Where to get Porsche Finance
I’ve been considering the purchase of a brand new car and so been looking into to various Porsche finance options that are available to prospective owners. I looked at getting a bank loan but to be honest the interest payments were really high and when considering how much I would eventually be paying for my Porsche I decided that this wasn’t the way to go.
Another option I considered was hire purchase that had a balloon payment at the end. The way this works is you pay a small deposit or and then make monthly payments for several years and then at the end of the monthly payments you would need to pay the outstanding balance. The good thing about this was that the interest rates were fixed so they would be the same at the end of the agreement as a the start so that would mean I would know upfront what my final bill would be. Another good thing about this type of finance was that as a small business owner and self employed I would be able to offset the interest against my tax and the car would be regarded as an asset on my tax return. However after careful consideration I decided that this was not what I wanted as I felt that it would have connotations later when I came to sell the car. Eventually I settled on a car finance solution which I though was really amazing and I thought I’d share it here as I had never heard of this before.
Porsche Finance the solution
My new Porsche was to be a Boxster GTS in a silver grey it looks stunning, I’m sure you would agree. It’s the top of the range in the Boxster category and it can pack a punch.
So how much was this beauty going to cost me? Well are you sitting down yes it was going to empty my piggy bank and more at a whopping £55,000. But as the old saying goes
Porsche offer a fantastic solution to getting finance for your car. The solutions allows you to drive a brand new vehicle every couple of years with a few options available. You can just hand the car back after the couple of years that’s only if it’s in good condition and only done a certain amount of mileage. This for me was no good as my feelings are if you have this car then you want to be driving it around a lot. The other option was to just buy it at the end of the couple of years. But the best option I felt and the one I liked best was that you can part exchange it at the end of the period. It had a fixed monthly payment and what was best about it was that they gave you a minimum guaranteed price that they would give you for the car at the end of the period. So that’s what I opted for and now I can have a brand new Porsche every 3 years.
Ferrari Finance and the best deals
My previous article looked at the options for financing my Boxster GTS but my girl friend likes the ferrari 488 spider and she had set her heart on getting one. Must admit they are rather nice too and what’s more if she gets one well I get to drive it too. It’s nice in the blue too rather that the usual ferrari red.
So how is she going to find the best Ferrari Finance deals available to her? Well it was a little more difficult than finding finance for the porche. Ferrari have their own financial services that provide a range of different options for purchasing and financing your dream machine however they are based in Italy and my girlfriend wanted an option closer to home. We looked at some of the local dealerships but found that they could give us the flexibility we needed so we went online to find the best deals. Another drawback was when my girlfriend looked at the prices of the 488 then she decided that a better route for her would be to buy a pre-owned Ferrari. This then caused a problem as local dealerships provided finance but the interest for pre-owned vehicles was extortionate.
Pre-owned Ferrari Finance
We eventually found a dealership on the South Coast that offered a fantastic deal on purchasing a pre-owned Ferrari. What we found was that because Ferrari’s tend to hold their value then this company was ready to give the same deal as if we were purchasing a brand new model. They only stipulated that the car had to be especially certified in order to qualify for the hire purchase agreement. Moreover they had a range of certified vehicles of all ages in stock starting from as low as £25,000. Hence a little holiday on the South Coast was booked.
My girlfriend eventually bought a 2004 612 in a dark blue colour, with only 13k on the mileage and costing just over £100K. The Ferrari finance option she took out was to pay off 20% then have 3 yrs of low monthly payments followed by a balloon payment at the end of the 3 years which was also at a fixed interest rate so she had a clear idea of what would be left to pay.