Finance

[kenofkens]

Anyone recommend a decent financer at the moment i just can't tolerate an A SS ripping 10.8% from Porsche Finance( Part of VW group, who currently charge 7.9% if you buy a VW!) finance quote, there's got to be better much better surely? What sort of rate is possible currently with whom?

[Bobley]

That's because the finance company know they cant loose £50K on a Golf.

Its all very chicken and egg. The market decline for premium sports cars has seen the prices driven down which scares the finance companies so they've stopped lending on speculative deals and increased the rates when forced to sell something.

I'm sure you can still get 7-8% on a personal car loan from your bank but it depends on your situation rather than the car. i.e. if the whole deal goes down the pan can they take your house as well as the car...

I just looked on Natwest and got quoted 9.2% APR for £60K over 5 years, £1240/month...enough to get me out of my old R8 into a 997 GT3... I wouldn't spunk that much on a new 992 in this market... If you only want to borrow £20K you'll get 6% and basically its a sliding scale above that.

Edited by Bobley on Friday 22 December 10:22

[kenofkens]

OK thats made me sh't it even more i am looking at spunking 126k on a 992 (retail 142k) maybe i need to hold off due to the markets currently?!

Forza quote me these figures a while back i think 9% Apr

Quote Summary - Lease Purchase
Vehicle Cost £ 126,000,000
Less deposit £ 30,000.00
Payable by
36 monthly payments of £ 1,200.11
1 Final Payment of £ 76,700.00

[Bobley]

There's a whole other argument that says if you can get £20K off list and then the market perks up then you're laughing. Your final bubble payment might be a huge amount lower than market value and that would leave you in a great place.

You could also be run over by a bus tomorrow... if you want the car and are happy that your income is safe for the duration or whatever then go for it.

I must say the prices of nearly new GT3 Tourings is mighty tempting... and if I threw my GFs 993 into the trade then.....

[andymc]

Keep the 993, it will not drop

[Discombobulate]

kenofkens said:

Anyone recommend a decent financer at the moment i just can't tolerate an A SS ripping 10.8% from Porsche Finance( Part of VW group, who currently charge 7.9% if you buy a VW!) finance quote, there's got to be better much better surely? What sort of rate is possible currently with whom?

I expect this to change significantly in the New Year.
Fingers crossed...

[nw942]

Discombobulate said:

kenofkens said:

Anyone recommend a decent financer at the moment i just can't tolerate an A SS ripping 10.8% from Porsche Finance( Part of VW group, who currently charge 7.9% if you buy a VW!) finance quote, there's got to be better much better surely? What sort of rate is possible currently with whom?

I expect this to change significantly in the New Year.
Fingers crossed...

Seems to have gone up - 13.4% now on a lot of used cars.

[_speedyellow_]

Got a quote from Charles and Dean yesterday for a new 992 for £125k too.. the yellow GTS! £15k deposit

4 years interest charge was £36,993 (total payable was £162k
48 payments of £1577.99
Balloon - £71250

10.39%

Too much..

I am playing around between HP/PCP and have noticed with the right setup the APR drops to 6.4% on HP - yeah its a chance more per month but loan costs substantially less.

Step 2 of 2
Summary of your representative finance calculation
Duration 48 months
Monthly payment £1,991.38
Number of Payments 47
Porsche Contribution £0.00
Customer deposit £20,000.00
Retail Cash Price £104,500.00
Option to purchase fee (Payable at the end of your agreement) £10.00
Total amount payable £115,596.24
Total amount of credit £84,500.00
Rate of interest 6.36% Fixed
Representative APR 6.40% APR

Edited by _speedyellow_ on Friday 22 December 13:57

[Cosworth4388]

I changed my 991.2 gts for a targa (991 gts) a couple of weeks ago through Porsche in Exeter , they were offering finance via Santander at 9.9%. , so as I owned my original car in full I financed the cost to change .

[Schuey_911]

Cosworth4388 said:

I changed my 991.2 gts for a targa (991 gts) a couple of weeks ago through Porsche in Exeter , they were offering finance via Santander at 9.9%. , so as I owned my original car in full I financed the cost to change .

VW Finance is provided by Santander I'm pretty certain.

[alscar]

Schuey_911 said:

VW Finance is provided by Santander I'm pretty certain.

Isn’t VWFS a stand alone Financial entity within the parent group ?

[alscar]

Discombobulate said:

I expect this to change significantly in the New Year.
Fingers crossed...

Can I ask why ?

[ChrisW.]

_speedyellow_ said:

Got a quote from Charles and Dean yesterday for a new 992 for £125k too.. the yellow GTS! £15k deposit

4 years interest charge was £36,993 (total payable was £162k
48 payments of £1577.99
Balloon - £71250

10.39%

Too much..

I am playing around between HP/PCP and have noticed with the right setup the APR drops to 6.4% on HP - yeah its a chance more per month but loan costs substantially less.

Step 2 of 2
Summary of your representative finance calculation
Duration 48 months
Monthly payment £1,991.38
Number of Payments 47
Porsche Contribution £0.00
Customer deposit £20,000.00
Retail Cash Price £104,500.00
Option to purchase fee (Payable at the end of your agreement) £10.00
Total amount payable £115,596.24
Total amount of credit £84,500.00
Rate of interest 6.36% Fixed
Representative APR 6.40% APR

Edited by _speedyellow_ on Friday 22 December 13:57

So you end up paying £115,596.24 for a new car which lists at £125k ... effectively with four years interest free and the car has become a savings plan worth whatever the car is worth after four years ?

[Wills2]

alscar said:

Schuey_911 said:

VW Finance is provided by Santander I'm pretty certain.

Isn’t VWFS a stand alone Financial entity within the parent group ?

Yes, they are their own bank.

[journeymanpro]

Schuey_911 said:

VW Finance is provided by Santander I'm pretty certain.

I think you should become uncertain.

[craigjm]

Bobley said:

I'm sure you can still get 7-8% on a personal car loan from your bank but it depends on your situation rather than the car. i.e. if the whole deal goes down the pan can they take your house as well as the car...

Personal loan = take your house? I think you are confusing personal loans with secured loans. A personal loan is not secured against your house.

[Schuey_911]

Wills2 said:

alscar said:

Schuey_911 said:

VW Finance is provided by Santander I'm pretty certain.

Isn’t VWFS a stand alone Financial entity within the parent group ?

Yes, they are their own bank.

I stand corrected then

[Nuttcase]

ChrisW. said:

So you end up paying £115,596.24 for a new car which lists at £125k ... effectively with four years interest free and the car has become a savings plan worth whatever the car is worth after four years ?

Agree, something wrong with those numbers - in the summary the Retail Cash Price is stated as £104,500 not the previously stated £125k. The finance charges are roughly £11,000 (115,596-104,500)

[cliffords]

Discombobulate said:

kenofkens said:

Anyone recommend a decent financer at the moment i just can't tolerate an A SS ripping 10.8% from Porsche Finance( Part of VW group, who currently charge 7.9% if you buy a VW!) finance quote, there's got to be better much better surely? What sort of rate is possible currently with whom?

I expect this to change significantly in the New Year.
Fingers crossed...

I absolutely do not see this changing in the new year significantly. I don't even see a small change in 2024.

[SmithCorona]

I got told today they expect rates to rise again in Jan. Its currently at 11.9% IIRC. The dealer was clear that is is massively affecting their business, but their hands are tied.

Personally, whilst there are many cars I could, and would, buy. I'm always seeking value, and there is little in the market at the moment.