Arranging own PCP Finance - Possible?
Discussion
I have heard of this being done fairly regularly for cars but not on bikes. TL;DR found a (nearly new) bike I liked, very good pcp quote at 4.9% APR but someone popped me to the deposit. Have found similar ex demos at other dealers for the same price but all the APR rates are much higher which pushes up the monthly cost significantly.
Is anyone aware of ‘private’ PCP companies for motorcycles?
Is anyone aware of ‘private’ PCP companies for motorcycles?
You’ll struggle to take out third party pcp. I’m in the trade and I believe a few banks may do it but not lower than 7.9 if you’re lucky.
Talk to the dealer and tell them where you need to be per month. If the quote is say, £200 a month and you say you would deal at £180, you may be able to get that deal. Never hurts to be truthful and if the dealer knows you’re not a messer then what’s to lose?
Talk to the dealer and tell them where you need to be per month. If the quote is say, £200 a month and you say you would deal at £180, you may be able to get that deal. Never hurts to be truthful and if the dealer knows you’re not a messer then what’s to lose?
Was at a Ducati dealership couple of weeks back looking at the Multistrada V2S and they quoted 7.9% apr with no contribution.
Why not take out a personal loan at 2.9% over longer to make the payments less with no balloon?
The only benefit I can see with PCP at that kind of rate is the GFV but even then you will be on a set mileage and servicing schedule.
Why not take out a personal loan at 2.9% over longer to make the payments less with no balloon?
The only benefit I can see with PCP at that kind of rate is the GFV but even then you will be on a set mileage and servicing schedule.
Tomanybikes said:
Was at a Ducati dealership couple of weeks back looking at the Multistrada V2S and they quoted 7.9% apr with no contribution.
Why not take out a personal loan at 2.9% over longer to make the payments less with no balloon?
The only benefit I can see with PCP at that kind of rate is the GFV but even then you will be on a set mileage and servicing schedule.
Because the payments won’t be less. They’ll be significantly more each month, as you have to pay off the balloon too. You’ll be paying less interest, but that’s it. Why not take out a personal loan at 2.9% over longer to make the payments less with no balloon?
The only benefit I can see with PCP at that kind of rate is the GFV but even then you will be on a set mileage and servicing schedule.
interstellar said:
5 year personal loan at 2.9% is the best way.
36 months in you have a 24 month balloon
What if you want to get rid of the bike after three years? The PCP means you just hand it back, the loan means it’s your bike, so trade in, or sell privately (could be fun!). 36 months in you have a 24 month balloon
It’s horses for courses. Some want to save interest, others might want the simplicity of the fixed term “ownership”, others might want to lease to save the hassle of tax, insurance etc.
unident said:
interstellar said:
5 year personal loan at 2.9% is the best way.
36 months in you have a 24 month balloon
What if you want to get rid of the bike after three years? The PCP means you just hand it back, the loan means it’s your bike, so trade in, or sell privately (could be fun!). 36 months in you have a 24 month balloon
It’s horses for courses. Some want to save interest, others might want the simplicity of the fixed term “ownership”, others might want to lease to save the hassle of tax, insurance etc.
1) Ensure the bike is 100% original and mint or as described.
2) Ensure your advert says no test rides
2) If you've put ONO or offers, at the end of the price, ensure your wiggle room meets with your bottom line.
3) State your means of payment as bank transfer only (plenty of moody money about now).
4) Don't be afraid to say NO to low ballers.
5) If AT ALL POSSIBLE, do not allow viewing from the place you live. Use a friends house or somewhere that is not where you live
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