finance for not-new 911
Discussion
just heard back from www.classicandsportsfinance.com/
These guys are the absolute business! Got back to me today with an offer so much better than anybody else - they obviously understand the Porsche thing!
These guys are the absolute business! Got back to me today with an offer so much better than anybody else - they obviously understand the Porsche thing!
LeeME3 said:
So why might a firm like classicandsportsfinance.com be better than just trawling the internet for the best rate on a personal loan? No axe to grind, just curious.
Well, in my case they allowed me to take a balloon payment at the end of the period which reduces my monthly payments quite considerably (and I've set the balloon low enough that I am expecting/hoping there will be enough equity left to be a deposit on the next car). Also, the product is really flexibile - I can overpay / pay off early / reduce the balloon by a bit or in total whenever I want with no penalty.
If monthly cost was not an issue I'd go for the northern rock loan without a doubt but of course the folk on here running these cars range from those who have 3 or 4 exotic cars and have paid cash for all of them through to those like me who are realising a dream and have to take a more practical view of our finances. It's just an alternative way of funding and is right for me! Of course, an alternative would be to take a personal loan over, say, 5 years with a view to paying it off after 3 years - sort of achieves the same as the balloon payment idea, but there is a limit to how many personal loans one man can have (if you know what I mean!).
The one advantage of a personal loan is that it is unsecured and doesn't have to be settled if you sell the car - you can change cars willy nilly or if some unforseen problem arises.
Many people forget when taking Hire Purchase / Lease Purchase facilities often with large balloons how punitive the settlement loadings can be - especially on fixed rate agreements. You can try to find a true variable rate facility that has a day to day interest calculation and no penalty on early termination, but these are rare nowadays.
Egbert Nobacon said:
The one advantage of a personal loan is that it is unsecured.....
I'll check my paperwork but I think the deal I got is actually unsecured.
johnfm - glad they could sort you out, enjoy spending the funds!
What impressed me was when they stayed late on a friday working a bank transfer so that I could collect the car the following day (early!), a nice touch that just reminds you decent service is not entirely gone!
...and yes, very competitve compared to Porsche Finance!
vario-rob said:
I obtained a quotation from Classic & Sports finance recently to fund the purchase of another DeTomaso and found them to be pretty decent and more importantly for those with a taste in bizarre motors more than happy to fund it, in that respect they are pretty much unique.
The issue of whether or not to tie your own cash up in a depreciating asset or not comes down in part to what it is you do for a living and how you invest your money.
If like me you’re a bricks and mortar sort of bloke I know damn well I can use £50k more effectively in another project than I can sat on the drive. Use a competitive development funding source into a well conceived project bought ‘off market’ and the £50k becomes £100k 12 months later. This we know as a good thing.
That said, there comes a time when its time to enjoy the fruits of your labours and buy another set of wheels so when the 993 goes its replacement will probably not be financed. My reasoning for this is purely because I’ve put up with all the bloody objectors to the planning application that made me the loot and I like to think the cars that make it worthwhile are wholly mine and not the banks.
Down to personal circumstance but certainly Classic & Sports Finance are worth a stab, my best advice though is to get them to quote the rate as with the balanced payments scheme they operate it may not be that clear what the true rate actually is.
Er, if you can turn £50k into £100k in 12 months you should be worth millions within a few years. Well done! You can buy the Zonda(replace with supercar of your choice) cash very soon
deep said:
I obtained a quotation from Classic & Sports finance recently to fund the purchase of another DeTomaso and found them to be pretty decent and more importantly for those with a taste in bizarre motors more than happy to fund it, in that respect they are pretty much unique.
The issue of whether or not to tie your own cash up in a depreciating asset or not comes down in part to what it is you do for a living and how you invest your money.
If like me you’re a bricks and mortar sort of bloke I know damn well I can use £50k more effectively in another project than I can sat on the drive. Use a competitive development funding source into a well conceived project bought ‘off market’ and the £50k becomes £100k 12 months later. This we know as a good thing.
That said, there comes a time when its time to enjoy the fruits of your labours and buy another set of wheels so when the 993 goes its replacement will probably not be financed. My reasoning for this is purely because I’ve put up with all the bloody objectors to the planning application that made me the loot and I like to think the cars that make it worthwhile are wholly mine and not the banks.
Down to personal circumstance but certainly Classic & Sports Finance are worth a stab, my best advice though is to get them to quote the rate as with the balanced payments scheme they operate it may not be that clear what the true rate actually is.
Er, if you can turn £50k into £100k in 12 months you should be worth millions within a few years. Well done! You can buy the Zonda(replace with supercar of your choice) cash very soon
That's how most property developers I see in Leeds finance their Ferrari's etc. One guy back to backed a deal on 120 flats! Got a 17% discount on 120 flats, sold them same day (he had ivestment group already in place, obviously) to investor group for 9% discount. Made 8% marging on a £15.6million deal. The maths tells me he made £1.2million on that deal! Bastard!!
johnfm said:
I obtained a quotation from Classic & Sports finance recently to fund the purchase of another DeTomaso and found them to be pretty decent and more importantly for those with a taste in bizarre motors more than happy to fund it, in that respect they are pretty much unique.
The issue of whether or not to tie your own cash up in a depreciating asset or not comes down in part to what it is you do for a living and how you invest your money.
If like me you’re a bricks and mortar sort of bloke I know damn well I can use £50k more effectively in another project than I can sat on the drive. Use a competitive development funding source into a well conceived project bought ‘off market’ and the £50k becomes £100k 12 months later. This we know as a good thing.
That said, there comes a time when its time to enjoy the fruits of your labours and buy
another set of wheels so when the 993 goes its replacement will probably not be financed. My reasoning for this is purely because I’ve put up with all the bloody objectors to the planning application that made me the loot and I like to think the cars that make it worthwhile are wholly mine and not the banks.
Down to personal circumstance but certainly Classic & Sports Finance are worth a stab, my best advice though is to get them to quote the rate as with the balanced payments scheme they operate it may not be that clear what the true rate actually is.
Er, if you can turn £50k into £100k in 12 months you should be worth millions within a few years. Well done! You can buy the Zonda(replace with supercar of your choice) cash very soon
That's how most property developers I see in Leeds finance their Ferrari's etc. One guy back to backed a deal on 120 flats! Got a 17% discount on 120 flats, sold them same day (he had ivestment group already in place, obviously) to investor group for 9% discount. Made 8% marging on a £15.6million deal. The maths tells me he made £1.2million on that deal! Bastard!!
Thats my point exactly, the person you talk of has £1.5million cash and doesn't need finance for a £100k car. If variorob has the same knack as he claims, then finance for cars is not needed.
Gassing Station | Porsche General | Top of Page | What's New | My Stuff