Finance quotes..blood out of a stone!
Discussion
Was at a certain Ferrari dealer today up North enquiring about a 360. Found it hard work to get a quote out of them, eventually he put some figures on paper but wouldn't let me have a copy to take away so I had to write down the important bits myself on another bit of paper (not sure why). Anyway, without asking my income, nor my outgoings he came up with some figures (although no APR provided). He quoted 3% above a base rate of 5% (which to me sounds pretty high). I asked if that was the best he could do and he said yes!
What are the best deals out there? I've heard of people getting 1% or so above base.
What are the best deals out there? I've heard of people getting 1% or so above base.
Thanks for that info, I suspected that deals around 1% above base where there. Found this online balloon payment calculator which is pretty useful.
www.grosvenor-butterworth.co.uk/car_loan_calculator.html
www.grosvenor-butterworth.co.uk/car_loan_calculator.html
sjn2004 said:
Was at a certain Ferrari dealer today up North enquiring about a 360. Found it hard work to get a quote out of them, eventually he put some figures on paper but wouldn't let me have a copy to take away so I had to write down the important bits myself on another bit of paper (not sure why). Anyway, without asking my income, nor my outgoings he came up with some figures (although no APR provided). He quoted 3% above a base rate of 5% (which to me sounds pretty high). I asked if that was the best he could do and he said yes!
What are the best deals out there? I've heard of people getting 1% or so above base.
What are the best deals out there? I've heard of people getting 1% or so above base.
I guess that it being a Sunday you were talking to a salesman and not a business/finance manager. So he was proably guesstimating to give you an idea.
Try Classic and Sports Finance as mentioned above - they do all my finance for me now.
Most balloons are based on Cap predicted values over the period you are looking to borrow. Getting a balance between affordable monthlys and the balloon figure is always tricky but a lower balloon is always better in the long run.
Be careful when comparing 'over base' and 'APRs' as they are not the same thing and can lead to confusion about the interest charged.
Be careful when comparing 'over base' and 'APRs' as they are not the same thing and can lead to confusion about the interest charged.
I read somewhere that the majority of exotic cars were on finance even though the owners can almost always afford to own the cars outright.
Is that true of most people on here, and if so why?
You're not likely to be getting better than base+1 from your savings accounts are you? Or is it simply opportunity cost, i.e. investing the money elsewhere in business?
Are there tax advantages to having finance payments?
Finally, what happens if you want to get out early and hand the car back/sell it before the term? Are there interest penalties?
Is that true of most people on here, and if so why?
You're not likely to be getting better than base+1 from your savings accounts are you? Or is it simply opportunity cost, i.e. investing the money elsewhere in business?
Are there tax advantages to having finance payments?
Finally, what happens if you want to get out early and hand the car back/sell it before the term? Are there interest penalties?
godzilla said:
I read somewhere that the majority of exotic cars were on finance even though the owners can almost always afford to own the cars outright.
Is that true of most people on here, and if so why?
You're not likely to be getting better than base+1 from your savings accounts are you? Or is it simply opportunity cost, i.e. investing the money elsewhere in business?
Are there tax advantages to having finance payments?
Finally, what happens if you want to get out early and hand the car back/sell it before the term? Are there interest penalties?
Is that true of most people on here, and if so why?
You're not likely to be getting better than base+1 from your savings accounts are you? Or is it simply opportunity cost, i.e. investing the money elsewhere in business?
Are there tax advantages to having finance payments?
Finally, what happens if you want to get out early and hand the car back/sell it before the term? Are there interest penalties?
why bother having your money tied up in a car when it can be tied up in investments or property...
at least a car loan is tied to the car and not your property etc...
The idea is that you can invest the money elsewhere into something that MIGHT cover the interest on the car finance. In reality I think it comes down to the individual. - If I didn't have anything else to put the money into (there's always something...)I'd buy the car outright but if you get a good rate, I think it's OK to finance the car of your dreams.
Each to their own really. I've often lost more on the 'other' investment than I have on the car, so it doesn' always work out.
Each to their own really. I've often lost more on the 'other' investment than I have on the car, so it doesn' always work out.
I bought my car cash BUT with the view that when my house build get's to a stage where I run out of money i'll look into asset financing then. In the meantime, the £1300 per month finance it would of cost is more than the interest lost with it not being in my bank account
Edited by Jonny5 on Wednesday 19th July 14:45
sjn2004 said:
Was at a certain Ferrari dealer today up North enquiring about a 360. Found it hard work to get a quote out of them, eventually he put some figures on paper but wouldn't let me have a copy to take away so I had to write down the important bits myself on another bit of paper (not sure why). Anyway, without asking my income, nor my outgoings he came up with some figures (although no APR provided). He quoted 3% above a base rate of 5% (which to me sounds pretty high). I asked if that was the best he could do and he said yes!
What are the best deals out there? I've heard of people getting 1% or so above base.
What are the best deals out there? I've heard of people getting 1% or so above base.
Some years ago I worked in a similar situation. Part of some relative Act basically means that the only people authorised to give a finance quote are allowed to do so. We used to have to tell people that despite us having a 'ready reckoner' which would tell the customer exactly what the figure would be they would have to contact Head Office to get a written quote. We were however allowed to explain all of the finance agreement, and all of the repayments and hand the customer a pen and paper to write it down.
hope this clears it up, I dont think they were being deliberately evasive even though it may seem that way!
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