Anyone got any good finance deals lately?

[Vergis]

I may be looking to finance my next supercar....I hope.

[adamellisdj]

£155k car
25% down
£850 a month

3 years with Santander

Could have had it for £500 a month interest only but went for the above.

[R33FAL]

What car is that and what APR%?

[EvoSid]

I used Lombard asset finance a GT4 after I bought it privately.
It was 1.9% flat over 4 years
I borrowed £50k and will pay approx £53850 plus I think it was a £250 doc fee to Lombard
Did it all by email and very easy

[Vergis]

Wow thats really good deal.

[BenB91]

EvoSid said:

I used Lombard asset finance a GT4 after I bought it privately.
It was 1.9% flat over 4 years
I borrowed £50k and will pay approx £53850 plus I think it was a £250 doc fee to Lombard
Did it all by email and very easy

That's a cracking deal. Did you go direct? Or through a broker?

[21ATS]

adamellisdj said:

£155k car
25% down
£850 a month

3 years with Santander

Could have had it for £500 a month interest only but went for the above.

Details please.

There must be close to a £100K baloon to make those numbers work.

Please provide the following please.

Car
Baloon
apr

It's very close to the value of something I'm interested in.

[adamellisdj]

It’s in my thread

“Any info on this 458” in the v8 section buddy.

Ferrari 458
2014
6k miles

Balloon is £102k and I put £40,500 down. Forget the apr but it’s with Santander. And better than Ferrari Finance

[DeejRC]

It’s not too far from the Ferrari 6.9, so I presume something like 5.5-5.9%.

It is certainly a good rate.

[adamellisdj]

DeejRC said:

It’s not too far from the Ferrari 6.9, so I presume something like 5.5-5.9%.

It is certainly a good rate.

I think 6.2 rings a bell.

Elev8 finance arranged it. Ask for Mike.

Was sorted in 48 hours.

[oo7ml]

You are so lucky in the UK... cars are half the price compared to Ireland, and there is no ‘balloon’ finance product in Ireland.

A few questions on balloon financing:

01 - I presume the APR is on the full amount of the car, and then baked into the monthlies?

02 - What if a person can’t come up with the balloon at the end of the term / agreement? I presume this happens a lot?

03 - Who actually owns the car... the finance company or you?

[andrew]

oo7ml said:

You are so lucky in the UK... cars are half the price compared to Ireland, and there is no ‘balloon’ finance product in Ireland.

A few questions on balloon financing:

01 - I presume the APR is on the full amount of the car, and then baked into the monthlies?

02 - What if a person can’t come up with the balloon at the end of the term / agreement? I presume this happens a lot?

03 - Who actually owns the car... the finance company or you?

1. flat interest is charged on the amount o/s each month, say 6% pa or 0.5% pm. within that amount o/s each month lies the balloon, so you effectively pay interest on it monthly. apr is just the hypothetical interest you'd pay if no monthly payments were made, eg 0.5% pm compounding.

2. if the balloon represents the projected end of contract asset value, and the contract permits, then the lessee has the option to walk away without paying it. it's a brave lender who gives a larger, ie unsecured, balloon

3. operating lease : the finance company. finance lease : the fc until the contract if fully paid. hp : the fc until the contract and otp fee are fully paid

[21ATS]

Just to expand a little on question 2.

The status of the baloon is determined by the product chosen.

PCP - You can settle the balance, refinance or simply hand the car back and walk away (even if the cars value is less than the baloon).

Finance Lease - You can settle the balance or refinance. There's no option to walk away, at the outset of the contract you are comitting to the full value of vehicle. This is actually the product that Ferrari Financial Services sell, they don't do PCP. It's surprising how many people don't realise this.

[andrew]

^

[Implus1]

EvoSid said:

I used Lombard asset finance a GT4 after I bought it privately.
It was 1.9% flat over 4 years
I borrowed £50k and will pay approx £53850 plus I think it was a £250 doc fee to Lombard
Did it all by email and very easy

More details please?

[EvoSid]

BenB91 said:

That's a cracking deal. Did you go direct? Or through a broker?

I went direct as we have used Lombard Finance before for asset finance
Let me know if you need contact details

Edited by EvoSid on Thursday 6th May 00:11

[EvoSid]

Implus1 said:

More details please?

What would you like to know bud?

Happy to help anyway
I also tried Clydesdale bank and they gave me a good deal too but as we had dealings with Lombard (but nor for cars or with this person) it was easier to get paperwork sorted quickly

[EvoSid]

Vergis said:

Wow thats really good deal.

Sorry for taking so long to reply to your email but let me know if can help further

[Implus1]

EvoSid said:

What would you like to know bud?

Happy to help anyway
I also tried Clydesdale bank and they gave me a good deal too but as we had dealings with Lombard (but nor for cars or with this person) it was easier to get paperwork sorted quickly

Will PM you

[EvoSid]

Guys if anyone needs a copy of the finance quote just
Whats App me on 07770501905
I can send you a screen shot that has my details edited but still has all the details and the contact at Lombard