Quick pcp question…

[Jason1987]

yes

Meant is it worth me over paying

 

[Mr Freeze]

Meant is it worth me over paying

By over paying you will save on interest as your shortening the 48 month period of the pcp deal so it is well worth doing
but bear in mind your getting to the balloon quicker so that is something to consider as not everyone is in a position to pay it off .

 

[Jason1987]

So say I overpaid loads and got to the baloon payment in 12 months, do I have to give car back or buy it? I don’t get another 2 years as I signed a 3 year term? If there are no more monthlies I can’t pay the ballon in 2 years time which would be my 36 month term I signed?

 

[monkeyhanger]

So say I overpaid loads and got to the baloon payment in 12 months, do I have to give car back or buy it? I don’t get another 2 years as I signed a 3 year term? If there are no more monthlies I can’t pay the ballon in 2 years time which would be my 36 month term I signed?

If you overpaid to your baloon payment, you could presumably either sit for 2 more years paying interest on the balloon payment balance owing every month (think of it like an interest only mortgage), or get a loan out for the baloon payment, clear the Audi finance and start paying off the new loan.

I also believe that Audi do PCH finance - you basically pay off the whole balance over 5 or 6 years (less if you overpay).

 

[Jason1987]

If you overpaid to your baloon payment, you could presumably either sit for 2 more years paying interest on the balloon payment balance owing every month (think of it like an interest only mortgage), or get a loan out for the baloon payment, clear the Audi finance and start paying off the new loan.

I also believe that Audi do PCH finance - you basically pay off the whole balance over 5 or 6 years (less if you overpay).

Ah so my payments of £525 a month would just be like circa £200 month just paying interest once I’ve hit the baloon payment? Obviously I’d get a bank loan and clear it all if it came to it