[johnd]

Any UK members have an opinion about a suggested/recommended source of PCP finance please? I don't normally use PCP so I'm unfamiliar with the mechanics of how it works. I'm guessing:

1. JLR dealer PCP is probably not the most competitive;

2. That I can (?) organise the finance independently of placing the order with a dealer? Or do some third-party PCP deals also have build allocations?

 

[nipri]

Try Lombard or Lloyd's Bank commercial as they had some of the best rates.

 

[JonB]

Interested what other people say about this but it looks to me as if the advantage of Jaguar's own PCP finance is the guaranteed price at the end of the 3 years. Does anyone offer anything similar and as competitive with a better interest rate?

 

[Baikar]

It was the high rate (6.9% at the time) which made me decide to go down a personal loan for part of the car at a rate of 3.0%. That 3.9% makes a lot of difference on an £80k car. Jaguar is simply not competitive when it comes to the I pace and yet on other models they offer much lower rates.

 

[Tophe74]

In France my bank has a special 1% for electric cars.But as I didn't know the exact delivery date I choose jaguar leasing wich I'll buy back in 1 year if I still happy with the car. Because it's almost 5% during 5 years

 

[nipri]

I had a rate of 1.7% from Lombard.
Lloyd's Bank do special rate for EV cars as well.

 

[johnd]

Thanks for the replies, but can I be clear please: I'm guessing that the Lombard and Lloyds rates apply to personal loans for car purchase rather than PCP. Happy if this is not the case but it is specifically PCP that I'm enquiring about.

I normally buy cars as a cash purchase these days (hence my lack of knowledge about PCH/PCP etc) and might do so also for the I-Pace. But I'm also concerned about potential depreciation This might be excellent in the sense of slow, especially given the limited production and strong demand, plus possible phasing out of the EV grant.

Or OTOH depreciation might be unexpectedly high if issues with the early production cars started to emerge or a v1.1 I-Pace is launched as eg MY21 with eg 3-phase charger, maybe a lower price-tag due to competition from other EVs, improvements in cost-effectiveness of battery packs perhaps yielding better efficiency etc.

I'm just seeing PCP as a way of hedging the depreciation risk - that's my interest in it. But there seem to be plenty of third-party PCH schemes out there for I-Pace, but non-JLR PCP options seem more limited ~(unless I've misunderstood and Lombard/Lloyds are indeed PCP).

 

[oop north]

You can get PCP elsewhere, but not necessarily going to be at any better a rate. 3-4 years ago I got a quote for pcp on a Volvo XC90 T8 via Oracle - they are 6% or 7% though. I would expect that Lombard and the high street banks etc are perfectly capable of offering pcp but I don't know which actually so. You will probably pay a slightly higher interest rate on pcp than other forms of lending (subject to support by the manufacturer) because someone has to pay for the depreciation protection that you want

 

[emgf]

In France my bank has a special 1% for electric cars.But as I didn't know the exact delivery date I choose jaguar leasing wich I'll buy back in 1 year if I still happy with the car. Because it's almost 5% during 5 years

I used Lease-Action : 20% down payment as first rent ( but I will get back 6k€ as a government grant ) then 1% of the value of the car each month
for 36 months and this rent includes the insurance

 

[Blackseries]

I have used 3rd parties for PCP's in the past Oracle and Toshiba finance ….. in all cases they offered a guaranteed future value (usually higher than the manufacturer) ….. and probably more importantly they used my order …… so as a couple of the cars were on 2 years back-order my early deposit meant I got the car early(ish) and from the dealer of my choosing.
Hope that helps.

 

[Blackseries]

……. BTW some 3rd Party PCP suppliers do have their own allocation ….. so if you haven't already ordered a car then you can go down that path too.
I've not done it but I have come across finance companies that offer a turn key solution.