UK Finance (interest rates)

AlexR

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Land Rover - ordered 12+ months pre-delivery and they honored 4.9% (October delivery - so early in the interest rate hike season but not before).

Porsche - ordered 9 months pre-delivery before rates shot up and went from 5.9% I think to 6.9% with no warning or explanation. I scrambled around trying to beat their numbers and Clydesdale really came through. All Porsche offered was to increase the GFV...helpful but not helpful. So I agree with the sentiment that ideally rates would be locked, or at least locked for a pre-agreed term.
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Rob********

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I've been offered 7.49% with Handelsbanken on a HP+balloon deal. If you would like the contact, drop me a PM.
 

Keysersoze

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We just secured 5.2% for my GTS with Propel asset finance through Barclays, whom our business‘s bank with. £72k down & £50k finance over 2 years (they were our terms)

It’s a special EV rate only for Barclays customers I was told….. was all setup and approved in less than 48 hours.

not sure what their rates are for non Barclays customers…
 
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Ross

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No point complaining.
Over the years cars have been available with 0% finance AND large discounts because people need to be incentivised to buy them.
Never Porsche.
No point saying Kia do 3% on finance deals so Porsche should discount their rate too.
Or Mercedes or whoever.
Simple market forces.

Q. ‘Why should I pay 1.2 million for a terraced house in London when I can buy a nicer one in Middlesbrough for 60k?’

A. Because that’s the price.

I got 6.9% from Porsche 2022 and they got all the paperwork in place to avoid the rise to 7.9% that happened before I collected my car.
At the time base rate was still 0.something% so now, with base rate at
4%(?) and all the uncertainty, 10% car finance is far from unreasonable.
It’s much easier to take their finance and there is no arrangement fee.
It’s not a bargain but there is not much about the Taycan which is a bargain.
We are all free to faff about getting finance somewhere else if we choose.
Some people, I have heard, actually have the 💰 💷 (!)
I have a misty eyed memory of buying
‘something for the weekend’ for cash.
A GT3 in 2008, boys toy, roll cage, carbon bucket seats, I had trips to Le Mans, Lakes, Wales and 3 track days then sold it for a profit.
Happy days.
Then I had kids.
Now I need finance.
Who would have thought?
 

Pete85

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You have crazy interest rates. At our porsche dealer in Espoo we get 4,95.
I thought of changing my 4s to gts but as I have 1,95% on my car, the 4,95 is just too high.
I just bought 2 years extra warranty for my 4S, so I will keep it for some longer time for sure.
 


gtm

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Most of you lack perspective. Probably just not old enough and spoiled by the historically low rates of the recent past. Rates were way over 10% in the late 70's, early 80's. You factored the rate into what you could afford for payments on any loan. And every aspect of purchasing a Porsche is expensive so why would you expect Porsche to price financing at a bargain rate. Not in the Porsche DNA. Shop for better financing or don't take the car if the cost no longer makes sense.
 

mcr21

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We just secured 5.2% for my GTS with Propel asset finance through Barclays, whom our business‘s bank with. £72k down & £50k finance over 2 years (they were our terms)

It’s a special EV rate only for Barclays customers I was told….. was all setup and approved in less than 48 hours.

not sure what their rates are for non Barclays customers…
Not bad for UK. Probably also because of the 50%+ cash deposit?
 

Raphie

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Currently Porsche are stealing a living with 10.9%, which I believe will go up to 11.9% from 1st April, on new cars. A quick search around shows Audi and VW are also theiving with their rates (hardly surprising as all VAG) - however Mercedes and BMW are currently 5.9%. Anyone else hacked off with this?

If anyone hears of Porsche adjusting their rates to a more sensible and fair rate for their customers would you mind posting in here? For me personally, I have a Taycan GTS on order which hopefully will go into build April time, so delivery June - but I won't be paying 11.9% even if I could afford to out of principal - when I ordered the car it was 5.9%! So I'll either cancel, or delay the build for 6 months. But if anyone hears anything with regards to interest rates from their dealer in the meantime if you could put it in here it would be most appreciated. Thanks in advance.
Just save up and pay cash? Why burn money on interest if you can buy in full? You’ll might get a discount too?
 


Sebbo

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Most of you lack perspective. Probably just not old enough and spoiled by the historically low rates of the recent past. Rates were way over 10% in the late 70's, early 80's. You factored the rate into what you could afford for payments on any loan. And every aspect of purchasing a Porsche is expensive so why would you expect Porsche to price financing at a bargain rate. Not in the Porsche DNA. Shop for better financing or don't take the car if the cost no longer makes sense.
Not to be rude in anyway but your comment lacks perspective. In the 70s and 80s you could buy a huge house for 20k have 3 children send them all to school and do it all on one average or below average salary. In todays world everything is way more expensive 20k£ won’t get you a 2m2 plot of land neither mind a house. Not to mention the cost of living and energy prices we face now. Spoilt you say, take a look in the mirror buddy.
 

WuffvonTrips

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In the 70s and 80s you could buy a huge house for 20k have 3 children send them all to school and do it all on one average or below average salary.
At the risk of this thread turning in to The Four Yorkshiremen 😁...
In the '80s I experienced, you'd need to have all 3 children working down the mine to afford anything near that. A nice 2 up 2 down terrace in the economic wastelands of the North could cost more than £20k by the mid '80s .
 

MrBlueSky

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At the risk of this thread turning in to The Four Yorkshiremen 😁...
In the '80s I experienced, you'd need to have all 3 children working down the mine to afford anything near that. A nice 2 up 2 down terrace in the economic wastelands of the North could cost more than £20k by the mid '80s .
A nice two up? You were lucky, all we had………….

(you started it 😉😄)
 

W1NGE

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A nice two up? You were lucky, all we had………….

(you started it 😉😄)
You were lucky. We lived for three months in a paper bag in a septic tank. We used to have to get up at six in the morning, clean the paper bag, eat a crust of stale bread, go to work down t' mill, fourteen hours a day, week-in week-out, for sixpence a week, and when we got home our Dad would thrash us to sleep wi' his belt.

See what you guys have started now (guys of a certain a'hem, age!)??
 

Ross

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You were LUCKY
I used to DREAM of a 14 hour working day.
I used to have to get up 2 hours before I went to bed to get to work and I had to pay for the privilege of having a job.
We lived in a rolled up newspaper in the gutter and all we ever had to eat was a lump of coal.
Happy days.
Its grim up north.
 

gtm

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Not to be rude in anyway but your comment lacks perspective. In the 70s and 80s you could buy a huge house for 20k have 3 children send them all to school and do it all on one average or below average salary. In todays world everything is way more expensive 20k£ won’t get you a 2m2 plot of land neither mind a house. Not to mention the cost of living and energy prices we face now. Spoilt you say, take a look in the mirror buddy.
No rudeness perceived but I can't say I quite understand "look in the mirror". My perspective is that I lived it. Unless the US and UK were dramatically different economically (they weren't) I question your assertion that "you could buy a huge house for 20k have 3 children send them all to school and do it all on one average or below average salary. " A modest townhouse in 1978 took both our salaries, no kids, to manage owning with a 17% mortgage. I do have perspective and empathy and my original comment was simply that if something costs more than you are comfortable with then don't buy it. Interest rates are just a component of the total cost in owing something you finance.
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