Most effective way to finance 2nd hand sportscar

[b14]

I’m not particularly good at this stuff - have one car bought outright and one on lease. Want to get a Jag F Type, around £40k. We’ve got the cash to just buy it outright but we’re not too far away from a house renovation so would rather not tie that £40k up in a car right now.

What are the most effective options for financing a second hand car around this value? PCP and then pay the balloon? Personal loan? Or just buy it outright? Money is still relatively cheap to borrow and inflation obviously means debt can be good, so interested to know the best way people would recommend.

Earnings are good and credit scores good so should be able to get best rates.

[vulture1]

Personal loan surely. But usually is 25k or sometimes 30k max. Nothing stopping you going to 2 separate banks though.

[bristolbaron]

40k mortgage for the house stuff paid back over the time you’d make the car payments?

[Mr_Megalomaniac]

I believe there are a handful of specialist lenders in this space, but for example if you check with Lloyds I'm sure they'll finance a significant enough chunk of that.
Two others I've heard of are https://www.classicandsportsfinance.com/ and Capital Bank

[skeeterm5]

Depending on your status your bank will lend you this amount as an unsecured personal loan.

My bank is offering me £50,000 unsecured at a fixed rate of 5.9%.

[PrinceRupert]

skeeterm5 said:

Depending on your status your bank will lend you this amount as an unsecured personal loan.

My bank is offering me £50,000 unsecured at a fixed rate of 5.9%.

Seems that 25k is the tipping point for higher rates 3.4% v 5.9%

[goldar]

Just the thread I was looking for...

I'm looking to buy a used car, however I don't have 40k lying around, and I don't want to pay 10% + in interest from finance companies. I've seen as little as 3% on up to 25k personal loans, increasing that tips it to 6% +. Is the solution to take two 20k loans? Would a provider give two loans of 20k, or would I have to go to two different companies?

[vulture1]

goldar said:

Just the thread I was looking for...

I'm looking to buy a used car, however I don't have 40k lying around, and I don't want to pay 10% + in interest from finance companies. I've seen as little as 3% on up to 25k personal loans, increasing that tips it to 6% +. Is the solution to take two 20k loans? Would a provider give two loans of 20k, or would I have to go to two different companies?

clearly the threa you didnt read through though

vulture1 said:

Personal loan surely. But usually is 25k or sometimes 30k max. Nothing stopping you going to 2 separate banks though.