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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Bank loan or PCP

30 replies

MoonShineReady · 21/06/2024 11:19

My very old car has broken down beyond repair and I need a new used car as soon as possible. I have some money saved up but would have to either borrow an additional 6K from the bank or do a PCP type of purchase.

The car will cost around 13-14K. What's best PCP or bank loan? I have no idea as my previous car, which was already quite old, was given to me by my parents as they didn't need a second car any longer.

OP posts:
Giraffel · 21/06/2024 11:29

I'm with @Greenbike

Greenbike · 21/06/2024 11:27

Is there any possibility of getting a cheaper car for £7-8k and not needing a loan at all?

Arewealljustloosingtheplot · 21/06/2024 11:25

Honestly? I’d get the car on lease. Then when the lease is up just start again. I’m so over PCP and all the money you loose the moment you take it home.

AllBlackEverything · 21/06/2024 11:23

I'd definitely choose a bank loan.

MoonShineReady · 21/06/2024 11:20

Sorry didn't mean to enable voting. AIBU to consider a bank loan rather than PCP to pay for a car?

OP posts: