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Model specific boards => Golf mk7 => Topic started by: GT4 on 20 December 2016, 12:53

Title: Questions on PCP or HP for my CS-S ...?
Post by: GT4 on 20 December 2016, 12:53

Hi

Could anyone please advise ... firstly who is buying their CS-S with PCP @6%  ...?

Also, if you take say a 3 year PCP and want to pay it off after 12 months - how is the interest and final payment calculated ??

Is a normal loan a better buy if your going to pay off early term ..?

Many thanks
Andrew

Title: Re: Questions on PCP or HP for my CS-S ...?
Post by: wigit on 20 December 2016, 13:05

They give you a settlement figure at the end of the nearest month and I think there is a admin fee.

Only time I have ever used it is to get a bigger deposit contribution and then settled in the cooling off.

Title: Re: Questions on PCP or HP for my CS-S ...?
Post by: monkeyhanger on 20 December 2016, 14:32

You pay a small admin fee + 2 months interest + all the capital you still owe. In the early days of the loan your payments will be somewhere around a 60:40 split of capital:interest. If you borrow £30k over 3 years at 6%APR, about £1700 of your 1st year payments will be interest with £5k deposit and about £400pm payments.

At the end of year 1 then, expect about £350 in charges to settle early.