Best way to finance an F430

[thisislife]

I am currently looking to buy a F430 and have seen a few I’m interested in. The price is around 80k. I have never purchased a car of this value before so I’m wondering what the best way of financing the car is.

A) Use my own cash in the bank?

B) Get a big loan from the bank?

C) Take finance out on the car from the garage i purchase from?

D) Something else...?

Lumping my own money into it seems a bit silly as it will obviously loose value fairly quickly and the money is effectively sat dead in the car. To me, getting a loan seems the smarter option as I don’t have all my own money tied up.

Please can anyone let me know from their experience which is the best route.

Thanks in advance

[Modena Scotland]

You will lose money on the car no matter how you buy it. Unless you have a good use for your money, cash is the way forward.

I have always bought cars by cash.

[zippy144]

Hi

Never take the Finance offered by the Garage, they always have high APR's, normally around 14-18% which is sky high.

Always shop around for finance, i use private brockers who will always find and give you the best deals.

Regards

Tom aka Zippy

[anonymous-user]

Modena Scotland said:

You will lose money on the car no matter how you buy it. Unless you have a good use for your money, cash is the way forward.

I have always bought cars by cash.

Agreed. No better feeling than having a motor with no finance. "Yes, I really do own it"!

[ShadownINja]

Modena Scotland said:

You will lose money on the car no matter how you buy it. Unless you have a good use for your money, cash is the way forward.

Defo. If you are thinking, "I could invest my £80k in my business and it will return me 25% compounded year on year." then take the loan.

[EightFortySeeEye]

well if u use your cash then u use your cash

if u get a loan your gonna pay interest of top for no reason while spending 80k paying back the loan anyway so you effectively give whoever free money

getting a loan is not going secure the value of your car in any way

finance again is no different except you'll probably give away more free money

theres nothing wrong with cash unless you need it for something else in which case your probably better off not buying the car and getting something cheaper

[uuf361]

I'd use cash (and always have TBH)

If you fancy financing the Jamie @ www.performancecarfinance.com always seems to put dealers finance quotes to shame plus he a petrolhead too which helps

[neolee40]

This is what I would take your 80k and put it into a income producing asset like property I have bought over 154 properties using non of my own money this way and this is what will pay for my Gallardo.

Here’s an example I have a 3 bedroom property in Stockport it’s a 3 bedroom semi detached my mortgage on it is now £171 a month.

I rent each room for £300 a room. I also turned the lounge into bedroom and rent that out as well. So in total I get £1200 each month and it has been let like this for the last 14 months.

My profit on this is £1029pcm this will easily fund your F430. If you want me to let you know how I did this drop me a line through my profile and I can help you do it.

Speak soon

John



John, Please no signatures advertising your business or links to your own site in the threads see Posting rules point 7

7.Post links to websites or adverts for your own commercial gain. Please use our classifieds section for cars, parts etc. or contact the sales team for banner advertising.

cheers BB

Edited by Ballistic Banana on Sunday 22 March 14:03

[A1]

Im in a similair boat. Decided using the finance option because i can make use of the money in a better way and get a healthy return through my business.

At the moment i'm being 7.8% by oracle finance. Not shopped around yet but anyone recommend any other companies etc?

[anonymous-user]

A1 said:

Im in a similair boat. Decided using the finance option because i can make use of the money in a better way and get a healthy return through my business.

At the moment i'm being 7.8% by oracle finance. Not shopped around yet but anyone recommend any other companies etc?

What sort of balloon payments do they require at the end of the period? I'd guess right now they are increasing quite substantially with depreciation as it is!

[A1]

10k deposit, 75k loan, 38k balloon. (from what i remember), 4 year deal

[sjn2004]

neolee40 said:

This is what I would take your 80k and put it into a income producing asset like property I have bought over 154 properties using non of my own money this way and this is what will pay for my Gallardo.

Here’s an example I have a 3 bedroom property in Stockport it’s a 3 bedroom semi detached my mortgage on it is now £171 a month.

