Porsche Finance
Discussion
Sorry if this question gets asked a lot, but the search facility isn't great (sorry PH).
How does the Porsche Finance stack up against alternatives, is it very expensive or do you find it worthwhile? Do Porsche offer a guaranteed buy back of the car for a set amount to help with the remaining balance at the end of the term?
No need for comments about paying outright, being able to afford etc, as I'm just waying up options, but cannot get to a dealer to discuss further at the mo.
How does the Porsche Finance stack up against alternatives, is it very expensive or do you find it worthwhile? Do Porsche offer a guaranteed buy back of the car for a set amount to help with the remaining balance at the end of the term?
No need for comments about paying outright, being able to afford etc, as I'm just waying up options, but cannot get to a dealer to discuss further at the mo.
It's ok. You can opt for a PCP type loan with either a guaranteed-future-value, or, a non-guaranteed final payment. Rates typically around 10% for these. Might not be the *cheapest* rates on the planet, but what you more than likely will find within OPC's (or any other main-dealers) is they are more willing to negotiate on the vehicle price if funding through them as opposed to bringing in your own money.
Six and two threes
Six and two threes
iandews said:
Sorry if this question gets asked a lot, but the search facility isn't great (sorry PH).
How does the Porsche Finance stack up against alternatives, is it very expensive or do you find it worthwhile? Do Porsche offer a guaranteed buy back of the car for a set amount to help with the remaining balance at the end of the term?
No need for comments about paying outright, being able to afford etc, as I'm just waying up options, but cannot get to a dealer to discuss further at the mo.
Typically they'll offer a crapper APR rate but a better GFV. This is good if you keep the car the full term, but bad if you swap and change annually. How does the Porsche Finance stack up against alternatives, is it very expensive or do you find it worthwhile? Do Porsche offer a guaranteed buy back of the car for a set amount to help with the remaining balance at the end of the term?
No need for comments about paying outright, being able to afford etc, as I'm just waying up options, but cannot get to a dealer to discuss further at the mo.
I think you can get down to a good APR rate with them, comparable to Lombard etc, but you'll either have to really work at it or have a good relationship with your OPC.
spareparts said:
There is an online finance calculator on the online Porsche configurator.
Thanks for that, had missed that previously. Suppose it gives a reasonable indication, but still quite a lot of interest to pay. I guess it comes down to what deal can be done of cash versus finance.I remember when initially looking for a Spyder, Porsche Wilmslow had a couple brand new in stock and were keen to shift one, so offered me £18k for a part ex on my M3 when everywhere else were offering £12k; so I guess £6k discount (on cash) is achievable in the right situation, and possibly more for finance.
Porsche Finance is good in terms of less hassle when buying a car as everything is sorted by teh dealer.
Their 'initial' APR rates are quite high but they are negotiable.
One or two competitive quotes from other providers and they will be more than willing to negotiate and match the other deals.
Their 'initial' APR rates are quite high but they are negotiable.
One or two competitive quotes from other providers and they will be more than willing to negotiate and match the other deals.
Porsche quoted me 3.5% at the start of the year but the APR was about 9.5%
They were unable to explain the difference.
3.5% is clearly misleading, but I was repeatedly quoted this figure, which in my view is borderline rule-breaking.
The way Porsche quote 3.5% is they calculate the interest on the initial loan amount.
Interest is not calculated daily on the outstanding daily amount like a mortgage.
Therefore, on a 100,000 loan, over 3 years, in the third year, the interest is 3.5% of 100,000, even though only 30,000 debt remains.
With this knowledge, I asked Porsche finance if I would be penalised for paying the loan early and was reassurred I would be able to do so, with no mention that it would not reduce the total amount repaid. Very naughty.
I paid cash in the end. Would not recommend Porsche finance because of the way it is sold. Ditto the 3rd year warranty.
They were unable to explain the difference.
3.5% is clearly misleading, but I was repeatedly quoted this figure, which in my view is borderline rule-breaking.
The way Porsche quote 3.5% is they calculate the interest on the initial loan amount.
Interest is not calculated daily on the outstanding daily amount like a mortgage.
Therefore, on a 100,000 loan, over 3 years, in the third year, the interest is 3.5% of 100,000, even though only 30,000 debt remains.
With this knowledge, I asked Porsche finance if I would be penalised for paying the loan early and was reassurred I would be able to do so, with no mention that it would not reduce the total amount repaid. Very naughty.
I paid cash in the end. Would not recommend Porsche finance because of the way it is sold. Ditto the 3rd year warranty.
ks. I hate people using that.Gassing Station | Porsche General | Top of Page | What's New | My Stuff