Advice on financing 997 PDK Turbo / Turbo S from OPC
Discussion
sasha320 said:
Just looked in my banking app and they are offering 3.9% APR for £25k.
I'm assuming less for £50k? Even so that's a c£4k charge for 2 year's finance, which hands down beats PCP.
First direct will lend their customers £30k at about 3.4% but most lenders will only lend £25k unsecuredI'm assuming less for £50k? Even so that's a c£4k charge for 2 year's finance, which hands down beats PCP.
Cheib said:
Most of the low rate deals have penalties if you pay off early which Porsche/VW Finance doesn't and you should be able to get some kind of discount for taking Porsche finance from an OPC.
Once you factor those in the Porsche finance isn't too bad.
This is a good point, if I manage to get a further £1k or more knocked off the purchase price through financing it with Porsche Finance, then this combined with swerving any early repayment penalties, might make the OPC rate cheaper overall for me.Once you factor those in the Porsche finance isn't too bad.
As an aside, where does OPC finance stand with securing the loan? Is it against the car itself or some other security or unsecured?
Next stop, find the car and get a discussion rolling.
Thanks to all for their help.
OPC finance will be secured against the car, and I agree with Cheib that once you add in a discount and the fact that you can actually obtain the £50k you need OPC finance isn't actually that bad.
If you find anywhere else that will lend you £50k against a car I'd be interested to know where.
If you find anywhere else that will lend you £50k against a car I'd be interested to know where.
Cheib said:
Most of the low rate deals have penalties if you pay off early which Porsche/VW Finance doesn't and you should be able to get some kind of discount for taking Porsche finance from an OPC.
Once you factor those in the Porsche finance isn't too bad.
lol with man maths !!! and the hoops you have to jump through with mile limits and warranty etc.Once you factor those in the Porsche finance isn't too bad.
no loans I have used have had penalties EVER ! and you can get £35k from most places easy.
Yes £50k is a tough ask, but his OPC might not lend him £50k either.
I have just bought another car on a loan at 3.1% as I could not get any lease or PCP deal to even get close to total cost of ownership. Took a 5 year deal, will top it back up after 2 years with zero penalties, or I could pay it off.
or the best way is to finance yourself from your house at 2% or less.
The discount does not even get close to the interest you pay on finance, hence why you get offered a discount, it's a token gesture, to sway the deal.
be intresting from the OP what the PCP rate he gets is and the total cost of interest, if he posts it up.
because a £1k discount will not offset the £10k interest lol
Edited by Porsche911R on Wednesday 22 February 09:13
Porsche911R said:
no loans I have used have had penalties EVER ! and you can get £35k from most places easy.
Yes £50k is a tough ask, but his OPC might not lend him £50k either.
No point suggesting a 3.x% loan if it's not actually achievable on £50k then is there? it doesn't help in this specific situation.Yes £50k is a tough ask, but his OPC might not lend him £50k either.
Being secured on the car you're much more likely to get £50k via OPC finance, and the rates aren't credit card crazy.
sasha320 said:
Are there mile limits on HP?
Keeping the warranty and FPSH, as well as fully comp insurance with gap/invoice insurance makes sense to mitigate a total loss / early disposal.
Yes, you'll have a 5k or 10k mileage limit with cost penalties (pence per mile over the allowance) in order to maintain the GFV.Keeping the warranty and FPSH, as well as fully comp insurance with gap/invoice insurance makes sense to mitigate a total loss / early disposal.
sasha320 said:
Are there mile limits on HP?
Keeping the warranty and FPSH, as well as fully comp insurance with gap/invoice insurance makes sense to mitigate a total loss / early disposal.
PCP yes as the quote is based on a GFV, you will have no issue as you are putting down £30k so not much risk if you hand the car back after 3 years, people who put little deposit down normally just hand the car back, and the value in cars is in the miles.Keeping the warranty and FPSH, as well as fully comp insurance with gap/invoice insurance makes sense to mitigate a total loss / early disposal.
HP , not sure as I have never had a car loan from a dealer, I always have a rolling bank loans and say its for house improvments !
The cars mine 100% then and I can do with it as I please.
Edited by Porsche911R on Wednesday 22 February 09:42
It does wind me up a little when i read comments about PCP being part of the downfall of the financial system & that anyone using PCP clearly can't afford the car as that's total BS & purely an individuals opinion (often unfounded). In exactly the same way many scurge the insanely cheap lease/CH deals available on certain cars that are clearly being supported by their respective mfctrs.