I rent each room for £300 a room. I also turned the lounge into bedroom and rent that out as well. So in total I get £1200 each month and it has been let like this for the last 14 months.

My profit on this is £1029pcm this will easily fund your F430. If you want me to let you know how I did this drop me a line through my profile and I can help you do it.

Speak soon

John



John, Please no signatures advertising your business or links to your own site in the threads see Posting rules point 7

7.Post links to websites or adverts for your own commercial gain. Please use our classifieds section for cars, parts etc. or contact the sales team for banner advertising.

cheers BB

Edited by Ballistic Banana on Sunday 22 March 14:03

How did you get a 3 bed semi in Stockport for only £171 per month without any of your own cash going in? Thats so good it must be true.

[andyleeds]

A1 try jamie @ paragon you can find his links on 911uk.com

[neil-f]

Past easy finance has caused downfall now of car sales as the manufactures have over supplied the market with cars people cannot realistically aford to buy (Aston Martin is a good example they still have 2007 models unsold).
If you pay cash then in times like this recession you can still enjoy what you bought rather than hand it back at ballon time and get s Ford KA or possibly nothing! I have a friend with £73k balloon due on a Bentley and it is only worth £60k as a trade in!!!
Rather have what I can afford rather than get finance to buy something that I could not afford.

[evil_dr_fish]

Theft!

[willcrookz]

buy it with cash if you feel you have nothing better to do with it.

[selmahoos]

sjn2004 said:

neolee40 said:

This is what I would take your 80k and put it into a income producing asset like property I have bought over 154 properties using non of my own money this way and this is what will pay for my Gallardo.

Here’s an example I have a 3 bedroom property in Stockport it’s a 3 bedroom semi detached my mortgage on it is now £171 a month.

I rent each room for £300 a room. I also turned the lounge into bedroom and rent that out as well. So in total I get £1200 each month and it has been let like this for the last 14 months.

My profit on this is £1029pcm this will easily fund your F430. If you want me to let you know how I did this drop me a line through my profile and I can help you do it.

Speak soon

John



John, Please no signatures advertising your business or links to your own site in the threads see Posting rules point 7

7.Post links to websites or adverts for your own commercial gain. Please use our classifieds section for cars, parts etc. or contact the sales team for banner advertising.

cheers BB

Edited by Ballistic Banana on Sunday 22 March 14:03

How did you get a 3 bed semi in Stockport for only £171 per month without any of your own cash going in? Thats so good it must be true.

Even if it were, with 4 occupants the dwelling is an HMO. Most of them are a nightmare to manage, not to mention costly to properly set up, and over the course of a year, constant full occupancy is highly unlikely, apart from the omission of other (and in HMOs they are sizeable) operating costs, not least of which is CT at the full rate which is levied on owners of HMOs.

[James8418]

That guy got lucky with the house as he probably took a tracker mortgage before the rates went down. His new Lambo will be on the back of a truck as soon as the rates go back up. Enjoy it while you can Pal

[M3CD]

thisislife said:

I am currently looking to buy a F430 and have seen a few I’m interested in. The price is around 80k. I have never purchased a car of this value before so I’m wondering what the best way of financing the car is.

A) Use my own cash in the bank?

B) Get a big loan from the bank?

C) Take finance out on the car from the garage i purchase from?

D) Something else...?

Lumping my own money into it seems a bit silly as it will obviously loose value fairly quickly and the money is effectively sat dead in the car. To me, getting a loan seems the smarter option as I don’t have all my own money tied up.

Please can anyone let me know from their experience which is the best route.

Thanks in advance

Tough question - in normal economic circumstances I would say cash.

HOWEVER in today's environment where if you lose your job and could be out of work for 18mths whilst the economy stops plummeting there is a good case for retaining an element of liquidity.

So if you still have dosh left over to cover any potential downside in your job go cash - if not try and strike a balance between finance and cash.

[Need For Speed]

If you have the cash, that's the way to go .