'Classic' car finance
Discussion
I presume you are only likely to keep the car a few years if considering PCP. Judging the cars value after three years might be tricky - thus finding a lender will also be tricky.
I just think a conventional bank loan is more appropriate unless you would struggle to meet the monthly payments?? Then, that presents another set of questions.....
I just think a conventional bank loan is more appropriate unless you would struggle to meet the monthly payments?? Then, that presents another set of questions.....
As far as I know, you can get a PCP type arrangement on classics. Might be a minimum value and loan. But I think it's called lease hire or something and the ballon isn't guaranteed.
I can see the appeal of having a portion of it on 'interest only', when looking at a car that is unlikely to depreciate and of a high capital value.
JBR as mentioned and Oracle both offer this I think along with another which I've forgotten the name of. Seen example quotes, but never gone forward with it. The numbers look appealing.
I can see the appeal of having a portion of it on 'interest only', when looking at a car that is unlikely to depreciate and of a high capital value.
JBR as mentioned and Oracle both offer this I think along with another which I've forgotten the name of. Seen example quotes, but never gone forward with it. The numbers look appealing.
Yidwann said:
It kinda makes sense in the current markets right? If you have a chunk of equity you're doing nothing with and certain assets only going north in value, in my head it seemed like a good idea anyway.
It makes a lot of sense if it's a car that isn't going to depreciate a lot..............five years fixed at 0.91% for £180k was £136pm on Interest only......I finance with Aldermore Bank through my company
My impression is that they will advance more than usual and allow bigger balloons than the others because their view is that they have an unsecured position in respect of the car, but that unsecured amount is acceptable when considering the value of the company - finance terms I have are not suitable for those who constantly change their cars. As it is lent to the business the usual consumer credit act protection is not applicable
In all these things understand the APR, the costs of early settlement and what happens if the car is worth less than the balloon
My impression is that they will advance more than usual and allow bigger balloons than the others because their view is that they have an unsecured position in respect of the car, but that unsecured amount is acceptable when considering the value of the company - finance terms I have are not suitable for those who constantly change their cars. As it is lent to the business the usual consumer credit act protection is not applicable
In all these things understand the APR, the costs of early settlement and what happens if the car is worth less than the balloon
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