Caterham Academy Finance
Discussion
Does anyone know if Caterham still offer a finance package on their Academy Package? They offered a very strong package at launch but can't find any recent info. Have sent them a couple of emails with no response yet. Before i give them a call thought I would ask if anyone here knows anything further.
Very interested in getting into curcuit racing and the caterham academy seems to be a really comprehensive package with the race licence, set up learning days and race season all in but I don't happen to have a spare £20k in the bank.
By the way I don't want to get into a debate about car finance, I am a 10 year main dealer car salesman and deal with finance everyday of the week, you are very unlikely to teach me anything.
Cheers
Very interested in getting into curcuit racing and the caterham academy seems to be a really comprehensive package with the race licence, set up learning days and race season all in but I don't happen to have a spare £20k in the bank.
By the way I don't want to get into a debate about car finance, I am a 10 year main dealer car salesman and deal with finance everyday of the week, you are very unlikely to teach me anything.
Cheers
boy said: Finance to buy a race car......you must be nuts
the person who is nuts is the one who does none of the things in life he wants to do because of some insane social stigma attached to borrowing money. I have done a lot of very cool things, had some amazing holidays and owned some great cars in my life. All of it paid for with finance in some way or another. As long as you have a healthy attitude towards working and paying off your debts I see no reason why you shouldn't have what you want while you're young enough to enjoy them.
/2p
Jonny
BaT
jonnyleroux said:
the person who is nuts is the one who does none of the things in life he wants to do because of some insane social stigma attached to borrowing money.
I have done a lot of very cool things, had some amazing holidays and owned some great cars in my life. All of it paid for with finance in some way or another. As long as you have a healthy attitude towards working and paying off your debts I see no reason why you shouldn't have what you want while you're young enough to enjoy them.
/2p
Jonny
BaT
+1! I have done a lot of very cool things, had some amazing holidays and owned some great cars in my life. All of it paid for with finance in some way or another. As long as you have a healthy attitude towards working and paying off your debts I see no reason why you shouldn't have what you want while you're young enough to enjoy them.
/2p
Jonny
BaT
jonnyleroux said:
the person who is nuts is the one who does none of the things in life he wants to do because of some insane social stigma attached to borrowing money.
I have done a lot of very cool things, had some amazing holidays and owned some great cars in my life. All of it paid for with finance in some way or another. As long as you have a healthy attitude towards working and paying off your debts I see no reason why you shouldn't have what you want while you're young enough to enjoy them.
/2p
Jonny
BaT
Amen to that Jonny!I have done a lot of very cool things, had some amazing holidays and owned some great cars in my life. All of it paid for with finance in some way or another. As long as you have a healthy attitude towards working and paying off your debts I see no reason why you shouldn't have what you want while you're young enough to enjoy them.
/2p
Jonny
BaT
I really don't understand the stigma with finance on here! My company sells high value capital equipment to household names and 99% is financed. Really don't see the problem!
Do all these people not have mortgages? If so they obviously can't afford their houses and are living way beyond their means...
Do all these people not have mortgages? If so they obviously can't afford their houses and are living way beyond their means...
They do indeed. Financing it is actually quite sensible IMO. They return a strong residual so if you want to keep your initial capital outlay to a minimum and just accept the depreciation as a cost of racing then its a good way to go. You can even insure against crash damage from racing so can effectively limit your losses.
jonnyleroux said:
boy said: Finance to buy a race car......you must be nuts
the person who is nuts is the one who does none of the things in life he wants to do because of some insane social stigma attached to borrowing money. I have done a lot of very cool things, had some amazing holidays and owned some great cars in my life. All of it paid for with finance in some way or another. As long as you have a healthy attitude towards working and paying off your debts I see no reason why you shouldn't have what you want while you're young enough to enjoy them.
/2p
Jonny
BaT
BSA said:
+1
I am a know it all, Well not quite that's why your having to borrow 20 k to go racing !
Apologies for trying to keep to a point! I felt I had to be a bit stern to keep the tread to the question I was asking rather than a slagging match but seems to have happened anyway. Do you feel big now, do you feel really important now you've told someone off? Do you struggle to talk to people in the real world and prefer trying to bully on faceless Internet forums. I am a know it all, Well not quite that's why your having to borrow 20 k to go racing !
Johnny et al, I'm not anti finance but having chucky on a race car is diferent to a road car unless of course the op gets insurance, but that isnt cheap and will have a large excess in the event of a claim. As an example we all know how many accidents there are in a grads race so how much do caterham charge for a long front these days which the op will more than likely need at some point during a season. Starting off racing in a car that isnt paid for is not a smart move in my opinion.
boy said: Johnny et al, I'm not anti finance but having chucky on a race car is diferent to a road car unless of course the op gets insurance, but that isnt cheap and will have a large excess in the event of a claim. As an example we all know how many accidents there are in a grads race so how much do caterham charge for a long front these days which the op will more than likely need at some point during a season. Starting off racing in a car that isnt paid for is not a smart move in my opinion.
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.
Gassing Station | Caterham | Top of Page | What's New | My Stuff