Porsche Finance
Discussion
At last my new car is due next month and just started talking finance figures with my dealer.
My last 3 year deal which was taken out quarter 2 2009 was at circa 4.2% APR (dont have the paperwork to hand) but the new finance figures I've just been sent started at 8.8% and on questioning it they reduced to 8.4%. Apparently the finance is now all through VW and not Porsche
Anyone else had any similar experiences or bought recenntly and got good rates from Porsche or another finance company?
Good to hear your views
My last 3 year deal which was taken out quarter 2 2009 was at circa 4.2% APR (dont have the paperwork to hand) but the new finance figures I've just been sent started at 8.8% and on questioning it they reduced to 8.4%. Apparently the finance is now all through VW and not Porsche
Anyone else had any similar experiences or bought recenntly and got good rates from Porsche or another finance company?
Good to hear your views
That's quite a hike. At that rate it would make "sense" to release equity out of your house instead, not that I would ever suggest to use finance for a depreciating asset but that's another subject.
Do you have to use Porsche/VW for finance ? Surely there are hundreds of other sources of capital ?
Do you have to use Porsche/VW for finance ? Surely there are hundreds of other sources of capital ?
nickfrog said:
That's quite a hike. At that rate it would make "sense" to release equity out of your house instead, not that I would ever suggest to use finance for a depreciating asset but that's another subject.
Do you have to use Porsche/VW for finance ? Surely there are hundreds of other sources of capital ?
Dont have to use Porsche finance just thought it was a massive increase in 3 years when interest rates have dropped, or certainly havent increased, and wondered if anyone knew whyDo you have to use Porsche/VW for finance ? Surely there are hundreds of other sources of capital ?
D1ckie said:
At last my new car is due next month and just started talking finance figures with my dealer.
My last 3 year deal which was taken out quarter 2 2009 was at circa 4.2% APR (dont have the paperwork to hand) but the new finance figures I've just been sent started at 8.8% and on questioning it they reduced to 8.4%. Apparently the finance is now all through VW and not Porsche
Anyone else had any similar experiences or bought recenntly and got good rates from Porsche or another finance company?
Good to hear your views
I would be surprised if Porsche was offering 4.2% APR in 2009. 4.2% flat I can believe which would probably be about 8.4% APR.My last 3 year deal which was taken out quarter 2 2009 was at circa 4.2% APR (dont have the paperwork to hand) but the new finance figures I've just been sent started at 8.8% and on questioning it they reduced to 8.4%. Apparently the finance is now all through VW and not Porsche
Anyone else had any similar experiences or bought recenntly and got good rates from Porsche or another finance company?
Good to hear your views
Porsche finance (or more accurately VWFS) is rarely the cheapest. But they often offer large balloons which make the monthly payment lower. It get's people into cars and they make lots of money.
khushy said:
Oracle car finance - ask for Paul!
From a number of selling experiences with them as funder I can say they are the worst, most difficult, troublesome and unapologetic shower I've ever come across. The customers that had gone to them for funding before buying from me thought the same and after being messed about by them so much wouldn't touch them with a bargepole.I believe Bridford, who also specialise in high value cars, are ok but not done deals through them yet.
Can't fault Lombard.
Had great service from them over the years at very good rates.
http://www.lombard.co.uk/
Had great service from them over the years at very good rates.
http://www.lombard.co.uk/
khushy said:
Oracle car finance - ask for Paul!
Hell no - rip off merchants IMHO - You want Jamie Garside of Eurolease - understands the market and customers, absolutely first class service, great rates - and a top bloke to boot. Got me a deal on the GTS which was phenomenal and loads cheaper than any other loan provider including Oracle!
MadMark911 said:
OMFG! 8.4%? Does anyone do it at those rates when you can easily get a mortgage for 2.5% (albeit not as an APR)? Maybe cash will make a comeback too! 
You're comparing apples and oranges now! 4% flat can easily equate to 8%apr on car finance but it depends on the fees, advance (amount borrowed) and term.E.g. A £250 doc fee (at the same interest rate) will increase the apr far more on a 12 month £5,000 loan than it will on a 60 month £50,000 loan.
doneitnow said:
Borrow back facility on your mortgage is a great way if you have it set up and have the will power to pay it back monthly IMO.
It is important to remember that if one buys a car using this finance method the paying the car back monthly means the payment should be increased to pay off the added debt of the car purchase in the same time span the debt would be paid back had the car been financed by a car loan.Otherwise, after several cars one might find he's paying off on cars he no longer owns...
Sincerely,
Rockster.
You're right it is now VW financial.... We got I think 6.9% ...but like anything haggle!! We simply told the OPC what we wanted to pay..and they came back with a very close match.....
Am now looking for a new car, so have just settled the current car...so be very interesting to know what folk are getting % wise from Feb 12 onwards??
Am now looking for a new car, so have just settled the current car...so be very interesting to know what folk are getting % wise from Feb 12 onwards??
Rockster said:
It is important to remember that if one buys a car using this finance method the paying the car back monthly means the payment should be increased to pay off the added debt of the car purchase in the same time span the debt would be paid back had the car been financed by a car loan.
Otherwise, after several cars one might find he's paying off on cars he no longer owns...
Sincerely,
Rockster.
I have done this once, back in 2003. Just overpaid the mortgage by the 600 quid/month the finance was going to cost - for the same period it eliminated (paid off) the "balloon" payment at the end. However, you need to be confident you can keep up the overpayments - not sure if I would risk the house equity now ?Otherwise, after several cars one might find he's paying off on cars he no longer owns...
Sincerely,
Rockster.
Edit to add: I am just starting a 36 month loan with Audi at a smidge over 7%.
Edited by nsm3 on Thursday 23 February 08:29
thegoose said:
MadMark911 said:
OMFG! 8.4%? Does anyone do it at those rates when you can easily get a mortgage for 2.5% (albeit not as an APR)? Maybe cash will make a comeback too!
You're comparing apples and oranges now! 4% flat can easily equate to 8%apr on car finance but it depends on the fees, advance (amount borrowed) and term.E.g. A £250 doc fee (at the same interest rate) will increase the apr far more on a 12 month £5,000 loan than it will on a 60 month £50,000 loan.
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