Porsche Finance

[dpg123]

Hello finance experts!

We're looking into replacing my wife's non-ULEZ compliant 4x4 with a new Cayenne. We've not financed a car before but it seems the best route these days. 

Can anyone give me some advice on Porsche finance (Hire Purchase)? I understand that you can pay it off with one months notice (interest). If I took Porsche finance on a new car, am I likely to get a better deal on the car itself / negotiate better options etc? If so, I'm free to then refinance the car myself through a bank (or whatever) and pay off Porsche, right? 

Is there anything I need to be aware of here?

Thanks

[Menoporsche]

Several years ago that was a common advice on how to get a good price on a new 981 - take their finance deal, then pay it off quickly with a cheaper one. Interested to see if that's changed.

[r1flyguy]

Shop around, Porsche finance is notoriously expensive. 

Far better options out there if you need to finance a porsche vehicle.

[Scubaregs]

I took the PCP and paid it off a 6 weeks later. This was discussed beforehand during negotiations and indeed was suggested to me as a work around as my funds would not be available for 6 weeks. Part of the agreement was any charges incurred would be taken into account in the deal agreed which it was. This allowed me to get a new 718 they had just brought into stock rather than placing an order.

The car was above my budget, I did negotiate a substantial discount though.

 

[dpg123]

5 minutes ago, r1flyguy said:

Shop around, Porsche finance is notoriously expensive. 

Far better options out there if you need to finance a porsche vehicle.

Thanks everyone - FlyGuy, are we talking moneysupermarket type comparison sites or should I be approaching a specialist finance house?

[Scubaregs]

Marks and spencer were doing the lowest rate around when I financed the bike a few months back.

[r1flyguy]

@dpg123 its all dependent on your needs, finance amount and period.

If you have credit cards, look at 0% interest offers and max them out working out how much you need to pay back over the 0% interest period to clear by the end, yes you pay a fee but the overall expense will be tiny in comparison to OPC finance.

As @Scubaregs states look at other finance providers for better deals.

What have the OPC offered in regards to finance if you have enquired at all? Im guessing their APR  will be circa. 7.9% or higher on a PCP, or if your putting in a substantial deposit and just financing to have no balloon it may be better.

If your going to keep changing then a PCP with the smallest deposit may suit as although you will never own the vehicle you will be just basically hiring it for 2-3 years before using any surplus equity available for the next new one.

if like me you don't change very often, borrow the absolute minimum of finance or pay it off ASAP. As not only will the interest you pay be costly but the depreciation will also be another hit, so thats 2 losses as soon as you drive off the forecourt & Cheyenne’s are not the Porsche range that hold their residuals very well. Neither matter if it long term ownership and ability to pay it off ASAP is what you do.

I’ve spoken to (but never used) Oracle finance as they have offered to mstch anything Porsche offer, maybe they can do better in the current climate 

[r1flyguy]

Have a look at these links for more info, although different  porsche models, all the same type info you need

 

 

https://www.pistonheads.com/gassing/topic.asp?h=0&f=48&t=1830160

 

https://www.pistonheads.com/gassing/topic.asp?h=0&f=48&t=1827658

 

https://www.pistonheads.com/gassing/topic.asp?h=0&f=230&t=1824713

 

https://www.pistonheads.com/gassing/topic.asp?t=183016

 

https://www.pistonheads.com/gassing/topic.asp?t=1796502

[jason3.2s]

I used a finance company promoted on one of the Youtubers (was very sceptical to begin with) that I watch from time to time, they financed the car through a finance subsidiary of a rival Car manufacturer  and the car was purchased from Porsche OPC.

To give an idea the PCP was 2% lower than Porsche PCP % rate and was a very easy and pleasant experience.

IMHO you need to just ask what the OPC will give you if they take their finance and that value is worth circa 2% off to you.

They will and are very keen for you to take their finance obviously.

[BTM520]

With PCP's just check the future values, it might be 2% cheaper elsewhere and monthly payment lower but you might be due more at the end so check the total payable if doing a PCP.

[MIkeyv60]

On 9/27/2019 at 3:44 PM, BTM520 said:

With PCP's just check the future values, it might be 2% cheaper elsewhere and monthly payment lower but you might be due more at the end so check the total payable if doing a PCP.

If you dont plan to keep after the term has ended the best option is to have the highest GTV value possible at the end which will make your monthly payments cheaper if the apr is the same, also to bear in mind options have very little bearing in the the final GTV.