Finance on Older Cars
Discussion
Car finance is usually only available on cars which are no older than 7 years old at the end of the agreement so how then do most people buy say:
2004-5 Gallardo's, 360's, DB9's etc
The car value of 55-60k i can afford on pcp deals but i cant seem to find one for these older cars, despite the fact they are at the bottom of their depreciation curve.
Do people either get large personal loans or pay cash ?
2004-5 Gallardo's, 360's, DB9's etc
The car value of 55-60k i can afford on pcp deals but i cant seem to find one for these older cars, despite the fact they are at the bottom of their depreciation curve.
Do people either get large personal loans or pay cash ?
christmc said:
Car finance is usually only available on cars which are no older than 7 years old at the end of the agreement so how then do most people buy say:
2004-5 Gallardo's, 360's, DB9's etc
The car value of 55-60k i can afford on pcp deals but i cant seem to find one for these older cars, despite the fact they are at the bottom of their depreciation curve.
Do people either get large personal loans or pay cash ?
We tried very very hard to get finance for our Gallardo, and couldnt, nobody wanted to loan money on a 4/5 year old Lambo, so we had to pay cash from savings in the end. I dont think the underwriters care if a car has reached the bottom of it's depreciation curve, they just see it as an older car. 2004-5 Gallardo's, 360's, DB9's etc
The car value of 55-60k i can afford on pcp deals but i cant seem to find one for these older cars, despite the fact they are at the bottom of their depreciation curve.
Do people either get large personal loans or pay cash ?
christmc said:
I have already tried Oracle and they were the ones who told me they dont like cars older than 7 years at the end of the term,,,
It seems crazy that i cant easily finance a car that will clearly hold very good value at this stage in its life,
It depends on the risk. Age at end of term is a consideration, but they'll look at the deal as a whole depending on deposit, status, history, etc.It seems crazy that i cant easily finance a car that will clearly hold very good value at this stage in its life,
We used Rob Johnson of Classic and Sports Finance, he tried everything, he tried for a good two weeks to get us finance. We had a fairly decent deposit too. Nobody wanted to lend. He said it wasn't us, it was the current climate, this was last August, so things may have changed. Also the problem we found is, the more applications you make, the more search's are recorded on your credit file, making each additional application less hopeful of succeeding.
Peter101 said:
We used Rob Johnson of Classic and Sports Finance, he tried everything, he tried for a good two weeks to get us finance. We had a fairly decent deposit too. Nobody wanted to lend. He said it wasn't us, it was the current climate, this was last August, so things may have changed. Also the problem we found is, the more applications you make, the more search's are recorded on your credit file, making each additional application less hopeful of succeeding.
Had exactly the same problem last year - Rob tried really hard for me and found just one company but they wouldn't deal with the dealer !!Ended up using these guys :
http://www.closeassetfinance.co.uk/
Needed a larger deposit and a couple of % on the APR.
Peter101 said:
We used Rob Johnson of Classic and Sports Finance, he tried everything, he tried for a good two weeks to get us finance. We had a fairly decent deposit too. Nobody wanted to lend. He said it wasn't us, it was the current climate, this was last August, so things may have changed. Also the problem we found is, the more applications you make, the more search's are recorded on your credit file, making each additional application less hopeful of succeeding.
I have used Rob on many occassions to fianance Bentleys for customers going back to 94 Turbo R's..........balances a lot lower than on Lambo's of coursePOORCARDEALER said:
Peter101 said:
We used Rob Johnson of Classic and Sports Finance, he tried everything, he tried for a good two weeks to get us finance. We had a fairly decent deposit too. Nobody wanted to lend. He said it wasn't us, it was the current climate, this was last August, so things may have changed. Also the problem we found is, the more applications you make, the more search's are recorded on your credit file, making each additional application less hopeful of succeeding.
I have used Rob on many occassions to fianance Bentleys for customers going back to 94 Turbo R's..........balances a lot lower than on Lambo's of courseI've just bought a F430 on finance, and struggled with most of the issues above.
Some wouldn't touch the car, some wouldn't touch the dealer. One bank ruled the deal out based on the fact that the current owner didn't have to original dealer invoice from 2006!!
Daniel @ Oracle came through with the goods.
One piece of advice as you're shopping around. Get quotes based upon the car, and the term, and not on your credit rating. Specifically insist that they do NOT perform a credit check until you're happy with the terms. If you don't, check after check in a short period of time can go against you.
Some wouldn't touch the car, some wouldn't touch the dealer. One bank ruled the deal out based on the fact that the current owner didn't have to original dealer invoice from 2006!!
Daniel @ Oracle came through with the goods.
One piece of advice as you're shopping around. Get quotes based upon the car, and the term, and not on your credit rating. Specifically insist that they do NOT perform a credit check until you're happy with the terms. If you don't, check after check in a short period of time can go against you.
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