Finance options

[gd]

Hey everyone,

After deciding that it was not worth getting reamed over the trade in value of our Macan GTS against a new one (and in any case we couldn't have got one anyway due to the Corona lockdown) we are coming to the end of our Porsche Finance deal in about 2 months. This wasn't a bad deal in the first instance (PCP with a reasonable balloon and half-decent rate of 5.9%), so I thought I'd ask them if they could refinance it and we'll keep the car for a few more years.

Well, the offer came yesterday, and if we were lucky enough to be accepted they would offer an APR of 8.3% on a straight HP deal!

Given the drop in the BoE base rate, the lack of dealer commission to pay, and being a 'good customer' with no issues and lots of further business to be had I was a bit surprised. If they'd offered me a similar rate to the existing deal I'd probably just have gone ahead with it, but this rate is pretty usurious, and I'd never even consider it.

Maybe they are trying to make up the shortfall on income due to a lack of new car deals, or maybe they have repriced as they brace themselves for a lot of PCP defaults in the next year?

So, before I just raid the savings account, my question is whether there are other car finance firms out there that might be worth considering, such as Oracle (I've spoken to them before)... and if you've used them, what are your experiences of them?

Thanks
G

[AAD44H]

Give Darren Gibson a go. He should be able to do something for you, often finances the cars of youtubers, social media etc.

[gt3rswp]

Depending on the balance, personal loan @ 3.0% APR but appears to be £20k max.

[gd]

Thanks both. Yep, personal loans are an option for part of the balance, as is just financing the lot from savings, but I wondered if there was an option for a structured deal given current low rates.

I've dropped Darren Gibson a message - thanks for this.

[andyeds1234]

I can recommend Dale Radford at Oracle.

[SpyderT]

Personally, I recommend Ryan Dobson at Clydesdale bank if you're looking for a professional experience with very competitive rates.

[e-mail]

[dgswk]

SpyderT said:

Personally, I recommend Ryan Dobson at Clydesdale bank if you're looking for a professional experience with very competitive rates.

[e-mail]

^ as above, talk to Ryan ^

[gd]

Thanks all, Oracle and CYBG now also e-mailed, so it looks like I've got 3 options to pursue.

Really appreciate all your help.
G

[Meeten-5dulx]

Are you planning on using savings?
If you are and think you can get a better return than finance offers (rem the taxable part as well), all good.
Else why would you want to take out a loan at a higher rate than you are earning?

Unless you are making that money work for you, is be inclined to pay it off. If that sounds uncomfortable, pay some off and take out a 3pc personal loan for what you have remaining...

Unless the above chaps can get you sub 3pc of course.

[GTSJOE]

Des Branson @ Dorsia Finance is superb. I’ve financed a few cars through him over the years. Always undercuts Porsche by 1-2 %

[gd]

Meeten-5dulx said:

Are you planning on using savings?
If you are and think you can get a better return than finance offers (rem the taxable part as well), all good.
Else why would you want to take out a loan at a higher rate than you are earning?

Unless you are making that money work for you, is be inclined to pay it off. If that sounds uncomfortable, pay some off and take out a 3pc personal loan for what you have remaining...

Unless the above chaps can get you sub 3pc of course.

I've got a good use for the savings that gives me a much better outcome than savings accounts, so I'd prefer to use the money there than dump it into a car, but if I can't get a half-decent rate then I'll do that as frankly when central bank interest rates are at a 300 year low the deals on secured lending (rather than unsecured personal lending) should be a LOT lower than they are.

[gd]

GTSJOE said:

Des Branson @ Dorsia Finance is superb. I’ve financed a few cars through him over the years. Always undercuts Porsche by 1-2 %

Thanks! I'll try him too.

[Meeten-5dulx]

gd said:

I've got a good use for the savings that gives me a much better outcome than savings accounts, so I'd prefer to use the money there than dump it into a car, but if I can't get a half-decent rate then I'll do that as frankly when central bank interest rates are at a 300 year low the deals on secured lending (rather than unsecured personal lending) should be a LOT lower than they are.

That makes sense.

i wuld have or SHOULD in caps.

Sure you will soon find out if common sense actually counts when it somes to lending.

[worldwidewebs]

Most of the brokers will be within a few quid of each other. James at Oracle finance or Richard at Meridian Finance are both very good (Richard was ever so slightly cheaper)