Finance for a gtr or cars around 50k

[Nnnnnnnn]

Hi looking for advice on how people go about purchasing cars within the 50k region? I aim to own one of these cars for a few years but can’t work out what the best way to minimise the money lost due to this being an asset that will loose money and I am fully aware of this. My main idea would be to deposit 20k in the car with the rest on pcp to bring the monthly payments down? I don’t expect people to tell me there figures but even point me in the direction On the best way to own GTRs or similar cars within this price range, unfortunately I don’t have the full amount of money lying about to purchase the car outright

[Edible Roadkill]

Maybe try oracle finance or lombard.

Pcp on a used car is generally an expensive exercise and frowned upon.

You also should be able to get a personal loan of 25k for 3%ish.

[bogie]

As much cash deposit and the lowest rate personal loan you can find.

Try zopa, or maybe your bank, usually the unsecured loan limit is £25k ish and you should be able to get sub 4% APR

[CzechItOut]

Nationwide will lend you £25k at 3% APR over 5 years, which works out at £448.76 a month. Once you get over £25k the APR shoots right up.

Therefore, if you can put £25k down and a £25k loan, you'll pay £1,925.60 in interest over five years, plus whatever the car costs you to run and depreciation.

A PCP type deal will reduce the amount of deposit required and have lower monthly payments, but you'll pay significantly more in interest.

[EmilA]

To give you an idea I financed my GTR (in 2015) & my RS6 (last year), figures roughly were;

'09 GTR - 7k deposit and 480 a month with 14k balloon at the end
'14 RS6 - 3k deposit and 520 a month with 21k balloon at the end

[Mortgage_tom]

Oracle are worth calling, have used them myself.

These guys have a great calculator, not used them myself:

https://jbrcapital.com/car-finance-calculator/

Calculator is probably a bit optimistic, the max balloon will always depend on the actual car I think.

[Sir_Dave]

Edible Roadkill said:

Pcp on a used car is generally an expensive exercise and frowned upon.

Only because the dealers take the p1ss and get commission so the APR's get ramped up.

A decent aftermarket broker shouldnt charge much, if anything more for cars up to 4/5 years old

Nnnnnnnn said:

Hi looking for advice on how people go about purchasing cars within the 50k region? I aim to own one of these cars for a few years but can’t work out what the best way to minimise the money lost due to this being an asset that will loose money and I am fully aware of this. My main idea would be to deposit 20k in the car with the rest on pcp to bring the monthly payments down? I don’t expect people to tell me there figures but even point me in the direction On the best way to own GTRs or similar cars within this price range, unfortunately I don’t have the full amount of money lying about to purchase the car outright

To give you some ballparks based on this car: https://www.autotrader.co.uk/classified/advert/201...

Assuming the credit is ok, its an FCA registered dealer, everything is subject to underwriting etc etc etc, you'd be looking at £51,995 being circa £320 a month over 5 years with a deposit of £20k, a balloon of £20k and an APR in the mid 5's.

As per the other posters above though, it would cheaper interest wise to get a couple of £15k loans over 5 years, circa £275 a month each on 3% APR, but that might not work for your situation.

Hope that helps

Edited by Sir_Dave on Tuesday 23 April 11:21

[Zoon]

EmilA said:

To give you an idea I financed my GTR (in 2015) & my RS6 (last year), figures roughly were;

'09 GTR - 7k deposit and 480 a month with 14k balloon at the end
'14 RS6 - 3k deposit and 520 a month with 21k balloon at the end

Over what term and how much were the cars?

[EmilA]

It was over 4 years on each deal doing 10k per annum, APR was around 6.5% or 7% IIRC. GTR was 39k and RS6 was just under 43k

The deals were via Oracle as well. From my experience the difference between finance companies can end up being a pound or two cheaper.

The GTR I got my initial deposit back when I sold the car for 35k after doing 11,000 miles over 18 months, the RS6 was rejected back to the Audi dealer after a few weeks so no numbers to quote there.

[Zoon]

EmilA said:

It was over 4 years on each deal doing 10k per annum, APR was around 6.5% or 7% IIRC. GTR was 39k and RS6 was just under 43k

The deals were via Oracle as well. From my experience the difference between finance companies can end up being a pound or two cheaper.

The GTR I got my initial deposit back when I sold the car for 35k after doing 11,000 miles over 18 months, the RS6 was rejected back to the Audi dealer after a few weeks so no numbers to quote there.

Thanks, good bit of info there.

[BaronMcLaren]

OP you could try these guys http://www.holmesdalefinance.co.uk

Ask for Daryl, he’s helped a couple of friends in recent months.

I can’t find the link but they advertise on here, might be worth mentioning.

[red_slr]

For PCP then Oracle or JBR depending on the vehicle. Oracle can probably offer a better initial rate than JBR on something that's £50k.

Oracle are BPF brokers, for what that's worth.

However as you have £20k deposit I would find an extra £5k and get a 25k personal loan its going to save you a *lot* in interest.

[Mr-B]

Had an MSE email today about M&S Bank soon to be removing their cheap loans, up to £20k at 2.8 apr (£580 pm over 3 years), jumps to 6.7% above that.