Finance offer from OPC

[Accelerated]

Hi all,

About to pull the trigger on a 991 and going the finance route for the first time, I’m clueless as to whether or not this is a good deal, any input very much appreciated

991 cost - £55,000

Term 36 months

£10,000 deposit

£750 per month

Final payment is £25k

Apr 6.9

Does this sound like a good deal or are there better options out there ?

[Ziplobb]

6.9 apr are they having a laugh ?

[barryrs]

I don’t think the rate is outrageous; it’s the balloon payment that seems about £4K too high and therefore pushing up the total cost.

[arcamalpha]

It’s a typical rate for OPC. But they do make it easy and you can make payments any time without penalty etc.

[rbh]

See if you can push the yearly mileage down

[Andy-6ufnp]

I've just done a deal with Oracle Finance at a much much lower rate than yours, mine was for a £68k loan over 4 years. I won't quote numbers as not fair but I suggest giving them a try.
BTW I have zero connection with them apart from being a happy customer.

[dgswk]

6.9 sounds ok from an opc, they only offered 6.7 on a new 992. Shop about, you can get 4-5% independently which makes a big difference on the monthlies.

[bullrunner]

Speak to Arjan Deol @ Oracle.... top man found me a great car and did a great job beating OPC finance.... have used him many times, and he’s always come up trumps 👍🏾👍🏾👍🏾

[MartinRS2K]

Also speak to Clydesdale Finance who are very competitive and I know of 3 friends who got better rates off them (compared to OPC and Oracle)

[Accelerated]

Thanks guys, will shop around a bit more on Thursday

[WORRALL.]

6.9 is around the best you will get on a used PCP deal. Id love to know where these people are getting 4-5% on a PCP? I think they're getting confused with a HP deal but happy to be proven wrong. I have been speaking with oracle and most of their lenders are looking at 6.9-7.9% on a PCP for a used GT4

[Andy-6ufnp]

WORRALL. said:

6.9 is around the best you will get on a used PCP deal. Id love to know where these people are getting 4-5% on a PCP? I think they're getting confused with a HP deal but happy to be proven wrong. I have been speaking with oracle and most of their lenders are looking at 6.9-7.9% on a PCP for a used GT4

I believe the OP's deal is a lease purchase rather than PCP where you are paying off an element of the capital along with an agreed end of term balloon payment as opposed to a PCP which is just funding depreciation, interest and charges.

[WORRALL.]

Andy-6ufnp said:

I believe the OP's deal is a lease purchase rather than PCP where you are paying off an element of the capital along with an agreed end of term balloon payment as opposed to a PCP which is just funding depreciation, interest and charges.

If so then thats a different matter and agree 6.9 is definitely too high.

Did Oracle offer you a HP with balloon payment on your purchase?

[Andy-6ufnp]

WORRALL. said:

If so then thats a different matter and agree 6.9 is definitely too high.

Did Oracle offer you a HP with balloon payment on your purchase?

I've gone with a lease purchase as above.

[dgswk]

WORRALL. said:

6.9 is around the best you will get on a used PCP deal. Id love to know where these people are getting 4-5% on a PCP? I think they're getting confused with a HP deal but happy to be proven wrong. I have been speaking with oracle and most of their lenders are looking at 6.9-7.9% on a PCP for a used GT4

Didnt say it was PCP, nor did OP, ultimately finance is available out there for 4-5% with a reasonable balloon payment. For 4-5% you wont get a guaranteed balloon, so if the @rse falls out of the market, its your problem. But if your saving £100 a month over 3-4 years, you should be quids in even if it does (and you save if of course). I guess see what the OPC are saying the balloom should be and tweak any deal to match that, you would hope OPC’s know the market reasonably well and allow for trade in factor.

[Accelerated]

Hi all,

I believe it’s PCP, is there much difference between PCP and HP?

[JayK12]

Speak to Rob at Supercarfinance. I was about to pull the trigger on a GT4 last month and the rate was under 6%. Give him a shout.

[Accelerated]

Thanks Jay, will do !

[hermes]

Do people also consider borrowing through their home mortgages? I was considering this as the rates are much lower.

(I'm getting 996 GT3 pangs :-) )

[n12maser]

if you're disciplined with your finances then why not. You'd want to commit yourself to overpaying on the mortgage each month to clear the additional 'car' part of the loan over say 3 to 5 years. Otherwise, despite the lower interest rate, you'd pay much more interest overall if paying it off over say 10 to 20 years.