Discussion
Hi Guys
I am a newbie to the TVR and Pistonheads forum but need some advice on TVR finance!
I am looking at buying a TVR Tuscan or Chimaera around £15k to £18k but will need to finance the car. I have financed with Blackhorse and Bank of Scotland before but they only seem to go as far as 10 years old including the finance term ie 6 year old car with 4 years finance = 10 years. As the car I am looking at will probably be 1999 / 2000 does anyone know of a finance company that will finance older cars over 4 or 5 years?
Don't want to be tempted by going down to my local TVR dealer without the wonga!
Many thanks in advance
Tony
I am a newbie to the TVR and Pistonheads forum but need some advice on TVR finance!
I am looking at buying a TVR Tuscan or Chimaera around £15k to £18k but will need to finance the car. I have financed with Blackhorse and Bank of Scotland before but they only seem to go as far as 10 years old including the finance term ie 6 year old car with 4 years finance = 10 years. As the car I am looking at will probably be 1999 / 2000 does anyone know of a finance company that will finance older cars over 4 or 5 years?
Don't want to be tempted by going down to my local TVR dealer without the wonga!
Many thanks in advance
Tony
miles67 said:
I am looking at buying a TVR Tuscan or Chimaera around £15k to £18k...............................................As the car I am looking at will probably be 1999 / 2000 does anyone know of a finance company that will finance older cars over 4 or 5 years?
Many thanks in advance
Tony
Tony welcome to PH and hopefully TVR land.Many thanks in advance
Tony
First with 15-18K you'll be getting newer than 10yrs old.
Examples
Tuscans
http://pistonheads.com/sales/993435.htm
http://pistonheads.com/sales/993435.htm
http://pistonheads.com/sales/1087334.htm
OR
T350
http://pistonheads.com/sales/1105960.htm
http://pistonheads.com/sales/1036822.htm
http://pistonheads.com/sales/1071713.htm
Good luck
I don’t wish to dampen your enthusiasm but, conventional wisdom is to have money to spare before entering TVR ownership. A well sorted TVR can give years of trouble free joy, given proper maintenance.
But they can also produce sudden large bills. One should have a reserve fund to account for this. Before proceeding, ask yourself how a sudden large bill on top of the repayments would affect you.
Worst case scenario is perhaps an SP6 engine requiring a rebuild. You could spend £7k on that. But once rebuilt to latest specification, it’s probably going to give long and fabulous service.
If that’s going to cause real problems, buy a Griff or Chimp for less money and keep money to one side in case of problems. You can trade up to a SP6 car later.
Unless you have experience driving powerful RWD cars like a TVR, there’s something to be said for starting with a less powerful model and working up. You will always get used to the power available and want more. This leads to either tuning, or trading up anyway.
But they can also produce sudden large bills. One should have a reserve fund to account for this. Before proceeding, ask yourself how a sudden large bill on top of the repayments would affect you.
Worst case scenario is perhaps an SP6 engine requiring a rebuild. You could spend £7k on that. But once rebuilt to latest specification, it’s probably going to give long and fabulous service.
If that’s going to cause real problems, buy a Griff or Chimp for less money and keep money to one side in case of problems. You can trade up to a SP6 car later.
Unless you have experience driving powerful RWD cars like a TVR, there’s something to be said for starting with a less powerful model and working up. You will always get used to the power available and want more. This leads to either tuning, or trading up anyway.
As Oggs Said, you can get way newer than 10 year old car for £15-£18k, you should easily be able to get a 2003 car for that budget, which will be the 6 years + 4 years for the finance
http://www.pistonheads.co.uk/sales/list.asp?s=2&am...
http://www.pistonheads.co.uk/sales/1022002.htm
Another grand could have you
http://www.pistonheads.co.uk/sales/1022002.htm
http://www.pistonheads.co.uk/sales/list.asp?s=2&am...
http://www.pistonheads.co.uk/sales/1022002.htm
Another grand could have you
http://www.pistonheads.co.uk/sales/1022002.htm
Uncle Fester
I have got all the cash to buy the car but would rather finance as cash is king and I can use it for the running costs or anything else that comes up! Currently drive a Caterham R300 which is 300bhp per tonne so am ok ish with powerful rear wheel drive cars even though I am sure that the TVR will be completely different beast and more of a handfull?
WOO5IE and Zippee
Yes personal loans are my back up plan but they do inhibit you with further borrowing if needed and being self employed you never know when you might need some cash!
Thanks all
Tony
I have got all the cash to buy the car but would rather finance as cash is king and I can use it for the running costs or anything else that comes up! Currently drive a Caterham R300 which is 300bhp per tonne so am ok ish with powerful rear wheel drive cars even though I am sure that the TVR will be completely different beast and more of a handfull?
WOO5IE and Zippee
Yes personal loans are my back up plan but they do inhibit you with further borrowing if needed and being self employed you never know when you might need some cash!
Thanks all
Tony
Finance is a rip-off.
Get yourself a bank loan, and if you've got a decent bank account, getting more later shouldn't be a problem.
At least you OWN the car and can sell easily if circs change...as they are apt to do these days.
Hmmm....beginning to sound like my dad, but then again he's a lot richer than me...and doesn't owe a cent.
Get yourself a bank loan, and if you've got a decent bank account, getting more later shouldn't be a problem.
At least you OWN the car and can sell easily if circs change...as they are apt to do these days.
Hmmm....beginning to sound like my dad, but then again he's a lot richer than me...and doesn't owe a cent.
grahamw48 said:
Get yourself a bank loan ... At least you OWN the car and can sell easily if circs change
Not _strictly_ true, as if in the first 3-6 months then you are still paying off interest, so the loan value is still more than the car is worth. That is just the way of things however. In the case of a personal bank loan the car is YOUR property.
Therefore you own it, and are free to dispose of it...a day later if you so desire.
Whether or not you make a loss is a totally different matter, and of no interest to the bank as long as they get paid.
Therefore you own it, and are free to dispose of it...a day later if you so desire.
Whether or not you make a loss is a totally different matter, and of no interest to the bank as long as they get paid.
Edited by grahamw48 on Wednesday 1st July 09:33
grahamw48 said:
In the case of a personal bank loan the car is YOUR property.
Therefore you own it, and are free to dispose of it...a day later if you so desire.
Whether or not you make a loss is a totally different matter, and of no interest to the bank as long as they get paid.
Yea I see your point, but when you say the car is easy to sell at any time... I wouldn't class being several grand in the hole as being easy... clearly this is only what might happen if you sell within the first few months however... not massively likely, but if it is your first TVR and you hadn't done your research properly then maybe you are more likely to sell early than if you had owned one before. Also in this economic climate, unanticipated changes to your circumstances are more likely to happen. I would say its a consideration. Therefore you own it, and are free to dispose of it...a day later if you so desire.
Whether or not you make a loss is a totally different matter, and of no interest to the bank as long as they get paid.
Edited by grahamw48 on Wednesday 1st July 09:33
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