Has anyone used PCP to finance a used car?

[Brendan Burgess]

I see that it's available for used cars

http://www.independent.ie/life/moto...-to-benefit-thousands-of-buyers-34563797.html

Directly from the dealers in the case of

[broken link removed]

and

[broken link removed]

and

BMW

Brendan

 

[willyfones]

Not sure I get the benefit of this deal.. can't I just sell my car privately, take a KBC car loan out for 6.3% and use the money to buy the second hand car myself.. that way, I would own the car and not the car garage.

 

[demoivre]

I'm not sure that BMW's explanation of a PCP will help anyone's cause. The key feature is what they call the " Estimated Future Value ( EFV) " and then they drop that term and go on to talk about the GMFV ! Why introduce EFV? Estimates and guarantees are two very different things. I think the key feature of a PCP is obfuscation.

 

[Firefly]

Not sure I get the benefit of this deal.. can't I just sell my car privately, take a KBC car loan out for 6.3% and use the money to buy the second hand car myself.. that way, I would own the car and not the car garage.

It can be a way for people who otherwise couldn't (i.e. shouldn't) get finance from a traditional lender. Subprime in other words.