financing a newer 911 - balloons and other flights of fancy
Discussion
just some theoretical questions.........
if one were mulling over the financing of a newer 911, and looking at initial deposit/interest/balloon type financing, are porsche GB competitive or are there independents (financiers or dealers) who offer a similar service with better rates?
and does anyone know of any websites where once can plug in entirely theoretical numbers and get entirely theoretical quotes....?
if one were mulling over the financing of a newer 911, and looking at initial deposit/interest/balloon type financing, are porsche GB competitive or are there independents (financiers or dealers) who offer a similar service with better rates?
and does anyone know of any websites where once can plug in entirely theoretical numbers and get entirely theoretical quotes....?
I found the only deal to be had with the OPC was over interest rates...
The OPC offered a larger balloon, saying they could judge the values better (whether thats good ot bad as yet undecided).
When looking at RTI or GAP insurance Porsche were a rip off, it can be purchased from most finance house etc...I found a difference of over £800 on the GAP insurance which clinched my deal away from the OPC, even though they offered a better interest rate.
gwp
The OPC offered a larger balloon, saying they could judge the values better (whether thats good ot bad as yet undecided).
When looking at RTI or GAP insurance Porsche were a rip off, it can be purchased from most finance house etc...I found a difference of over £800 on the GAP insurance which clinched my deal away from the OPC, even though they offered a better interest rate.
gwp
softinthehead said:You need to haggle to get their interest rate down, but they will budge. The maximum balloon allowed will depend on the predicted residuals on the car concerned. The deposit will need only to be big enough to cover the 'out of the showroom' depreciation, which is mostly dealer profit.
just some theoretical questions.........
if one were mulling over the financing of a newer 911, and looking at initial deposit/interest/balloon type financing, are porsche GB competitive or are there independents (financiers or dealers) who offer a similar service with better rates?
and does anyone know of any websites where once can plug in entirely theoretical numbers and get entirely theoretical quotes....?
It's easy enough to write a spreadsheet to play around with some figures yourself.
As a rule, dedicated finance institutions tend to offer better rates than you get from the middleman (whether it be Porsche or any other manufacturer). Its just a case of trawling on internet etc and calling to find the best deal for that car.
If you are after a good quick and easy idea of PCP plans try out www.broadspeed.com as you can specify term/mileage/deposit etc.
If you are after a good quick and easy idea of PCP plans try out www.broadspeed.com as you can specify term/mileage/deposit etc.
thanks for the replies. i was looking at 36k on a 996 911 from OPC. deposit 8K. what I wanted was an idea of monthly repayments on a balloon model and the likely final payment, on a 36month contract. though with 996 prices in free-fall at the moment perhaps it would be better to wait a little!
Call Andy Wise at sports&classic finance - 07050 139381
www.classicandsportsfinance.com
He is very good.
www.classicandsportsfinance.com
He is very good.
Try this calculator. Switch it to business. Good for working out your repayments and/or what actual % you might be paying..
www.nedbank.co.za/website/content/calculators/calculatorframes.asp?calcid=14
www.nedbank.co.za/website/content/calculators/calculatorframes.asp?calcid=14
softinthehead said:
thanks for the replies. i was looking at 36k on a 996 911 from OPC. deposit 8K. what I wanted was an idea of monthly repayments on a balloon model and the likely final payment, on a 36month contract. though with 996 prices in free-fall at the moment perhaps it would be better to wait a little!
Porsche finance put 50% deferred over 3 years and 45% over 4 years. Hope this helps
But no matter how you look at it you will be paying someone £1000s of pounds. This is of course in addition to the £1000s lost in deprec. Now the deprec we all say is the price for us petrol heads to enjoy our passion, but why line the sharks pockets? Save up until you have the money to buy outright. Not only will you drive the car with more pride but you will have more money left to buy the next supercar you want in 3 years time
Just my tuppence for the little its worth
Just my tuppence for the little its worth
deep said:Each to his own, and that sounds an admirable goal, but by the time the average person has saved up enough to buy a 911 he/she is more interested in Saga holidays
But no matter how you look at it you will be paying someone £1000s of pounds. This is of course in addition to the £1000s lost in deprec. Now the deprec we all say is the price for us petrol heads to enjoy our passion, but why line the sharks pockets? Save up until you have the money to buy outright. Not only will you drive the car with more pride but you will have more money left to buy the next supercar you want in 3 years time
In the example softinthehead is using (borrowing £28k) his monthly interest payments will initially be about £150, that's really not a lot of money if it gets you what you want. When you compare it with the other costs of ownership - depreciation, insurance, fuel/tyres etc. it's reasonable enough. These days people think nowt of paying out up to a grand a month on a mortgage, it's no different. Life's too short to worry about it so long as you can afford it.
