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911Osk
Newbie


Joined: 19 Apr 2017
Posts: 4



PostPosted: Wed Apr 19, 2017 3:47 pm    Post subject: Best finance??? Reply with quote

Hi guys,

Very new to the forum and looking to buy my first Porsche, I currently have a BMW M3 and looking to change to either a Carrera 2 or 4.

Which companies do people use for finance? The OPC rate seems really high at 6.9%.

Any advice welcomed, I'm currently waiting for a few quotes to come in.

Thanks in advance,

Os
 
  
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alex yates
Fuji


Joined: 06 Mar 2014
Posts: 9999
Location: Lancashire

2000 Porsche 996 Carrera 4

PostPosted: Wed Apr 19, 2017 4:04 pm    Post subject: Reply with quote

If need be I always use credit cards with interest free deals. You can usually get them over a 2yr period. Benefit to that, apart from no interest, is they can't get their hands on the money if its written off. You can even get over 40 month deals now around 3% transfer fee.
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jonttt
Estoril


Joined: 20 Aug 2012
Posts: 3933
Location: Liverpool


PostPosted: Wed Apr 19, 2017 5:53 pm    Post subject: Reply with quote

Halifax are aggressively entering the car finance market BUT you have to be an existing customer with at least 3 months history of the current account being used to pay bills.

Clysdale. There is a thread on the Macan owners forum of a couple of guys there who are doing great deals on porsches. Depends on how your financing but they seem c2.5% under Porsche APR.

I am 2 months out of date now but always compare cost of finance v cost of funding fully. They where the best comparable I could find.
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911Osk
Newbie


Joined: 19 Apr 2017
Posts: 4



PostPosted: Thu Apr 20, 2017 8:38 am    Post subject: Reply with quote

Thanks chaps, I've just spoken to James at Clydesdale (from the Macan forum) and gone ahead on 4.3% APR. They seem to be the best around. The HP with the balloon works well for me as I'm planning on keeping it a fair while.

james.bowers@cybg.com is his email if anyone's interested, they said they're offering discounts to Porsche forum members.

Where's best for GAP?
 
  
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911Osk
Newbie


Joined: 19 Apr 2017
Posts: 4



PostPosted: Thu Apr 20, 2017 8:41 am    Post subject: Reply with quote

alex yates wrote:
If need be I always use credit cards with interest free deals. You can usually get them over a 2yr period. Benefit to that, apart from no interest, is they can't get their hands on the money if its written off. You can even get over 40 month deals now around 3% transfer fee.


Thanks Alex, bit worried about all that being unsecured. I've thought about using an Amex for the deposit then getting flight miles back!
 
  
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P911X50
Newbie


Joined: 03 Jan 2017
Posts: 24
Location: Hertfordshire


PostPosted: Thu Apr 20, 2017 10:16 am    Post subject: Reply with quote

Tesco finance. I got 3.8% in October. A deciding factor when buying my 996 X50
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jonttt
Estoril


Joined: 20 Aug 2012
Posts: 3933
Location: Liverpool


PostPosted: Thu Apr 20, 2017 4:27 pm    Post subject: Reply with quote

Tesco don't do car financing, they are straight loan repayments. You will always get cheaper APR on those as you are paying off the loan in full over the term. They are also usually capped at £25k. The car financing which most people want is based on lower monthly payments but with a balloon payment at the end of term. This can be secured with a higher debt ie to purchase a more expensive car. The APR is higher as there is more interest charged.

I only quoted the best finance providers and not loan providers.
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P911X50
Newbie


Joined: 03 Jan 2017
Posts: 24
Location: Hertfordshire


PostPosted: Fri Apr 21, 2017 2:30 am    Post subject: Reply with quote

Hi

I took out £25k loan to support my purchase from Tesco, couldn't believe how good the rate was.
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MNC911
Imola


Joined: 10 Feb 2016
Posts: 799
Location: Prestbury


PostPosted: Fri Apr 21, 2017 6:27 am    Post subject: Reply with quote

alex yates wrote:
If need be I always use credit cards with interest free deals. You can usually get them over a 2yr period. Benefit to that, apart from no interest, is they can't get their hands on the money if its written off. You can even get over 40 month deals now around 3% transfer fee.


Agree

+ it's covered by the card lender should you need any back up if the purchase goes wrong.

Then when before the end of the 0% period is up take out another card to close the remaining balance.

There's absolutely no need to have any APR for the first years. If you don't take the advice you're giving away money to lenders which could be ploughed into a card to clear more of the loan at 0% finance.

Obviously it's your choice as it's your money. Thumb
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911Osk
Newbie


Joined: 19 Apr 2017
Posts: 4



PostPosted: Fri Apr 21, 2017 11:49 am    Post subject: Reply with quote

Thanks for all the help. All advice taken on board

Looked into the credit card option but the limits weren't enough for me to get anywhere close to how much I needed. I'd need 3/4 cars with at least a £15k limit on all of them + Porsche charge for using credit cards!

For me, I'd rather pay the interest knowing the security behind it. I would feel uncomfortable having that much unsecured.
 
  
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Robertb
Zolder


Joined: 01 Sep 2003
Posts: 5973
Location: South Oxfordshire

2002 Porsche 996 Carrera 4S

PostPosted: Fri Apr 21, 2017 12:25 pm    Post subject: Reply with quote

I'd imagine that having lots of credit outstanding on cards would not be a good thing for credit rating either, not to mention one is assuming that good 0% deals will always exist when its time to roll it over. A proper finance deal or loan over a period gives more certainty.
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