Olternative Finance Options

andrew6382

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Hello every one,

I don’t know how helpful this thread will be to anyone right now, but give it a few weeks?

Yes, Lotus are offering finance, but there are always other options. I have always thought having more than one string to your bow is better. Am hoping others will share details of company’s they may have used in the past, or ones they are speaking to now.

You may have not financed a car purchase before, perhaps have question, I am know expert, but am sure between use most question can be answered

Keep in mind, they will have to be deal with Lotus invoicing you directly and them paying it on your before. Many will be happy to do this, but some will not.
 

Tonyshepp

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Hello every one,

I don’t know how helpful this thread will be to anyone right now, but give it a few weeks?

Yes, Lotus are offering finance, but there are always other options. I have always thought having more than one string to your bow is better. Am hoping others will share details of company’s they may have used in the past, or ones they are speaking to now.

You may have not financed a car purchase before, perhaps have question, I am know expert, but am sure between use most question can be answered

Keep in mind, they will have to be deal with Lotus invoicing you directly and them paying it on your before. Many will be happy to do this, but some will not.
Chap called Adrian Brookes posted this on facebook:
Picking up on your message I operate a business called Chatsbrook and would be happy to chat through further - Contact number is 01603 733500 https://www.chatsbrook.co.uk/
 

Tonyshepp

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Hello every one,

I don’t know how helpful this thread will be to anyone right now, but give it a few weeks?

Yes, Lotus are offering finance, but there are always other options. I have always thought having more than one string to your bow is better. Am hoping others will share details of company’s they may have used in the past, or ones they are speaking to now.

You may have not financed a car purchase before, perhaps have question, I am know expert, but am sure between use most question can be answered

Keep in mind, they will have to be deal with Lotus invoicing you directly and them paying it on your before. Many will be happy to do this, but some will not.
or failing that borrow on the mortgage at a low interest rate, provided you have equity in your property to cover it.
 
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andrew6382

andrew6382

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or failing that borrow on the mortgage at a low interest rate, provided you have equity in your property to cover it.
Yep..... hard to explain in few lines ...... but there is a way you can set it up, lets say repay your mortage, get tax relief, and a bigger pension.... this is not advise ;) Link saved
 

SJR202

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Never bought a car on finance, playing with the numbers on the website, the aim for me is to minimise interest payments as that is just lost money but at the same time Im not keen spanking the lump sum of £79k in one go either...
Given the low of UK interest rates paying c5.9% is a considerable mark up
 
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andrew6382

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Never bought a car on finance, playing with the numbers on the website, the aim for me is to minimise interest payments as that is just lost money but at the same time Im not keen spanking the lump sum of £79k in one go either...
Given the low of UK interest rates paying c5.9% is a considerable mark up
It can be complex.... yes. I try and find a good deal, then any extra money make extra payments. some times pays to look at payment table.... found this on Lotus on site, first is 42 month second cheaper 41... third 43 month.. some please explain why 42 month is cheaper than both 41/43
pcp1.PNG
pcp2.PNG
pcp3.PNG
 

DJS

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I haven't seen a better deal than Lotus Finance yet other than Lloyds Bank at 4.9APR but they will borrow 60k max and have a lower residual value so in turn higher monthly repayments. I suppose it depends which way around you want it, either higher monthly repayment and lower ballon or lower monthly repayment and higher balloon.

It will defiantly be intersting to see what anyone else can come up with here.
 

SJR202

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It can be complex.... yes. I try and find a good deal, then any extra money make extra payments. some times pays to look at payment table.... found this on Lotus on site, first is 42 month second cheaper 41... third 43 month.. some please explain why 42 month is cheaper than both 41/43
View attachment 2967View attachment 2968View attachment 2969
Yeah that is actually a very useful tool.
I think I worked out with part ex/selling my Range Rover then I could get overall payment with interest to c£83,500 at just over £1k per month for 5 years. (If I remember correctly)
 

Tonyshepp

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Never bought a car on finance, playing with the numbers on the website, the aim for me is to minimise interest payments as that is just lost money but at the same time Im not keen spanking the lump sum of £79k in one go either...
Given the low of UK interest rates paying c5.9% is a considerable mark up
Same here, I was hoping for some kind of magic but looks like I'll have to put 80k of my savings into the car. Not keen on paying £200 a month interest on the PCP. Don't have a mortgage so can't borrow on low interest rate. Only option I could do is 55k down and loan of 25k at 2.8%.
 
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andrew6382

andrew6382

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I haven't seen a better deal than Lotus Finance yet other than Lloyds Bank at 4.9APR but they will borrow 60k max and have a lower residual value so in turn higher monthly repayments. I suppose it depends which way around you want it, either higher monthly repayment and lower ballon or lower monthly repayment and higher balloon.

It will defiantly be intersting to see what anyone else can come up with here.
I spoke to a company yesterday he has done a lot of Lotus... JayEm promotes them http://www.holmesdalefinance.co.uk/ I mention that someone had said the finance was looking at 50% residaul (? not sure how right I am on this) but he did say he had seen higher, 70% ish. I have also asked Lotus that perhaps we be able to pay the on the road costs separately. My Dad always told be you dont buy your carpets with the house. think whats meant by this.... in a few year, you will be throwing the carpets out, but you still paying for them. Tax and delivery have no value as such.... nothing you can hold ? why be paying interest on the for 4 years ?
 

SJR202

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I spoke to a company yesterday he has done a lot of Lotus... JayEm promotes them http://www.holmesdalefinance.co.uk/ I mention that someone had said the finance was looking at 50% residaul (? not sure how right I am on this) but he did say he had seen higher, 70% ish. I have also aked Lotus that perhaps we be able to pay the on the road costs separately. My Dad always told be you dont buy your carpets with the house. think whats meant by this.... in a few year, you will throwing the carpets out, but you still paying for them. Tax and delivery have no value as such.... nothing you can hold ? why be paying interest on the for 4 years ?
That is a good point, I guess they'll take those costs out of your deposit and then you're technically paying interest on the balance remaining on the 'car' - end of the day only way to view it is your overall total outlay in £
Not looking at new cars, but suddenly you're in the realms of some serious cars on the used market for 80-90k including 997 GT3s, McLaren, Ferrari etc not that those are actually tempting me but its serious cash!
 
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andrew6382

andrew6382

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That is a good point, I guess they'll take those costs out of your deposit and then you're technically paying interest on the balance remaining on the 'car' - end of the day only way to view it is your overall total outlay in £
Not looking at new cars, but suddenly you're in the realms of some serious cars on the used market for 80-90k including 997 GT3s, McLaren, Ferrari etc not that those are actually tempting me but its serious cash!
Yes some very nice cars in second hand market at that price point.... and if you car get finance at good rates :) the only off putting thing is for example Mclaren after market waranty with end to end cover £3k a year If for some reason the EMIRA is not as hoped its MP4-12C.... and that as good as porsche Cayman GTS 4.0L is
 

Tonyshepp

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Yes some very nice cars in second hand market at that price point.... and if you car get finance at good rates :) the only off putting thing is for example Mclaren after market waranty with end to end cover £3k a year If for some reason the EMIRA is not as hoped its MP4-12C.... and that as good as porsche Cayman GTS 4.0L is
But none will be as new as the Emira - well maybe the GTS but hey that isnt as pretty.
 

NickR

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Same here, I was hoping for some kind of magic but looks like I'll have to put 89k of my savings into the car. Not keen on paying £200 a month interest on the PCP. Don't have a mortgage so can't borrow on low interest rate. Only option I coul do is 55k down and loan of 25k at 2.8%.
That's my situation as well. I'm borrowing 15k from Tesco!
 

richbrown

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Same here, I was hoping for some kind of magic but looks like I'll have to put 80k of my savings into the car. Not keen on paying £200 a month interest on the PCP. Don't have a mortgage so can't borrow on low interest rate. Only option I could do is 55k down and loan of 25k at 2.8%.
Is that Sainsbury bank as look to be pretty competitive but max out at £25k?
 

Leonard

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Same here, I was hoping for some kind of magic but looks like I'll have to put 80k of my savings into the car. Not keen on paying £200 a month interest on the PCP. Don't have a mortgage so can't borrow on low interest rate. Only option I could do is 55k down and loan of 25k at 2.8%.
I've had 2 x 25k loans in past at similar APR
 

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