Best £60k finance methods
Discussion
I'm looking at financing a £60k ish car. It will be my daily driver, about 8-10 years old and probably a V8...I miss the noise 
Anyway, it looks like a PCP is an absolute no go, given the age.
So what are my options beyond straight HP? I really want to keep the payments as low as possible.
Advice welcome!
Anyway, it looks like a PCP is an absolute no go, given the age.
So what are my options beyond straight HP? I really want to keep the payments as low as possible.
Advice welcome!
Niponeoff said:
Any Ph'er worth his salt would pay cash along with a tip.
And also go into the dealership dressed as a tramp to prove that wealth whispers, or something. In answer to the OP, personal loan over as long a period as possible, or mortgage, is the way to keep the monthly payments down. Whether it's a good financial decision to do that on a (probably) depreciating asset is your call.
What car is it and how much are you looking to finance?
Most dealers of cars like this can arrange finance.
Its not as plentiful as it once was though with the likes of JBR, Magnitude, MANN etc etc now much more restrictive on what they will lend on and what rates.
Thats the kicker, if you do get finance its going to be nearly double digits APR.
A loan might be better but most rates of c.6% are going to be on 25k max. You need 60k.
You can get unsecured loans of about £40k but again close to double digits APR.
Frankly, I think now is not the time.
I would wait a year and see if rates are lower. Also, if the recession does come in Q2/3 next year as expected you might get a nice double bubble as not only will rates fall but the prices of cars will also fall.
Its not as plentiful as it once was though with the likes of JBR, Magnitude, MANN etc etc now much more restrictive on what they will lend on and what rates.
Thats the kicker, if you do get finance its going to be nearly double digits APR.
A loan might be better but most rates of c.6% are going to be on 25k max. You need 60k.
You can get unsecured loans of about £40k but again close to double digits APR.
Frankly, I think now is not the time.
I would wait a year and see if rates are lower. Also, if the recession does come in Q2/3 next year as expected you might get a nice double bubble as not only will rates fall but the prices of cars will also fall.
gotoPzero said:
Most dealers of cars like this can arrange finance.
Its not as plentiful as it once was though with the likes of JBR, Magnitude, MANN etc etc now much more restrictive on what they will lend on and what rates.
Thats the kicker, if you do get finance its going to be nearly double digits APR.
A loan might be better but most rates of c.6% are going to be on 25k max. You need 60k.
You can get unsecured loans of about £40k but again close to double digits APR.
Frankly, I think now is not the time.
I would wait a year and see if rates are lower. Also, if the recession does come in Q2/3 next year as expected you might get a nice double bubble as not only will rates fall but the prices of cars will also fall.
Ok, this makes sense. Its not as plentiful as it once was though with the likes of JBR, Magnitude, MANN etc etc now much more restrictive on what they will lend on and what rates.
Thats the kicker, if you do get finance its going to be nearly double digits APR.
A loan might be better but most rates of c.6% are going to be on 25k max. You need 60k.
You can get unsecured loans of about £40k but again close to double digits APR.
Frankly, I think now is not the time.
I would wait a year and see if rates are lower. Also, if the recession does come in Q2/3 next year as expected you might get a nice double bubble as not only will rates fall but the prices of cars will also fall.
Yeah, £40k unsecured seems to be the most anyone will realistically lend.
But yeah, perhaps it's all about timing...
Xenoous said:
Forgive me for being brash... But it sounds like you can't afford it? No offense intended, as I definitely can't! Surely you're looking at a large sum per month regardless of the choice you take.
Either way, good luck!
Well looks may be deceiving...current car is a Taycan CT4S - £108k list. Thing is it's on a lease so after all the tax breaks etc I reckon it costs me about £800 a month. I miss the sound of a good option so was just playing with options. Either way, good luck!
Ok...so I want a Ferrari Cali 30/30. Alternative would be a Mustang Mach 1, which I can PCP. Or wait till the Dark Horse comes out...dunno.
Yes, you will say I'm crazy using the Cali as a daily. But hey, why not.
So to finance £60k or so is fine, I'd just rather some kind of balloon payment as HP isn't really where I want to be on this.
