finance for not-new 911
Discussion
A personal loan would have you paying off 100% of the car over, say, 5 yrs. I expect a GT3 to still be worth >30k in 5 yrs time, though lets be conservative and say £25k.
I would rather just finance the £25k depreciation than the whole £45k purchase price.
Re: mortgage and extension - I can do that - and pay low %, but my banker amy be a bit pissed off when he sees me in a nice car!
I suppose I'm just being impatient. I should realy wait until next year when a couple of projects come to fruition - but as a friend just told me, next year I'll tie that money up in something else and there'll never be a 'good' time to blow £45k on a GT3.
I would rather just finance the £25k depreciation than the whole £45k purchase price.
Re: mortgage and extension - I can do that - and pay low %, but my banker amy be a bit pissed off when he sees me in a nice car!
I suppose I'm just being impatient. I should realy wait until next year when a couple of projects come to fruition - but as a friend just told me, next year I'll tie that money up in something else and there'll never be a 'good' time to blow £45k on a GT3.
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!
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!!
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