[jamiem1987]

Hi all given the current mad situation and wait times with new car builds, I’d like to just stick with my 18 plate car which is due to end it’s 4 year deal next April.

The GFV is good and i’d lime to buy it but don’t want to be using cash at the mo.

Before I ring bmwfs has anyone had any experience refinancing the balance at the end of a pcp or even extending it?

Please let me know.

All the best

[Russbmw]

You'll get better deals with your bank or another lender (such as Sainsburys Bank).

I would imagine at the end of any BMW finance deal, if you wanted to refinance, it'd revert to similar rates as used BMW PCP's which are bloody terrible.

When I got my 640 approved used (£27k), I took the PCP finance (due to the backhanders dealers get for flogging PCP deals) which worked out about £620 a month plus an £8k balloon at the end.

Silly, but I knew that before I signed up for it - so paid 1 month at the silly rate, in the meantime consolidating a few other debts, and arranged a loan for £31k through my bank with no dramas at all. Cost me about £550 a month for 5 years and obviously no balloon payment at the end!

[Kermit]

This.

If you do go down the loan route, use the Moneysavingexpert website to find the best loan for you, and you'll likely be able to see what rate you'll get before applying. Takes all the guesswork out.

[martin10chk]

Definitely just shop around for a personal loan. Rates are still very low at present. Financial crisis + Covid = almost zero % finance

[bishbosh]

When I bought my car I part financed it with a personal loan, 2.19% I think it was with M+S bank. Cost about £300 in interest over 3 years.

[LukaUK]

Originally Posted by jamiem1987

Hi all given the current mad situation and wait times with new car builds, I’d like to just stick with my 18 plate car which is due to end it’s 4 year deal next April.

The GFV is good and i’d lime to buy it but don’t want to be using cash at the mo.

Before I ring bmwfs has anyone had any experience refinancing the balance at the end of a pcp or even extending it?

Please let me know.

All the best

I have just done it and its pretty straighforward.. APR is 6.8% though...

[SteveChester]

6.8%…..

You must be crazy!

[martin10chk]

Seems like a currently competitive rate is around 2.9%. Anything lower than that seems a good deal. APR of course.

[Racing Teatray]

Originally Posted by Kermit

This.

If you do go down the loan route, use the Moneysavingexpert website to find the best loan for you, and you'll likely be able to see what rate you'll get before applying. Takes all the guesswork out.

^^ What Kermit says.

The monthlies may be higher as there is no balloon payment, but you can spread over longer, you can sell at any time without needing to repay the loan and you pay far less interest overall.

[LukaUK]

Originally Posted by SteveChester

6.8%…..

You must be crazy!

This is on car finance. BMW finance 2.8% is on new cars only.

I guess the cheapest route is to take out personal loan.. providing you will get it on advertised rate...