Mclaren 570s finance and buying help

[andrew]

Butter Face said:

jonah35 said:

True but on a used one the payment is not optional. You have to pay it. So if the car is worth £80k and the payment or balloon is £97k you have to pay the balloon or final payment so you could be left out of pocket

Oracle and mclaren told me that today

It's not a PCP then. It must be HP with a balloon which is different.

Oracle cal it this - https://www.oraclefinance.co.uk/balanced-payments-...


It is NOT PCP.

not a pcp, but not an hp either : it's a lease-purchase
hth

[jonah35]

Yeah we are all agreeing that I think. Oracle call it lease purchase - essentially same as pcp but no gfv.

[anonymous-user]

For the sake of clarity you should stop using the term GFV.

With lease purchase the final payment is mandatory as you must buy the car at the end of the agreement.

With PCP the final payment is optional as you can walk away if the car is worth less than the optional final payment.

Nothing is guaranteed with PCP apart from the flexibility to buy, or not, at the end.

[jonah35]

Ok maybe it's misleading - I just know that I'm not on the hook for any negative equity at the end of the term with a new car on a pcp deal

Either way hope that helps someone 👍

[Kevin Smart]

Clydesdale Asset Finance have competitive rates on HP+Balloon and are great to deal with. Second time I have used them. I bought a pre-owned 570S this week at 3.9% APR with a large deposit, and I think if you bank with them you can get even lower rates. Advantage is I can keep the Balloon invested for 3 years.

[jonah35]

Thats useful to know. Thanks.

I'd rather pay more and have a bit of protection just in case we have credit crunch mk2 but we are all different and you're probably right 😃

[monthefish]

Kevin Smart said:

Clydesdale Asset Finance have competitive rates on HP+Balloon and are great to deal with. Second time I have used them. I bought a pre-owned 570S this week at 3.9% APR with a large deposit, and I think if you bank with them you can get even lower rates. Advantage is I can keep the Balloon invested for 3 years.

That seems like a good deal. What size of deposit is required for that? (roughly)

[trowelhead]

Kevin Smart said:

Clydesdale Asset Finance have competitive rates on HP+Balloon and are great to deal with. Second time I have used them. I bought a pre-owned 570S this week at 3.9% APR with a large deposit, and I think if you bank with them you can get even lower rates. Advantage is I can keep the Balloon invested for 3 years.

+1 Ryan Dobson is the man to speak to.

Used them twice, for a GT4 and a RRS - both times shopped round and they came out cheapest overall - very good to deal with also.

At 3.9% APR would be mad not to invest the cash and borrow imo...

[RBT0]

I have a quote from a dealer for 5.9% APR which he's got from Paragon.

As not necessarily I'll pick the car from this dealer, I would like to make sure I have at least the same quote or better from a broker or lender I can use with an other dealer.

Paragon told me they wont deal directly with a customer and both Oracle and Magnitude have offered worse quotes, the latter was a joke/laugh how uncompetitive it was.

I am in touch with the lender quoted in the previous post, would you recommend any other brokers? Possibly that deal with Paragon so I could get the same quote I have from the first dealer?
It could be driven by fees and brokers but I havent managed to get a quote yet better than the one offered by a dealer through Paragon. Point is, not necessarily I will buy car from this dealer

Cheers

[ripley500]

RBT0 said:

I have a quote from a dealer for 5.9% APR which he's got from Paragon.

As not necessarily I'll pick the car from this dealer, I would like to make sure I have at least the same quote or better from a broker or lender I can use with an other dealer.

Paragon told me they wont deal directly with a customer and both Oracle and Magnitude have offered worse quotes, the latter was a joke/laugh how uncompetitive it was.

I am in touch with the lender quoted in the previous post, would you recommend any other brokers? Possibly that deal with Paragon so I could get the same quote I have from the first dealer?
It could be driven by fees and brokers but I havent managed to get a quote yet better than the one offered by a dealer through Paragon. Point is, not necessarily I will buy car from this dealer

Cheers

Try Jamie Garside at Performance Car Finance http://www.performancecarfinance.co.uk/

[RBT0]

monthefish said:

Kevin Smart said:

Clydesdale Asset Finance have competitive rates on HP+Balloon and are great to deal with. Second time I have used them. I bought a pre-owned 570S this week at 3.9% APR with a large deposit, and I think if you bank with them you can get even lower rates. Advantage is I can keep the Balloon invested for 3 years.

That seems like a good deal. What size of deposit is required for that? (roughly)

Confirmed they’re very competitive, just received a quote from them, best so far by far.

[RBT0]

trowelhead said:

Kevin Smart said:

Clydesdale Asset Finance have competitive rates on HP+Balloon and are great to deal with. Second time I have used them. I bought a pre-owned 570S this week at 3.9% APR with a large deposit, and I think if you bank with them you can get even lower rates. Advantage is I can keep the Balloon invested for 3 years.

+1 Ryan Dobson is the man to speak to.

Used them twice, for a GT4 and a RRS - both times shopped round and they came out cheapest overall - very good to deal with also.

At 3.9% APR would be mad not to invest the cash and borrow imo...

+1 for Ryan, what a lovely chap, very helpful.

[LIVENT]

Really useful thread. I am following with interest.

I might buy my next car this way instead of outright. These rates quoted are low. It's all very interesting.

[fridaypassion]

Id be more tempted to try to work with a dealer to get the finance. I run a sales operation and I'd be less keen to deal on something using 3rd party finance than using our own which is full market access anyway.

Some of the rates mentioned here must be flat rate rather than apr that's something worth checking.

It's worth having a frank chat with dealers there are lots of deals out there all better than anything mentioned in this thread so far. Its 100% a buyer's market for 570s so take your time and you'll get a good deal and done right I think I think you could own a new car for around 25k depreciation over 2 to 3 years or 10k on a used car.

Edited by fridaypassion on Wednesday 12th June 06:36

[tyrrell]

Friend of mine back at the end of May19 got a flat rate of 2.77% with fees worked out at 5.25% APR hope this helps.

[Obafemi09]

Have you spoken to McLaren too? They have recently joined forces with Santander and are offering great rates as keen to drum up business.
JBR are great (they used to do all McLarens financing) but they couldn’t beat McLaren/Santander’s deal that I got.
However, depending on circumstance, what your preferences are in terms of monthly’s/deposit/balloon etc there are a few companies out there that can do some pretty funky things to tailor a finance deal that suits your needs. Although that’s when man maths can take over and you start getting yourself in much deeper then planned...

[andrew]

Obafemi09 said:

Have you spoken to McLaren too? They have recently joined forces with Santander and are offering great rates as keen to drum up business.
JBR are great (they used to do all McLarens financing) but they couldn’t beat McLaren/Santander’s deal that I got.
However, depending on circumstance, what your preferences are in terms of monthly’s/deposit/balloon etc there are a few companies out there that can do some pretty funky things to tailor a finance deal that suits your needs. Although that’s when man maths can take over and you start getting yourself in much deeper then planned...

just when you thought things couldn't get much worse for mclaren, they jump into bed with santander !