Tuesday 21st January 2020

Caterham introduces race car finance package

Santander finance plan covers a full season of racing in the Caterham Academy

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You don't have to look far to find a Caterham fan at PH Towers. Matt's still going on about his experience in the Academy series six years later, and Ben went as far as building his own 270R in 2015. Those enthused by the notion of following in their footsteps ought to find a calculator and brush up on their Man Maths now, then, because Caterham has just announced a new way to make ownership of one of its machines even more enticing still.

In partnership with Santander, the manufacturer is introducing new finance offers on not only its whole range of new and used Seven road cars but, crucially, its racing cars too. The plans can even cover a season of competition in the entry-level Caterham Academy, with Santander returning as a sponsor of the entire Caterham Motorsport Championships, which remains the largest factory-backed racing series in the UK.

For those of you unfamiliar with what makes this such exciting news, an Academy season includes entrant's ARDS tests, training seminars on vehicle set-up, test and handling days alongside Caterham's Motorsport staff and six championship races at tracks like Silverstone, Brands Hatch and Knockhill. It's a fantastic entry point not just into Caterham ownership, but the world of racing in general - if Matt's ravings are anything to go by, at least.

At the end of the finance term and following a final balloon payment, racers are able to keep their - fully road legal - Seven racer and, if they want to, upgrade it to the level required to compete in the next rung on the Caterham Motorsport ladder, the Roadsport championship.

Commenting on the new finance arrangement, Caterham CEO Graham Macdonald said: "Cost has always been the biggest hurdle for any racing driver, especially those looking to get started in the sport. By splitting the cost of racing a full season in the Caterham Academy across several monthly payments, we are making racing more affordable and open.

"Given the majority of cars today are bought on finance, it was a logical next step for us to include finance offers for our road and race cars. By dividing the cost of ownership across low monthly payments, we are aiming to attract a new, wider customer base of driving enthusiasts and aspiring race car drivers."

Those interested in more information, including examples of the finance packages on offer, can get it here. Looks like another afternoon on the Caterham configurator awaits...

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Search for a used Caterham 7 here

 

[Gitwhoismiserable]

Oh no here come the financed up lower classes to the race track

[Plate spinner]

Gitwhoismiserable said:

Oh no here come the financed up lower classes to the race track

“... and then some bloody monthly-payments renter tt dived up the inside and T-boned me...”

[james_gt3rs]

[rallycross]

Gitwhoismiserable said:

Oh no here come the financed up lower classes to the race track

Is there a new diesel class for graduates?

[J4CKO]

Gitwhoismiserable said:

Oh no here come the financed up lower classes to the race track

Yep, may mean we see some racing drivers coming through with names other than Olly, Tom, Josh, Will or Jack !

[Glenn63]

Could also see more people with talent rather than just cash being able to race...

[Scottie - NW]

I have understood this correctly? You pay for 48 months but only have races for the first 10 months? Then have a final payment as well as a large deposit.

What are you supposed to do with the car for the other 38 months, are they road legal and registered to drive on the road also?

[dibblecorse]

Scottie - NW said:

I have understood this correctly? You pay for 48 months but only have races for the first 10 months? Then have a final payment as well as a large deposit.

What are you supposed to do with the car for the other 38 months, are they road legal and registered to drive on the road also?

Didn't read the article then ?

Looks like a great idea ...

[Scottie - NW]

dibblecorse said:

Scottie - NW said:

I have understood this correctly? You pay for 48 months but only have races for the first 10 months? Then have a final payment as well as a large deposit.

What are you supposed to do with the car for the other 38 months, are they road legal and registered to drive on the road also?

Didn't read the article then ?

Looks like a great idea ...

The article headline only mentions race cars and when you click on the link it also shows the race car example. Yes the article does say it includes road cars but I find it a little misleading.

[phil4]

Scottie - NW said:

The article headline only mentions race cars and when you click on the link it also shows the race car example. Yes the article does say it includes road cars but I find it a little misleading.

The article also says: "At the end of the finance term and following a final balloon payment, racers are able to keep their - fully road legal - Seven racer"

That should be pretty clear.

[Turbobanana]

Just wondering what this might do to the dynamic of racing. In recent times* there seems to have been an increase in the number of "racing incidents" caused by a gung-ho dive up the inside, or where someone has turned in unaware of a competitor on their inside. If there is a greater number of drivers who own the car (or have a large financial interest in it, at least), are they more likely to avoid such incidents?

• Full disclosure: I am not a racer but speak from 30 years or so of spectating and being frustrated by yellow / red flags being shown due to incidents of this type.

[SidewaysSi]

Will the racing become a bit crap? Will Santander be funding long fronts etc as well?

[WonkeyDonkey]

I'd have thought the drivers would be a lot more cautious if daddy isnt paying for all and any repairs.

If I was using this package I'd be very be vigilant as I wouldn't be able to afford to have a prang every session.

[Wooda80]

I competed in a BRSCC club championship for about 10 years starting in 1997. I've no appetite or aptitude for spannering nor anywhere to store a car, so I had someone build and maintain my car and bring it to each race meeting. It cost a bloody fortunes you would expect.

I used credit cards and overdrafts to smooth out the peaks and troughs of costs and income over the course of a year and I'm sure I wasn't the only one. In that respect many (most?) racers borrow money to fund their hobby. Borrowing money secured against the car is likely to be a cheaper option than unsecured lending. If you read Perry McCarthy's book then you'll know why it was called Flat Out, Flat Broke!

I don't understand the premise that someone might take less care of something because they borrowed the money to buy it than if they paid using savings (I'd hate to see those people's houses if it were true) but I did sign-on several times thinking "Please don't let me bend or break anything today or I'm out!"

[red_slr]

Archie Hamilton will be all over this

[anonymous-user]

J4CKO said:

Gitwhoismiserable said:

Oh no here come the financed up lower classes to the race track

Yep, may mean we see some racing drivers coming through with names other than Olly, Tom, Josh, Will or Jack !

Brilliant :-)

[driftingphil]

Surely it would be cheaper just to enter some of the lower league cups like Clio or civic.

Is there any other "kit car" cups which offer better value?

[red_slr]

driftingphil said:

Surely it would be cheaper just to enter some of the lower league cups like Clio or civic.

Is there any other "kit car" cups which offer better value?

Driving new cars, nope no chance.

[hothatchery7]

Gitwhoismiserable said:

Oh no here come the financed up lower classes to the race track

What’s the problem with that?? Sorry if we lower class scum don’t have multiple silver spoons up our arse and money coming out our ears.

Money or lack of shouldn’t stop anyone chasing their dreams

[anonymous-user]

driftingphil said:

Surely it would be cheaper just to enter some of the lower league cups like Clio or civic.

Is there any other "kit car" cups which offer better value?

Westfield do a popular race series of two.