Car Finance Expert: Save THOUSANDS on Your Next PCP Deal

As the car finance market faces ongoing challenges with mis-sold finance claims, it’s more crucial than ever to enter into a Personal Contract Purchase (PCP) deal well-informed.

Before you do, take a peek at these insider tips from the finance experts at PCP Claims. They’ve laid out the simplest and most effective ways to keep your car finance costs to a minimum, ensuring you zoom away with great savings.

1.Keep an Eye on Mileage

Watch out for mileage traps! According to PCP Claims, underestimating your yearly mileage could lead to hefty charges. Going just 1,000 miles over can cost more than you’d expect. It’s essential to accurately calculate your anticipated mileage. Carefully consider your daily commutes, regular journeys, and any occasional long trips you might take throughout the year. By doing so, you can select a mileage limit that reflects your true driving needs, helping you avoid an unexpected bill at the end of your contract term.

2.Haggle Hard

Never settle for the sticker price. PCP Claims suggests that successful haggling could save you serious cash. Know the true market value of the car and use it as a baseline for your negotiations. Start low and don’t be shy to push for a better deal—every pound saved is a victory. Before visiting the dealership, research the dealer cost or invoice price online for new cars, or check the average resale value for used models. This information gives you a strong foundation for your negotiations.

3.Shop Around for Finance

Don’t just accept the first finance offer from the dealer. PCP Claims recommends shopping around to compare interest rates and terms from various lenders. Sometimes, banks and credit unions offer more competitive rates than the dealership. Getting pre-approved for a loan could also give you a better standing when you finally hit the showroom. Try to Obtain quotes from at least three different financial institutions and consider using an online loan comparison tool to see how different rates and terms will affect your monthly payments.

 4.Understand Your Contract

Knowing the end-of-agreement options is crucial, advises PCP Claims. Decide in advance whether you’ll buy the car, return it, or trade it in for a new model. Planning ahead can prevent last-minute decisions that might cost you more than expected. Try to Request a copy of the full contract before agreeing to the deal, and take your time reading it over at home without pressure. Look for any clauses related to end-of-term options, and don’t hesitate to ask for clarifications on anything you don’t understand.

5. Know Your Rights

Familiarise yourself with the voluntary termination right under the Consumer Credit Act, as highlighted by PCP Claims. If your financial situation changes unexpectedly, this knowledge can save you from sinking deeper into debt by allowing you to end the contract early without penalties.

Steve Jenkins, a Director at PCP Claims, stated ”We’ve observed a significant increase in mis-sold car finance claims, with many buyers finding themselves in agreements that aren’t suited to their personal or financial requirements. This situation highlights the urgent need for greater transparency and educational resources in the car finance industry,” “Our advice is aimed at equipping consumers with essential knowledge, helping them to make financially sound and informed decisions while navigating their finance options.”

These practical strategies are designed to help you approach dealers with confidence and take charge of your car finance options. Equip yourself with this knowledge, and make your next car buying experience both enjoyable and economically advantageous

Credit: https://www.pcpclaims.co.uk/