Whilst i'm sure a %age of PCP buyers are using the product as a means to get a better car they may otherwise be unable to afford, PCP in the main is a valuable vehicle acquisition product & one i've used, along with cash & a couple of times CH.
Setting out the obvious benefits which are dealer/mfctr support, I'm buying a new FFRR AB & as i'm using their PCP i get a £5k discount (£2.5k from LR & £2'5k from the dealer). This would not be on the table if i was to buy the car cash (i pushed very hard as cash was an option). So from the off i've saved £5k which offsets almost all the interest & thus i'm now getting an interest free PCP. I'm still putting in a significant deposit & i don't intend to keep the car longer than 2years so will sell privately when the time comes & based on used prices today will get virtually all my deposit back. How is this not a useful way of acquiring the car & thus leaving my savings in areas where i'm getting returns of 5%+?
As for CH (less relevant to the OP as he's getting a used car), i again have saved thousands of ££'s using this on my outgoing F10 M5. I chose a profile of 3+35 at a monthly rental of £600 based on 13kpa (got mine when the crazy deals were on offer) & bear in mind this also includes RFL for the term. The car listed at over £78k & whilst i realise i could have negotiated a significant discount for cash, if i add up the total rentals & then apply the offer price from BMW received last week, my total outlay for this £78k car would have been £55300, so even ignoring the cost of money i know i'd have been unable to get a brand new optioned M5 for the same price as an M3 & thus the CH route on this specific vehicle saw me winning & again my cash could stay in situ earning 5%+
OP, please note as others have said that PCP is available from most High Street lenders & usually at around 2-4% less. Whilst you lose the possible comfort of a GFV, that saving in interest/outlay more than makes up for it. Lloyds have a 4.2% product & you can set this up in advance as a 12mth facility which gives you the buying power whilst deciding on which specific car you want.
Whilst i'm sure a %age of PCP buyers are using the product as a means to get a better car they may otherwise be unable to afford, PCP in the main is a valuable vehicle acquisition product & one i've used, along with cash & a couple of times CH.
Setting out the obvious benefits which are dealer/mfctr support, I'm buying a new FFRR AB & as i'm using their PCP i get a £5k discount (£2.5k from LR & £2'5k from the dealer). This would not be on the table if i was to buy the car cash (i pushed very hard as cash was an option). So from the off i've saved £5k which offsets almost all the interest & thus i'm now getting an interest free PCP. I'm still putting in a significant deposit & i don't intend to keep the car longer than 2years so will sell privately when the time comes & based on used prices today will get virtually all my deposit back. How is this not a useful way of acquiring the car & thus leaving my savings in areas where i'm getting returns of 5%+?
As for CH (less relevant to the OP as he's getting a used car), i again have saved thousands of ££'s using this on my outgoing F10 M5. I chose a profile of 3+35 at a monthly rental of £600 based on 13kpa (got mine when the crazy deals were on offer) & bear in mind this also includes RFL for the term. The car listed at over £78k & whilst i realise i could have negotiated a significant discount for cash, if i add up the total rentals & then apply the offer price from BMW received last week, my total outlay for this £78k car would have been £55300, so even ignoring the cost of money i know i'd have been unable to get a brand new optioned M5 for the same price as an M3 & thus the CH route on this specific vehicle saw me winning & again my cash could stay in situ earning 5%+
OP, please note as others have said that PCP is available from most High Street lenders & usually at around 2-4% less. Whilst you lose the possible comfort of a GFV, that saving in interest/outlay more than makes up for it. Lloyds have a 4.2% product & you can set this up in advance as a 12mth facility which gives you the buying power whilst deciding on which specific car you want.
W8PMC said:
OP, please note as others have said that PCP is available from most High Street lenders & usually at around 2-4% less. Whilst you lose the possible comfort of a GFV, that saving in interest/outlay more than makes up for it. Lloyds have a 4.2% product & you can set this up in advance as a 12mth facility which gives you the buying power whilst deciding on which specific car you want.
But the high street lenders only lend around £25k, not £50k!Twinfan said:
But the high street lenders only lend around £25k, not £50k!
Actually, the Lloyds product is- A great fixed rate of 4.6% APR Representative when you borrow between £7,500 and £60,000.
- Borrow between £3,000 and £60,000.
- Repayment term from 1 to 4 years.
- No early repayment fees.
- Majority of dealers covered.
- Return the car or pay a lump sum to own the car at the end of your term.
Only available to Lloyds current account holders :0(
W8PMC said:
It does wind me up a little when i read comments about PCP being part of the downfall of the financial system & that anyone using PCP clearly can't afford the car as that's total BS & purely an individuals opinion (often unfounded). In exactly the same way many scurge the insanely cheap lease/CH deals available on certain cars that are clearly being supported by their respective mfctrs.
