Owning a supercar is the stuff of dreams. Petrolheads love the idea of cruising around in an iconic Ferrari or Lamborghini as they are the pinnacle of the industry. However, they are very expensive, with most in the hundreds of thousands of pounds range.
In 2017, for example, the then-new Bentley Continental Supersports was £212,500. In America, the fee was even higher (around £250,000) as different countries have different rates. Of course, prestige cars can charge as much as they like because of the element of luxury. For people who are desperate to add them to their collection, that means having the resources.
But, not everyone does, and even those who have often prefer to pay in instalments. This is where supercar finance comes in handy because it splits payments into affordable lump sums. In this post, we’ll take a closer look at car finance for prestige cars and supercars.
Is finance available for a prestige or supercar?
It depends on the circumstances. Broadly speaking, the answer is yes. Prestige car finance deals exist, and lenders are happy to offer them to eligible applicants. However, you need to meet the lending criteria before you are able to sign on the dotted line.
The best way to do this is to talk through your options and focus on the factors that impact the decision. For instance, boosting your credit rating will show creditors that you’re trustworthy, making them more likely to lend you the money. And, of course, you’ll need to be able to afford higher monthly repayments that come with the higher cost of a prestige car. Using a supercar finance calculator will help you work out your expected monthly repayments.
What financing method should you pick? Take a look below at the options on the table:
Hire purchase, or HP works in the same way for supercars as it does normal cars. You agree to a set amount that you pay monthly for an extended period of time. At the end of the agreement, you own the vehicle and don’t need to pay anything else.
Personal contract purchase
PCP finance works in much the same way. However, instead of owning the car being mandatory, you have the option to give it back at the end of the deal. PCP contracts have smaller monthly sums but require a larger ‘balloon payment’ at the end of the contract if you choose to buy the car outright.
An equity release unlocks cash that you have in your car. Essentially, you can trade your current vehicle in and use the money to lower the value of a prestige car or supercar.
How do you work out the cost of supercar finance?
Given that they cost a lot more than most cars, it can seem quite tricky calculating the cost of supercar finance. Higher numbers can make things confusing, which can be enough to put off a lot of prospective buyers.
Thankfully, it’s a lot easier than it sounds. You simply take the value of the vehicle and divide it by the number of months in the repayment period. All that’s left to do is include the rate of interest – you can break it down into annual or monthly – and you have a quick and reliable figure.
Supercar finance calculator
If you prefer to let technology crunch the numbers for you, we understand. In fact, we completely agree because the right piece of tech is powerful and easy to use. That’s why our car payment calculator is on hand to help anyone who would rather call on the help of specialist software.
To do the maths on your next prestige vehicle, you merely need to enter the loan amount you’re looking for into the calculator. Next, pick the length of the repayment – we give loans from anywhere between three and five years. Finally, choose the credit rating that most suitably describes your situation.
Why should you use it?
Well, it eliminates mistakes for starters. But, if that’s not enough, check out these incredible features on our supercar finance calculator:
- Results take a matter of seconds
- There’s no impact on your credit rating
- You can apply right away once you receive a loan offer
Let My Car Credit help you achieve your dreams
If you’ve been desperate to purchase a supercar for years, then My Car Credit is ideally situated to make your dreams come true. As a trusted and reputable broker, we draw upon a network of over 25 lenders to find a great deal, whatever your circumstances.
There’s no fuss or hassle, just a quality service that gets the job done.
Representative APR 10.9%
Evolution Funding Ltd T/A My Car Credit
Require more help?
Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!