Can you change PCP to HP
- Thread starter DJ85
- Start date
Soldato
- Joined
- 29 Dec 2009
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- 7,278
Bank loan is almost always better on interest rates, worth considering.
You can generally only take our either PCP or HP at the point of purchase, you can’t do it after the fact, so I doubt you’lol be bale to convert PCP to HP.
HP used to be interesting because it was secured against the car which meant you could borrow much more money at a supposedly attractive rate, however the amount you can now borrow as an unsecured personal loan and the low rates that are available make HP look like a silly idea. The other advantage of a personal loan vs HP is that you will own the car. With HP you don’t legally have title to the car until the final payment is made.
Speak to the lender for the PCP and ask for a settlement figure, then look around for a suitable personal loan.
HP used to be interesting because it was secured against the car which meant you could borrow much more money at a supposedly attractive rate, however the amount you can now borrow as an unsecured personal loan and the low rates that are available make HP look like a silly idea. The other advantage of a personal loan vs HP is that you will own the car. With HP you don’t legally have title to the car until the final payment is made.
Speak to the lender for the PCP and ask for a settlement figure, then look around for a suitable personal loan.
I was thinking that because I’ve been pcp on my last few cars and have been changing every so often when I fancied a change but we now have a car that we like and would like to actually own, plus maybe take the payments down a touch as well in the process that would be a bonus, looking at the settlement figure we’d be looking for a loan of £25k or there abouts, we was thinking to go HP at the end of our deal instead of the upgrade or the balloon payment, but was thinking of a way around it erlier.