Whilst i'm sure a %age of PCP buyers are using the product as a means to get a better car they may otherwise be unable to afford, PCP in the main is a valuable vehicle acquisition product & one i've used, along with cash & a couple of times CH.
Setting out the obvious benefits which are dealer/mfctr support, I'm buying a new FFRR AB & as i'm using their PCP i get a £5k discount (£2.5k from LR & £2'5k from the dealer). This would not be on the table if i was to buy the car cash (i pushed very hard as cash was an option). So from the off i've saved £5k which offsets almost all the interest & thus i'm now getting an interest free PCP. I'm still putting in a significant deposit & i don't intend to keep the car longer than 2years so will sell privately when the time comes & based on used prices today will get virtually all my deposit back. How is this not a useful way of acquiring the car & thus leaving my savings in areas where i'm getting returns of 5%+?
As for CH (less relevant to the OP as he's getting a used car), i again have saved thousands of ££'s using this on my outgoing F10 M5. I chose a profile of 3+35 at a monthly rental of £600 based on 13kpa (got mine when the crazy deals were on offer) & bear in mind this also includes RFL for the term. The car listed at over £78k & whilst i realise i could have negotiated a significant discount for cash, if i add up the total rentals & then apply the offer price from BMW received last week, my total outlay for this £78k car would have been £55300, so even ignoring the cost of money i know i'd have been unable to get a brand new optioned M5 for the same price as an M3 & thus the CH route on this specific vehicle saw me winning & again my cash could stay in situ earning 5%+
OP, please note as others have said that PCP is available from most High Street lenders & usually at around 2-4% less. Whilst you lose the possible comfort of a GFV, that saving in interest/outlay more than makes up for it. Lloyds have a 4.2% product & you can set this up in advance as a 12mth facility which gives you the buying power whilst deciding on which specific car you want.
Good post, PCP can be an excellent option if you know how to use it to your advantage.Whilst i'm sure a %age of PCP buyers are using the product as a means to get a better car they may otherwise be unable to afford, PCP in the main is a valuable vehicle acquisition product & one i've used, along with cash & a couple of times CH.
Setting out the obvious benefits which are dealer/mfctr support, I'm buying a new FFRR AB & as i'm using their PCP i get a £5k discount (£2.5k from LR & £2'5k from the dealer). This would not be on the table if i was to buy the car cash (i pushed very hard as cash was an option). So from the off i've saved £5k which offsets almost all the interest & thus i'm now getting an interest free PCP. I'm still putting in a significant deposit & i don't intend to keep the car longer than 2years so will sell privately when the time comes & based on used prices today will get virtually all my deposit back. How is this not a useful way of acquiring the car & thus leaving my savings in areas where i'm getting returns of 5%+?
As for CH (less relevant to the OP as he's getting a used car), i again have saved thousands of ££'s using this on my outgoing F10 M5. I chose a profile of 3+35 at a monthly rental of £600 based on 13kpa (got mine when the crazy deals were on offer) & bear in mind this also includes RFL for the term. The car listed at over £78k & whilst i realise i could have negotiated a significant discount for cash, if i add up the total rentals & then apply the offer price from BMW received last week, my total outlay for this £78k car would have been £55300, so even ignoring the cost of money i know i'd have been unable to get a brand new optioned M5 for the same price as an M3 & thus the CH route on this specific vehicle saw me winning & again my cash could stay in situ earning 5%+
OP, please note as others have said that PCP is available from most High Street lenders & usually at around 2-4% less. Whilst you lose the possible comfort of a GFV, that saving in interest/outlay more than makes up for it. Lloyds have a 4.2% product & you can set this up in advance as a 12mth facility which gives you the buying power whilst deciding on which specific car you want.
Gerber1 said:
Us Porsche owners didnt get where we are today by buying cars on finance, finance is for the little people.
All mass produced, regularly used cars are for little people whether financed or not.The 'big' people giggle at all of us climbing into anything other than Zondas, Gulfstreams and Sunseekers.
The 'big' people laugh especially hard at the little people who call out other little people!
Digga said:
Gerber1 said:
Us Porsche owners didnt get where we are today by buying cars on finance, finance is for the little people.
I'm so sick and tired of reading ill informed and misleading opinions on this thread.Leprechauns don't need finance - they've got pots of gold FFS!
What people do with their finances is none of my interest however PCP is a good way to ensure the poor stay poor and the rich get richer.
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