Lease vs Buy

[awharton]

Just spoke to Lloyd’s Asset Finance. 2.19%, told the guy to drop the £290 fee & see if he can shave off a bit on the interest rate and we could/maybe have a deal. Seems so cheap already. No brainer if through a business especially with the capital allowance & being able to charge at home and claim mileage!

Do you have the details of the person you spoke to? Doesn't seem to be a number on their website.

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[Gogs]

Is that for a company HP deal paying off the entire car over the period @Gogs ? Much of a deposit required? Cheers

I think the deposit only needs to be 5%. I'm thinking to pay off a big lump and only borrow £70k, spread it over 5 years, total payback is only £77k. Basically Interest is 7K over 5 years, or £1400 per year. At the end the company would own it. Might be worth £35k maybe? So the true cost to run the car via this method is about £950 a month, after capital allowances are claimed back etc.

 

[awharton]

I think the deposit only needs to be 5%. I'm thinking to pay off a big lump and only borrow £70k, spread it over 5 years, total payback is only £77k. Basically Interest is 7K over 5 years, or £1400 per year. At the end the company would own it. Might be worth £35k maybe? So the true cost to run the car via this method is about £950 a month, after capital allowances are claimed back etc.

Sounds like a good deal.

 

[awharton]

For anyone else that is interested - Metro Bank are offering 2.11% with £150 fee. Got to be the way to fund if buying via company at these sorts of rates (unless the GFV via dealer is out of this world).

 

[kevinod]

How did everyone get on with the banks?

I see Porsche has put up the APR and reduced the GFV....

 

[Gogs]

My final deal after some easy negotiation is 1.91% with a £250 acceptance fee & £80 purchase fee. Just a tad better than Porsche's rates!!

 

[kevinod]

My final deal after some easy negotiation is 1.91% with a £250 acceptance fee & £80 purchase fee. Just a tad better than Porsche's rates!!

Who was that with?

 

[Gogs]

Who was that with?

Llyods. PM me and I’ll send you his details.

 

[Duc959]

Llyods. PM me and I’ll send you his details.

what benefit are you getting from doing this? can you please share your thoughts

 

[awharton]

what benefit are you getting from doing this? can you please share your thoughts

Not having to lay out all the cash in one hit. Money can be used in other ways to get a greater return than that being charged?

 

[DavidE- Bath]

My £3.5k government grant was registered with the car as being financed through Porsche (in my company’s name). Does anyone know if I can change to Lloyd’s or Metro but keep the grant?

 

[Gogs]

My £3.5k government grant was registered with the car as being financed through Porsche (in my company’s name). Does anyone know if I can change to Lloyd’s or Metro but keep the grant?

That should not make any difference in my opinion. Is the dealer saying it does? Sounds incorect to me.

 

[kevinod]

Shouldn’t make a difference.

Your car should be discounted by Porsche by £3500 as Porsche will claim
the grant back

 

[awharton]

Can highly recommend Metro. Simple to deal with, direct contact, no paperwork and all approved in 24 hours. 2.11% with £150 fee. Can be over whatever term you want. Lloyds were unfortunately much more difficult to deal with even though they had a better rate.

 

[kevinod]

Can highly recommend Metro. Simple to deal with, direct contact, no paperwork and all approved in 24 hours. 2.11% with £150 fee. Can be over whatever term you want. Lloyds were unfortunately much more difficult to deal with even though they had a better rate.

If the car value is more than £125k Lloyd’s want quite a bit of info, below that I think it’s straight forward

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