Edited by w00die on Friday 3rd November 16:26
Edited by w00die on Friday 3rd November 16:26
Well why not?
If you can afford the running costs and probably horrific depreciation of using a 10 year old out of warranty Ferrari as a daily then go for it
How many miles are you looking at doing annually and how long do you plan on keeping it?
Financing it in a dropping market with high interest rates could be a bum clencher though
Seemingly high end sports cars are a hard sell at the moment and only getting harder to shift
I’d imagine those that are clocking big mileages on exotica are those that really don’t need to worry about what it costs
For me, I’d probably drop £60k on a classic Ferrari for the weekend and buy a normal car for the week
If you can afford the running costs and probably horrific depreciation of using a 10 year old out of warranty Ferrari as a daily then go for it
How many miles are you looking at doing annually and how long do you plan on keeping it?
Financing it in a dropping market with high interest rates could be a bum clencher though
Seemingly high end sports cars are a hard sell at the moment and only getting harder to shift
I’d imagine those that are clocking big mileages on exotica are those that really don’t need to worry about what it costs
For me, I’d probably drop £60k on a classic Ferrari for the weekend and buy a normal car for the week
PCP isn’t a no go depending on car but you’d need a specialist lender.
If it’s a car that will depreciate like a rock off a cliff they won’t help….. but if it’s likely to hold value you will get a balloon option.
So it will be cheapest way depending on motor.
After that pull money from house if you can.
After that you’ll have your pants pulled down on HP or loans.
If it’s a car that will depreciate like a rock off a cliff they won’t help….. but if it’s likely to hold value you will get a balloon option.
So it will be cheapest way depending on motor.
After that pull money from house if you can.
After that you’ll have your pants pulled down on HP or loans.
Earthdweller said:
Well why not?
If you can afford the running costs and probably horrific depreciation of using a 10 year old out of warranty Ferrari as a daily then go for it
How many miles are you looking at doing annually and how long do you plan on keeping it?
Financing it in a dropping market with high interest rates could be a bum clencher though
Seemingly high end sports cars are a hard sell at the moment and only getting harder to shift
I’d imagine those that are clocking big mileages on exotica are those that really don’t need to worry about what it costs
For me, I’d probably drop £60k on a classic Ferrari for the weekend and buy a normal car for the week
What you've said is probably the sensible option but I'm obviously used to a nice daily so if I end up in a 1L Focus for 5 days a week to wait for the odd weekend blast in the Ferrari, I think that will feel like an underwhelming compromise. I have a b road commute so I get to give the Porsche a proper run every day.If you can afford the running costs and probably horrific depreciation of using a 10 year old out of warranty Ferrari as a daily then go for it
How many miles are you looking at doing annually and how long do you plan on keeping it?
Financing it in a dropping market with high interest rates could be a bum clencher though
Seemingly high end sports cars are a hard sell at the moment and only getting harder to shift
I’d imagine those that are clocking big mileages on exotica are those that really don’t need to worry about what it costs
For me, I’d probably drop £60k on a classic Ferrari for the weekend and buy a normal car for the week
When you could borrow money for basically free then buying a car you couldn't afford but could afford repayments on was a decent alternative to saving up forever and a day.
Now rates are much higher you'd have to be soft in the head to borrow £60k over a long period for a used car. If you could even find some mug to lend you £60k at 10% for 5 years you're going to pay £17,000 in interest. It only gets worse with longer terms and more realistic rates.
Unless you're really very wealthy you'll have a job getting a £60k loan for a car that isn't secured against your home, and you'll be well into double digit rates for those sorts of lenders.
Mortage is your only real option, enjoy paying £100,000 for your £60k car though!
Now rates are much higher you'd have to be soft in the head to borrow £60k over a long period for a used car. If you could even find some mug to lend you £60k at 10% for 5 years you're going to pay £17,000 in interest. It only gets worse with longer terms and more realistic rates.
Unless you're really very wealthy you'll have a job getting a £60k loan for a car that isn't secured against your home, and you'll be well into double digit rates for those sorts of lenders.
Mortage is your only real option, enjoy paying £100,000 for your £60k car though!
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