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  • in reply to: Car Finance explained : how the PCP works #50192


    Hi Stuart

    We are looking at the options of a new car on PCP but with me not being a driver and my wife knowing little more than how to drive a car – very well I may add! – we are a little bamboozled by all the jargon and T&C’s. So, I was hoping you may be able to answer some questions for us in order to assist us in making the final decision as it’s money for a new car that is stopping us buying a new car as we can’t afford that route.

    So, questions:

    1. My wife works P/T and would not be able to get the finance on her name whereas I am F/T and would have no problem. Are we able to take out a PCP on my name even though she would be the driver on the vehicle?

    Assuming the answer to the above is yes:

    2. We have a VW Golf we think is worth £800-1000. Are we able to use that as a deposit on the PCP? More importantly, at the end of the 3 year plan, assuming we wanted another car on PCP, would we have to pay another deposit on the next plan? A friend of my wife has always used PCP as she can’t afford the maintenance costs on an owned car and she says when she takes out a new plan every 3 years, she doesn’t have to pay a deposit each time.

    3. Finally, I’m seeing things on different sites saying that you may have a final settlement to pay at the end. Can you just give the current vehicle back to settle that amount?

    Sorry to be so long-winded but we are kind of lost here as it’s a new area for us.

    Many thanks

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