Car finance - any experts?
Discussion
Business partner and I wish to possibly, purchase an X5 and a 911 Carera 4. However does anyone know the most cost effective way of doing this?
1) get low rate loan and purchase cars (if buying outright, max would be £50k each, so second hand 911)
2) lease the cars (but give back after 2/3 years) (would get new if so)
3) balloon scheme (not really a clue how this works)
Can anyone give me some advice on most economical route?
many thanks!
1) get low rate loan and purchase cars (if buying outright, max would be £50k each, so second hand 911)
2) lease the cars (but give back after 2/3 years) (would get new if so)
3) balloon scheme (not really a clue how this works)
Can anyone give me some advice on most economical route?
many thanks!
There's a guy on the Porsche forum who can probably help you, username is "supercarsimon".
www.pistonheads.com/gassing/topic.asp?t=244413
www.pistonheads.com/gassing/topic.asp?t=244413
www.saffroncars.com are an advertiser 
Have had a few quotes from them and have been impressed so far.
Have had a few quotes from them and have been impressed so far.
The main things to consider are, how long you usually keep your cars and if you are happy to take the residual risk.
If you like to change every 1-2 years and don't mind taking the residual risk then a loan is the best option. A loan is not attached to the vehicle, so if you decided to sell, then you do not need to settle the loan. If you finance the vehicle when you sell you will need to settle any outstanding amount straight away.
If you like to keep your cars longer and want to try and fix the costs then a PCP (Personal Contract Purchase) or a PCH (Personal Contract Hire) is the way forward. Although a PCH will only be avalible on a new vehicle, some finance companies are now offering PCP contracts on used vehicles as well.
Hope this helps.
If you like to change every 1-2 years and don't mind taking the residual risk then a loan is the best option. A loan is not attached to the vehicle, so if you decided to sell, then you do not need to settle the loan. If you finance the vehicle when you sell you will need to settle any outstanding amount straight away.
If you like to keep your cars longer and want to try and fix the costs then a PCP (Personal Contract Purchase) or a PCH (Personal Contract Hire) is the way forward. Although a PCH will only be avalible on a new vehicle, some finance companies are now offering PCP contracts on used vehicles as well.
Hope this helps.
Hi, new member here.
Being in the repossession trade for a number of years, only one piece of advice.
If the car is on any sort of finance, if you miss any payments you will get hounded by the finance companies for it and the costs will add up very quickly.The car is never yours until fully paid.Lease purchase is the worst (I think).If you pay over a 1/3 on hp you do have some rights but with a lease the car is always at risk. I'm not saying don't get the cars on finance, just make sure you can cover all payments under all situations.I've seen plenty of sad people out there when the car gets taken back.
Being in the repossession trade for a number of years, only one piece of advice.
If the car is on any sort of finance, if you miss any payments you will get hounded by the finance companies for it and the costs will add up very quickly.The car is never yours until fully paid.Lease purchase is the worst (I think).If you pay over a 1/3 on hp you do have some rights but with a lease the car is always at risk. I'm not saying don't get the cars on finance, just make sure you can cover all payments under all situations.I've seen plenty of sad people out there when the car gets taken back.
Soir, I had a meeting with the chaps from www.classicandsportsfinance.com yesterday. They have some interesting twists on the normal finance plans (payment holidays, variable payments during the period of the loan etc. etc.). They're also very knowledgable about cars which helps
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