Caterham Academy Finance

[BSA]

Its nothing to do with to borrow money or not , Its just the typical arrogance of a new car salesman Don't tell me anything about finance i know it all .....LOL

[rustywhite1984]

BSA said:

Its nothing to do with to borrow money or not , Its just the typical arrogance of a new car salesman Don't tell me anything about finance i know it all .....LOL

Would it not be reasonable to assume that when it comes to vehicle finance I'm probably going to have a higher level of knowledge than most as my life and lovley hood depend on it?

Do you find that most salespeople react to you with hostility (that you mistake for arrogance). Have you ever considered that you might be the problem...

Try being less of a self important ahole, see if you get a different reaction.

[rustywhite1984]

mrmr96 said:

What you're financing makes no difference what so ever to whether finance is a 'good idea' or not. Some people have come on here spouting that "I'd never borrow money to fund a depreciating asset". It makes no sense. How would it be better to pay cash for a "depreciating asset"? Both depreciate, paying cash doesn't prevent that.

Same kind of thing applies here. Financing a road car or financing a race car. Both are expensive. Both will be worth less than you paid for them when you sell them. Also, crashing and repairing a race car is no cheaper and no more expensive whether that car is financed or paid cash. Can't you see there's no relation at all?

The only POTENTIAL indication would be whether the OP has sufficient funds available to mend things/pay unexpected bills. Who knows, maybe he has £20k in the bank but wants to keep that as his fighting fund? Hence financing the car and keeping wedge back to pay the unexpected bills? I'd even go as far as to say that that strategy would make more sense than putting all the savings into the car and then having to apply for more credit each time a bill comes in.

Very much so.

[pikeyboy]

rustywhite1984 said:

mrmr96 said:

What you're financing makes no difference what so ever to whether finance is a 'good idea' or not. Some people have come on here spouting that "I'd never borrow money to fund a depreciating asset". It makes no sense. How would it be better to pay cash for a "depreciating asset"? Both depreciate, paying cash doesn't prevent that.

Same kind of thing applies here. Financing a road car or financing a race car. Both are expensive. Both will be worth less than you paid for them when you sell them. Also, crashing and repairing a race car is no cheaper and no more expensive whether that car is financed or paid cash. Can't you see there's no relation at all?

The only POTENTIAL indication would be whether the OP has sufficient funds available to mend things/pay unexpected bills. Who knows, maybe he has £20k in the bank but wants to keep that as his fighting fund? Hence financing the car and keeping wedge back to pay the unexpected bills? I'd even go as far as to say that that strategy would make more sense than putting all the savings into the car and then having to apply for more credit each time a bill comes in.

Very much so.

I guess i cant understand why someone would use finance to buy a race car that has a high chance of getting badly damaged, caterham racing is hardly known as non contact. The op will still owe caterham his monthly payment and be left with a bent car. In my experience people use finance when they cant afford something and adopting that approach with a race car and all the associated expense with racing seems a bit crazy in my opinion. If he plans to do as you suggested above then fair play to him, he's maybe more financially astute than your average man on the street.

Edited by boy on Monday 25th November 17:36

[pikeyboy]

rustywhite1984 said:

mrmr96 said:

What you're financing makes no difference what so ever to whether finance is a 'good idea' or not. Some people have come on here spouting that "I'd never borrow money to fund a depreciating asset". It makes no sense. How would it be better to pay cash for a "depreciating asset"? Both depreciate, paying cash doesn't prevent that.

Same kind of thing applies here. Financing a road car or financing a race car. Both are expensive. Both will be worth less than you paid for them when you sell them. Also, crashing and repairing a race car is no cheaper and no more expensive whether that car is financed or paid cash. Can't you see there's no relation at all?

The only POTENTIAL indication would be whether the OP has sufficient funds available to mend things/pay unexpected bills. Who knows, maybe he has £20k in the bank but wants to keep that as his fighting fund? Hence financing the car and keeping wedge back to pay the unexpected bills? I'd even go as far as to say that that strategy would make more sense than putting all the savings into the car and then having to apply for more credit each time a bill comes in.

Very much so.

I guess i cant understand why someone would use finance to buy a race car that has a high chance of getting badly damaged, caterham racing is hardly known as non contact. The op will still owe caterham his monthly payment and be left with a bent car. In my experience people use finance when they cant afford something and adopting that approach with a race car and all the associated expense with racing seems a bit crazy in my opinion. If he plans to do as you suggested above then fair play to him, he's maybe more financially astute than your average man on the street.

Edited by boy on Monday 25th November 19:12

[jonnyleroux]

boy said:

In my experience people use finance when they cant afford something

Did you buy your house outright then? Or do you rent?

