I don't buy the independent but I'll see if the article is online. Reading the keypost now.
The balloon repayment would be about 11k which should be ok. We're good savers and usually good money managers. I would plan on making the repayment rather than the rolling over to new PCP.
Yes, Your monthly repayment commitment will impact on your affordability.My worry would be that they won't look favorably on us having a PCP loan also
@Firefly. We're looking at renovation costs of 100k so huge money really and that is probably hugely scaling back my grand plans. We plan to finance at least half of this in savings and the rest via our mortgage provider. My worry would be that they won't look favorably on us having a PCP loan also. To be honest, I think i'm answering my own question as I type here.....
BTW, An avensis is on our list of second hand preferred cars mainly for the reliability factor.
They will. There's a monthly commitment.They won't care about a PCP loan, it's small and the debt enforceable
They will. There's a monthly commitment.
I was responding directly to your statement that mortgage underwriters won't care about a PCP. If you have a monthly commitment, whether PCP or personal loan, that's factored into your affordability. 300 per month could reduce your mortgage approval by as much as 40 to 50k. It all depends on overall affordability of course. Without a lot more details, it's not possible to say that the PCP won't have any impact.Then there are two questions here
So they're only factoring in interest costs (I think) rather than total costs of ownership of the car.Cost of this route is ~2.5k
Yes, Your monthly repayment commitment will impact on your affordability.
your choice isn't only new car vs. out-of-warranty car. You can get a 2 year old car that still has 3 years warranty on it, you may even be able to get PCP on it.
All the talk of resale value etc - a new car is more expensive than an old car, regardless of how you finance it. The first couple of years of depreciation will outweigh everything else.
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