Third Party PCP

[Cheib]

Has anyone used a third party PCP provider? Thinking of buying a car on PCP but finance provider aren't competitive....9.6% from VWFS (Porsche).

[Ste1987]

I know Halifax provide it as low as 3.9% APR, but you have to have a current account with them

[Cheib]

Ste1987 said:

I know Halifax provide it as low as 3.9% APR, but you have to have a current account with them

Thanks. Unfortunately I am with HSBC who don't appear to.

[Ste1987]

Looking into it, I don't think you can get a PCP from a third party. Maybe consider seeing how much a PCP would cost with Land Rover, then customise a personal loan so the payments match. You'd save on interest, it's not secured on the car, you don't have to worry about excess mileage charges, but the downside is you can't hand the car back or veto

[Cheib]

Ste1987 said:

Looking into it, I don't think you can get a PCP from a third party. Maybe consider seeing how much a PCP would cost with Land Rover, then customise a personal loan so the payments match. You'd save on interest, it's not secured on the car, you don't have to worry about excess mileage charges, but the downside is you can't hand the car back or veto

I think some of the lease companies do compete in the PCP market, well that's what I found on one website. I'll see what I can find...

[Cheib]

So you can get third party PCP....found at least one company that does it. Going to investigate more. Initial quote seems okay. Much better than VWFS.

[steve-5snwi]

There are a number of brokers that can quote pcp, you should be able to get 7.9%apr with ease and perhaps lower. There are some brokers in Stamford

[Cheib]

steve-5snwi said:

There are a number of brokers that can quote pcp, you should be able to get 7.9%apr with ease and perhaps lower. There are some brokers in Stamford

Thanks, I'll give them a try.

[jjr1]

Oracle finance

[steve-5snwi]

Cheib said:

Thanks, I'll give them a try.

C&D are a broker but can find a deal for most cars,

[akadk]

jjr1 said:

Oracle finance

+1

[ISO51200]

akadk said:

jjr1 said:

Oracle finance

+1

+2

They do get a bit spammy around new-reg time though

[Liggle]

Lloyds (Blackhorse) do it if you bank with the Lloyds group I was quoted 7.9% for a £15k car

[steve-5snwi]

Oracle are likely to put it through motonovo, we are looking at setting up a broker side next year, well we have applied for the liecence now but have to wait for fca approval. At the moment we can only finance our own cars. What you will find is different lenders will have residuals on cars so although you might get the same Apr the residual at the end will be different meaning higher/lower payments. We quote 7.9% on everything regardless of amount.

[ISO51200]

steve-5snwi said:

Oracle are likely to put it through motonovo, we are looking at setting up a broker side next year, well we have applied for the liecence now but have to wait for fca approval. At the moment we can only finance our own cars. What you will find is different lenders will have residuals on cars so although you might get the same Apr the residual at the end will be different meaning higher/lower payments. We quote 7.9% on everything regardless of amount.

The Google reviews of Motonovo made for some amusing reading

[Setest]

I was quoted 3.8 through Lloyds, for 30k. It was for an approved used e92 M3 also, it beat the dealer quote by a substantial amount. Seemed exactly like a standard dealer PCP, they give you a list of 'approved' dealers and away you go.

[Cheib]

It's enlightening how they sell cars with Finance. Porsche dealers use a "Business Manager" who seemingly does all the negotiation on price whilst also wrapping it up with the finance deal. Sales people basically seem to do the "sales" bit but then don't actually get involved when it comes to closing the deal.

[steve-5snwi]

Is 3.8 the flat rate as that's very low for a pcp