Finance is for idiots when you have no means or intention of repaying it. Finance for people who know that life is short and they will be a better race driver at 20 than they will at 40 makes perfect logic to me.

Didn't Lauda finance his first season in F1? How does that fit in with your theory? He didn't even get to keep the car at the end of the year, bent or otherwise. Should he have not done that first season in F1 until he'd saved up for it?

Jonny
BaT

[rustywhite1984]

boy said:

I didnt turn this into a finance debate you did that by starting the thread.

Edited by boy on Monday 25th November 11:58

I asked if anyone knew if finance was available, not if they thought it was a good idea.

You know how to read, right?

[griffgrog]

I am doing the Caterham Acadamy next year and I will finance the car. I can afford the finance and I can afford to write the car off and rebuild it. I finance things that are 'financeable', like my cars, my house, my industrial units, my vans etc. At the moment it makes sense. If you understand finance and your own ability to meet the ongoing payments then only you can make a judgement if its right for you or not.

[rustywhite1984]

griffgrog said:

I am doing the Caterham Acadamy next year and I will finance the car. I can afford the finance and I can afford to write the car off and rebuild it. I finance things that are 'financeable', like my cars, my house, my industrial units, my vans etc. At the moment it makes sense. If you understand finance and your own ability to meet the ongoing payments then only you can make a judgement if its right for you or not.

Hi Griff, do you mind if I ask was the finance through Caterham?

[rustywhite1984]

BSA said:

Its nothing to do with to borrow money or not , Its just the typical arrogance of a new car salesman Don't tell me anything about finance i know it all .....LOL

Do you often judge people you've never met based on very limited information and evidence, possibly solely from one single aspect (in this case my profession)? There's another group of people that do exactly the same thing but on a different aspect, they're called racists...

[rustywhite1984]

BSA said:

Its nothing to do with to borrow money or not , Its just the typical arrogance of a new car salesman Don't tell me anything about finance i know it all .....LOL

Do you often judge people you've never met based on very limited information and evidence, possibly solely from one single aspect (in this case my profession)? There's another group of people that do exactly the same thing but on a different aspect, they're called racists...

[griffgrog]

rustywhite1984 said:

Hi Griff, do you mind if I ask was the finance through Caterham?

I haven't made my mind up yet. I will see what they offer. I know who they use - Close - so will just have to compare their rates.

[BertBert]

rustywhite1984 said:

Thanks Pdelamare for the advice. email bounced back non delivered, which dealer does jenny work at? I'll see if I can contact her directly.

So that must be absolute proof you are not a salesman. Whoever heard of a salesman firstly asking a load of uninformed whiners a question about something they have no idea about and then emailing the person who might actually know rather than phoning them?
Bert

[rustywhite1984]

BertBert said:

So that must be absolute proof you are not a salesman. Whoever heard of a salesman firstly asking a load of uninformed whiners a question about something they have no idea about and then emailing the person who might actually know rather than phoning them?
Bert

fk off Bert, you uniformed whining little prick. Go back to your benefits or getting on Jeremy Kyle or whatever the limitations of your pathetic tiny mind allow.

Salesmany enough for you?

[BSA]

Russel take a little advise from others a bit older and wiser. Don't bother going racing you don't have the right temperament
Your outbursts make it clearly evident. The Caterham community are a very friendly lot weather on this or other club forums or in the Paddock. We from time to time have disagreements but never do we make personal insults like that.

[AE82GT]

+1 for Jonny

However.....

You WILL need at least another £10K if not more for Testing/set up/fuel/track days/insurance/trailer....the list goes on - and i;m speaking from very real "Budget racing" academy experience.

But don't let that put you off. The Crack and Friends you'll make are worth 1000X the cost of arseing around in a race car for a year or two. utterly priceless.

[BertBert]

rustywhite1984 said:

fk off Bert, you uniformed whining little prick. Go back to your benefits or getting on Jeremy Kyle or whatever the limitations of your pathetic tiny mind allow.

Salesmany enough for you?

Excellent, did you ever hear the joke about the red-nosed clown?
Bert

[PhilipRJ]

Jeremy Kyle. That's a bit harsh.

[BertBert]

but no, it seems to be true...
http://www.wellswaybmw.co.uk/aboutus/star_rating.h...
It must be very hard to have to be nice to people all day long!
BErt

[dsl2]

Rustywhite I'm sure most people have no problem with you or anyone living out their dreams on borrowed money (as long as there is the intention to repay it!) However I'm siding with BSA have read this thread, your personal attack's are particularly odd & I for one wouldn't much fancy being on the same grid if that's how you react in the heat of the moment....

I'm sure Bert will get over it once he's turned off Jeramy Kyle, walked out of his house to check in the Garage that he does indeed own & race a Radical (or two!)