Supercars: becoming mass market
Discussion
Nano2nd said:
Bo_apex said:
Easy credit has changed the game.
have you got any evidence to support that statement? just how "easy" is it to get a loan for £100-300k ?MDL111 said:
Well, I don’t have any empirical study, but it was very easy for me to finance 80 percent of my last used supercar via Ferrari at less than 4% pa (120k euros) - I am not sure that was possible 20 years ago
so did they lend you more than you could afford then? did they not credit check you?andrew said:
Nano2nd said:
Bo_apex said:
Easy credit has changed the game.
have you got any evidence to support that statement? just how "easy" is it to get a loan for £100-300k ?history will look back on recent years with incredulity
If you talk to dealers now they say that 90% of purchases are financed.
Ferruccio said:
andrew said:
Nano2nd said:
Bo_apex said:
Easy credit has changed the game.
have you got any evidence to support that statement? just how "easy" is it to get a loan for £100-300k ?history will look back on recent years with incredulity
If you talk to dealers now they say that 90% of purchases are financed.
https://www.fla.org.uk/research/motor-finance/
andrew said:
Is there any wonder when so many offer a finance contribution? How many of these are cancelled within the cooling off period or early into the loan term? I've recently bought a car where the finance contribution was more than the amount of the loan I had to take to get it. Contribution was nearly £7k and had to borrow under £6k over 12 months so minimal interest and will let it run the term but would have been a cash buyer otherwise. andrew said:
Nano2nd said:
Bo_apex said:
Easy credit has changed the game.
have you got any evidence to support that statement? just how "easy" is it to get a loan for £100-300k ?history will look back on recent years with incredulity
Nano2nd said:
andrew said:
Nano2nd said:
Bo_apex said:
Easy credit has changed the game.
have you got any evidence to support that statement? just how "easy" is it to get a loan for £100-300k ?history will look back on recent years with incredulity
If it isn’t, that’s a problem for the lender.
Point is, you don't need to slap a huge wad of cash down to buy a car nowadays. The combination of loads of finance wheezes plus historically low interest costs means people are financing cars mostly out of cashflow. They may be able to 'afford' it but some people may not be tucking much away for a rainy day, or an old age. Fine, that's personal choice.
Nano2nd said:
andrew said:
Nano2nd said:
Bo_apex said:
Easy credit has changed the game.
have you got any evidence to support that statement? just how "easy" is it to get a loan for £100-300k ?history will look back on recent years with incredulity
£1300pm on a 145k Huracan with 15k deposit 36 month, 100k balloon.
crimbo said:
Nano2nd said:
andrew said:
Nano2nd said:
Bo_apex said:
Easy credit has changed the game.
have you got any evidence to support that statement? just how "easy" is it to get a loan for £100-300k ?history will look back on recent years with incredulity
£1300pm on a 145k Huracan with 15k deposit 36 month, 100k balloon.
Nano2nd said:
i still don't get it, how can it be ridiculously easy to borrow that much money? what are the repayments on a £200k Ferrari? i can't believe any old scrote can walk into a Ferrari dealer and just get an "easy" loan
Because it's a loan to purchase an asset. If you default, they recover the asset. They also have the deposit which will cover depreciation for the first year. Little risk from the lenders point-of-view. It’s not so easy to get a ‘cash’ loan, unless there is security against it, such as a house or other valuable asset.I have a decent income and a history of buying supercars on finance and I have just been offered a £300k loan to buy a McLaren at a relatively low APR with zero deposit from my car finance chap. Cost was about £2800pm...
As you get older and earn more the cost of everything falls, my younger colleagues were incredulous a few years ago when I was paying £300pa to insure my F355 fully comp compared to them spending over £2k pa to insure their Corsas...
As you get older and earn more the cost of everything falls, my younger colleagues were incredulous a few years ago when I was paying £300pa to insure my F355 fully comp compared to them spending over £2k pa to insure their Corsas...
Nano2nd said:
MDL111 said:
Well, I don’t have any empirical study, but it was very easy for me to finance 80 percent of my last used supercar via Ferrari at less than 4% pa (120k euros) - I am not sure that was possible 20 years ago
so did they lend you more than you could afford then? did they not credit check you?Nano2nd said:
i still don't get it, how can it be ridiculously easy to borrow that much money? what are the repayments on a £200k Ferrari? i can't believe any old scrote can walk into a Ferrari dealer and just get an "easy" loan
if you still feel in the dark, and are properly interested, you are free to conduct your own research and pick up the phone to one of the many car finance companies.Some of them even advertise on PH
ColdoRS said:
crimbo said:
Nano2nd said:
andrew said:
Nano2nd said:
Bo_apex said:
Easy credit has changed the game.
have you got any evidence to support that statement? just how "easy" is it to get a loan for £100-300k ?history will look back on recent years with incredulity
£1300pm on a 145k Huracan with 15k deposit 36 month, 100k balloon.
£62k for three years in a Huracan. A new £100k M5/AMG would lose more probably.
MDL111 said:
Nano2nd said:
MDL111 said:
Well, I don’t have any empirical study, but it was very easy for me to finance 80 percent of my last used supercar via Ferrari at less than 4% pa (120k euros) - I am not sure that was possible 20 years ago
so did they lend you more than you could afford then? did they not credit check you?andrew said:
MDL111 said:
Nano2nd said:
MDL111 said:
Well, I don’t have any empirical study, but it was very easy for me to finance 80 percent of my last used supercar via Ferrari at less than 4% pa (120k euros) - I am not sure that was possible 20 years ago
so did they lend you more than you could afford then? did they not credit check you?p1stonhead said:
andrew said:
MDL111 said:
Nano2nd said:
MDL111 said:
Well, I don’t have any empirical study, but it was very easy for me to finance 80 percent of my last used supercar via Ferrari at less than 4% pa (120k euros) - I am not sure that was possible 20 years ago
so did they lend you more than you could afford then? did they not credit check you?plus 50k on the credit cards
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