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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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Car Loans With a Baloon Payment

Hello Edwin, do you offer car loans with a balloon payment at the end of the agreement?

I want to keep my monthly payments down and I've been told i can do this with a balloon payment.

Posted by Martin on

Answer.

Hi Martin, a good question.

We can indeed offer PCP deals which in effect means you can keep your monthly rentals low and pay a balloon payment at the end of the agreement. This payment is determined by the finance company obviously.

At the end of the agreement you can either hand the car back, part exchange it for a newer car or if you wish to keep the vehicle you could re-finance the balloon payment. We can beat dealer offers as we have some exclusive deals so please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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Question.

Hi Edwin, i have a current baloon on my current car - can you refinance this?

Posted by Stephanie James on

Answer.

Hi Stephanie, unfortunately we can't re-finance baloon payments for you however, why not part exchange your current car with us and we'll settle the current baloon payment with your existing finance company and we'll get you into a new car. If this isn't an option have you tried getting your current finance company to re-finance the baloon payment? Do you wnat to keep your current car or get into a new one? Kind Regards, Edwin

Posted by on

Question.

What is the negative aspect of a balloon payment?

Posted by Johan on

Answer.

Hi Johan, one negative aspect of baloon payments is they can be a lot more than the car is worth at the time the payment becomes due. It's always good to negotiate the final baloon payment with your finance company. Edwin

Posted by on

Question.

Hi Edwin, please advise if a baloon payment on a motor vehicle is higly recommended or the H.P way. Regards, Sathy

Posted by Sathy on

Answer.

Hi Sathy, you can actually have a baloon payment on a hire purchase agreement. This happens on expensive vehicles and new cars. How much do you need to borrow and then i can advise whether you'd need a baloon payment or not. Kind Regards, Edwin

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