Hi,
Similar thoughts are currently going through my mind.
Northern Rock will do £25K unsecured over 10 years at £274 a month. If you keep paying for 10 years it costs £7.5K in interest (5.8%). But who says you have to keep it? pay for a while, move the car, settle the debt and start again.
My 2p.
Similar thoughts are currently going through my mind.
Northern Rock will do £25K unsecured over 10 years at £274 a month. If you keep paying for 10 years it costs £7.5K in interest (5.8%). But who says you have to keep it? pay for a while, move the car, settle the debt and start again.
My 2p.
BobM said:
But no matter how you look at it you will be paying someone £1000s of pounds. This is of course in addition to the £1000s lost in deprec. Now the deprec we all say is the price for us petrol heads to enjoy our passion, but why line the sharks pockets? Save up until you have the money to buy outright. Not only will you drive the car with more pride but you will have more money left to buy the next supercar you want in 3 years time
In the example softinthehead is using (borrowing £28k) his monthly interest payments will initially be about £150, that's really not a lot of money if it gets you what you want. When you compare it with the other costs of ownership - depreciation, insurance, fuel/tyres etc. it's reasonable enough. These days people think nowt of paying out up to a grand a month on a mortgage, it's no different. Life's too short to worry about it so long as you can afford it.
The difference is that "a grand a month on a mortgage" is seen as an investment. You will more than likely make money. You won't do this spending "a grand a month on a car".
I know some of you may feel this a little reckless..!
But why not borrow on a mortgage further advance.
£30k will cost around £190 per month in repayments. That is about the same cost as leasing a MundaneO.
Then in 5 years or so sell the car and repay the residual value to the mortgage company. Factor in the depreciation and it still comes out a reasonable way of a cash poor person getting into their dream.
As you may tell, I am from the LIVE NOW PAY LATER lifestyle, but not a credit card in sight.
Graham
But why not borrow on a mortgage further advance.
£30k will cost around £190 per month in repayments. That is about the same cost as leasing a MundaneO.
Then in 5 years or so sell the car and repay the residual value to the mortgage company. Factor in the depreciation and it still comes out a reasonable way of a cash poor person getting into their dream.
As you may tell, I am from the LIVE NOW PAY LATER lifestyle, but not a credit card in sight.
Graham
Crook said:
Hi,
Northern Rock will do £25K unsecured over 10 years at £274 a month. If you keep paying for 10 years it costs £7.5K in interest (5.8%). But who says you have to keep it? pay for a while, move the car, settle the debt and start again.
beware the early repayment penalties, esp. with people like NR
I found Porsche would match Lombard at approx 6% and they were the only people I could find who offered the Porsche deal, ie the ability to pay off early and get immediate interest credit for doing it w/o penalty (you just need to leave at least a £1 of o/s credit till the end of the term)
borrow at the cheapest rate and if that is your mortgage then do it if you have the credit buffer
I'm not trying to adopt a moral highground here as my first performance car ( 205 1.6 GTi) 12 years ago I bought at 25% apr!!!!!!!!!!! I didn't know what apr meant back then...
Time has taught me don't borrow(too much) to buy cars. Over the years this will amount to 10s of 1000s of £s. For some 100s of 1000s. Buy what you can afford, not what banks try and convince you can can afford.
My tuppence....
Time has taught me don't borrow(too much) to buy cars. Over the years this will amount to 10s of 1000s of £s. For some 100s of 1000s. Buy what you can afford, not what banks try and convince you can can afford.
My tuppence....
silver993tt said:Sorry, you misunderstood, I meant a grand on interest alone. I'll accept that the repayment part of a mortgage could be considered an investment, but surely the interest is 'lining the sharks pockets' to quote an earlier poster
The difference is that "a grand a month on a mortgage" is seen as an investment. You will more than likely make money. You won't do this spending "a grand a month on a car".
BobM said:
The difference is that "a grand a month on a mortgage" is seen as an investment. You will more than likely make money. You won't do this spending "a grand a month on a car".
Whether it's interest or not, with a mortgage you will achive capital gains most of the time. Even after interest payments your asset will be worth more than you paid for it after some years. Not so with a car
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