Uncle Albert:

PCP is like renting a house. Is likedead money, so to speak. After the agreement terms, you hand the car over. But with car loans, you can keep the car after the terms. They both take the car off you if you don't pay the monthly payment anyway.

Usually PCP is a little bit cheaper per month.

Hope that's help.

Thank you so much for posting such a nice information....PCP really helps me to get a loan with low monthly payment....!

PCP is like renting a house. Is likedead money, so to speak. After the agreement terms, you hand the car over. But with car loans, you can keep the car after the terms. They both take the car off you if you don't pay the monthly payment anyway.

Usually PCP is a little bit cheaper per month.

Hope that's help.

mexico - I have signed the car order form but I havent actually signed any finance agreements, is it still possible for me to walk away or am I now tied into the deal?

The signing of an order form does not enter you into a legal agreement, neither will it yet have been acted upon in such a short space of time. Until you have signed all the finance forms and they are accepted by the authorised counter signatory at the finance providers offices, then nothing is legally binding.....walk away.!

mexico - The garage knows that I am unsure whether to go for a pcp or a loan and he said I have until monday to decide.

Under what reasonable grounds can I walk away from the car?

Again they have expressed that you have until Monday to decide if you want to go ahead or not, simply let them know that you have decided you are not interested in proceeding.

You already have perfectly reasonable grounds, just let them know the outcome of your final decision on Monday.

Meanwhile - Sleep tight.!!

Hi I have been thinking about this all night (couldnt sleep :)) and I think I am going to walk away from this honda crv. I have signed the car order form but I havent actually signed any finance agreements, is it still possible for me to walk away or am I now tied into the deal?

The garage knows that I am unsure whether to go for a pcp or a loan and he said I have until monday to decide.

Under what reasonable grounds can I walk away from the car?

many thanks

I purchased a new car last july, I got it for 11.2k. It should have been 15k but I saved loads with the scrappage deal. Soon after I purchased this car, I found out I was preganat. Now I truely love this car (volvo c30 r-design) but it is very small with a small boot and is really no use for a baby. I took out a loan to pay this car off over 4 yars and would have owned this car out right once finance completed. Currently paying 255 a month.

I went to arnold clark today and rushed into buying a 3 year old Honda CRV for 14998. I must point out I havent actually signed any agreement purely just the order form. I traded my car in and was offered 12k for it (which i think is good given that I only paid 11.2k due to scrappage), once finance is paid off my volvo I will be able to put down a deposit of 3500 leaving 11.5k to finance. Arnold Clark offered me a PCP deal of 36 monthly payments of £256 with a GFV of £4986 and mileage of 10k. He couldnt tell me the APR and said it was a flat rate of 5.5%. Does this seem alot of money per month for a PCP on a car that is 3 yr old? I thought one of the benefits of doing a PCP is the payments would be less? We can afford to pay this a month, this isnt the problem, I just feel that we are not really getting the best deal here. In general, I dont particularily like doing PCP as I feel we are throwing money away for nothing. At the end of the 3 year deal, I THINK we would probably trade in for a new car as by then the car will be 6 years old. I know it is hard to say but do you think a 6 year old honda CRV will more likely be worth more than the CFV of £4986? I would hate to think that we are paying for this car for 3 years and once we trade it in, we get no deposit to put towards a new car.

Or should I get a loan and take it over 4 years instead so I own the car at the end of the loan period?

If i am intending on trading the car in within 3 or 4 years, is PCP the best option for me? Sorry for rambling but I am due to give birth any day now and I really want to get this sorted before baby comes...it is stressing me out and I shouldnt be stressed out at this stage of my pregnancy :(

Any advice would be much appreciated!

Thanks in advance!