes. Think my only credit card can only have 5 or 6k on it, only use it for weekly shops so utilisation is pretty much none which is likely why they're not trying to throw large limits at me
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I'd be intrigued to know if the likes of halifax who offer PCP deals, would match final payment on main dealers car, or offer their own evaluation
eg. Halifax pcp
 
The bank PCP deals are a no brainer. 6-7% APR vs 13.9% at most dealers. Even if you've already bought it, you can refinance it under a PCP/HP with your bank at the lower rate. Lloyds do them, as well as Halifax. BMW rates do vary though, Sytner Sheffield for example are doing 9.9% which isn't quite as painful...
 
The whole product isn't great though is it. Typically you pay the highest interest rate of any available product type, then that interest is applied over the entire value of the loan even though you're only repaying a portion of it with the rest waiting for you at the end unless you want to walk away. It's a classic example of where people prioritise the lowest monthly payment at the expense of overall cost. You pay more for the car overall to ensure you pay less on a monthly basis. On a wider level its probably one of the biggest reasons why car prices have gone the way they have - they can charge more for the car because people are paying monthly payments only a portion of it..
 
So checked with my banks they don't do PCP, that's starling 1st direct and Natwest. Halifax and Lloyds is for current accounts that have been open 3 months. Lloyds do have a bit to move existing PCPs over so could open an account with them, get the best pcp i can get for now and then move it in a few months.
PCP lower payments for me are great as it allows me to easily afford it now and when my works shares become tax free starting later this year and my bonus in April i'll have more than enough to pay it off early over the next 2 years. I looked at leasing through work but for anything remotely decent i may as well just buy as payments are mental.
 
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JustBen said:
So checked with my banks they don't do PCP, that's starling 1st direct and Natwest. Halifax and Lloyds is for current accounts that have been open 3 months. Lloyds do have a bit to move existing PCPs over so could open an account with them, get the best pcp i can get for now and then move it in a few months.
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There are a few brokers a quick Google away.
 
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