# PCP for new car: what paperwork should I bring along



## Thirsty (25 Feb 2016)

hope the title is self explanatory.

I'm hoping to do a deal for a new car this week, likely be taking up finance offer.  I've never done this before. What paperwork do I need?  

When I rang and asked, I was told I didn't need anything, just 'personal details' and the form is submitted to dealer 'head office'.  Given the hoops you have to jump through for every other form of finance, this seemed a bit unlikely to me.

I'd prefer to know what's needed and bring it along then have to traipse along another day; can anyone advise?


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## Guns N Roses (25 Feb 2016)

Normal paperwork would be proof of identity and household bill less than 3 months old.


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## Leo (25 Feb 2016)

To agree the deal, you won't need paperwork. They'll just take details like name and address, net salary, employer's name, length of time in that employment. They'll then send that to their finance provider who will do a credit check and usually approve within a day or so.

They may require more when you go to pick up the car at a later date, but not at the start.


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## Thirsty (25 Feb 2016)

> They may require more when you go to pick up the car at a later date, but not at the start


Was hoping to drive away on the day!  Sigh... there's a lot to be said for buying used car with cash.

Thanks folks


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## Cervelo (25 Feb 2016)

Double check the T&Cs and make sure your okay with the final payment if applicable.


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## Leo (25 Feb 2016)

Unless you're going for an ex-demo or a very common model on lower spec, the dealer is unlikely to have what you're after in stock. You might have to wait days, weeks, or even longer depending on model/spec/manufacturer.


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## Ceist Beag (25 Feb 2016)

Thirsty said:


> Was hoping to drive away on the day!  Sigh... there's a lot to be said for buying used car with cash.
> 
> Thanks folks


Usually a new car is only ordered when the paperwork is completed so as Leo said it is highly unlikely you would ever be able to drive away on the day. Even with an ex-demo (or if there happens to be a new car on the floor that is not already committed to a buyer) I would imagine the only way you would be able to drive away on the day would be if you're paying cash.


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## Gerry Canning (25 Feb 2016)

Thirsty ,

Can I suggest slow down ,please.

You want this car and you are primed to be fleeced on finance cost.
If you have a good credit rating get quote from C u , own Bank etc before signing.
Remember on PCP you have a LARGE lump sum @ the end .

Remember if you get caught for extra 30 per month = 1080 from YOU.
If you get quote put it on AAM and you will soon know !


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## Thirsty (25 Feb 2016)

Fair enough, Gerry. I have done the sums and quite a bit of research so happy enough with my choice.

Once I make a decision I kinda like to get on with things!


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## twofor1 (25 Feb 2016)

Gerry Canning said:


> You want this car and you are primed to be fleeced on finance cost.
> If you have a good credit rating get quote from C u , own Bank etc before signing.
> Remember on PCP you have a LARGE lump sum @ the end .



Hi Gerry,

This is indeed true for some but many garages that I was looking at anyway offered interest rates that neither my bank or credit union could come anyway near, some I believe are even offering 0% finance but like all purchases, you have to look at the overall picture, the benefit of a good interest rate might be lost if the sale price is higher, or the trade in offered is lower, and of course the amount outstanding after 3 years has to be factored into the equation.

I am personally aware of a young person who recently bought a new car, this person has no idea how much the car cost or what interest rate they are paying, this person also appears oblivious to the fact that in 3 years’ time there will be a large amount still outstanding, though they have acknowledged that this was mentioned in passing but saying, sure that’s years away,  all they know is it’s a  metallic hatch with alloys, spots etc and is only costing €XXX monthly for 3 years and that is currently within their budget.

A Salesman’s dream customer, I believe there are many such customers out there, young and old.


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## Thirsty (25 Feb 2016)

Just to clarify - when I say 'I've never done this before'  what I meant was I have never taken out a PCP contract; Up to now, I've saved my bonuses etc., and purchased used/nearly new cars for cash.

This will be my first PCP and for various other reasons it's the most suitable for me right now.  

I'm not a youngster with more cash than sense!


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## Cervelo (26 Feb 2016)

Somebody was telling me the other day that they have a PCP with VW and while they are happy with the finance part of the deal they didn't realise that they don't have a say in they management/running of the car. what I mean is they have to get they car serviced as per VW schedule and anything that the VW service centre deems necessary to be done to the car has to be done, this also will include any damage or little scratches in the paint work that appear on the car and of course this can only be done in a VW service centre.


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## Leo (26 Feb 2016)

Cervelo said:


> Somebody was telling me the other day that they have a PCP with VW and while they are happy with the finance part of the deal they didn't realise that they don't have a say in they management/running of the car. what I mean is they have to get they car serviced as per VW schedule and anything that the VW service centre deems necessary to be done to the car has to be done, this also will include any damage or little scratches in the paint work that appear on the car and of course this can only be done in a VW service centre.



They do have to get is serviced at an authorised dealer, that's part of the deal. Until all finance is paid off, the garage still own the car. They don't have to get every little scratch repaired, but if it is in poor condition, the garage may refuse to honour the agreed minimum value. At that point, you still have the option to pay the agreed final value and drive away, continue to finance that outstanding amount, or agree a lower trade-in value against a new car.


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## Thirsty (26 Feb 2016)

In answer to the original question,  I was asked for:

name, address, dob, employer, how long with employer & also how long at present address, net monthly income, photo ID and utility bill.  Approved in the time it took for me to decide what model and paint colour I wanted (both of which I'd pretty much decided on beforehand).  Didn't quite get to drive away with new car today, but won't be long before I do


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## Gerry Canning (29 Feb 2016)

Thirsty.
Enjoy the car.
................


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## Burgs19 (6 Jun 2020)

@Thirsty  how did this PCP venture work out for you in the long run? Thinking about getting one. Up


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## Thirsty (7 Jun 2020)

As I believe I have posted before, PCP is fine, provided:

1. You can manage the monthly payments.
2. You know how you will make the final payment.
3. You plan to run the car for 7 or 8 years.

Best advice I ever got re borrowing money was to first save the monthly repayment amount for three months; that way you'll know for sure you can afford the loan every month, and you will also have a lump sum to put towards the purchase and reduce the totally borrowing.


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