Whether you are buying your first luxury car or adding to an existing collection, it is a significant purchase. That could mean a supercar, a high-end performance car or a prestige vehicle you have had your eye on for some time. Whatever you are looking for, finance can help you spread the cost without paying the full purchase price upfront.
How Does Luxury Car Finance Work?
The starting point is the car you want to buy and how you would like to pay for it. We will discuss the purchase price, any deposit you plan to put down, the monthly payment you are comfortable with and whether you intend to keep the car for the long term.
From there, BFS can explore the finance options available to you. With hire purchase, you typically pay a deposit followed by monthly payments, with ownership passing to you once the agreement has been completed. Some finance agreements include a larger final payment, known as a balloon payment. This can reduce your monthly payments, but it is important to plan for how you will pay the final amount.
The options available will depend on the car, the lender and your individual circumstances.
What If You Already Have a Collection?
Luxury car finance is not just for a first purchase. If you already own one or more vehicles, you may want to consider how best to fund your next addition. Depending on the cars you own and the lender’s criteria, it may also be possible to refinance an existing vehicle or release some of the equity held in it.
Whether you have found a particular model you do not want to miss or are planning your next purchase, the aim is to find a finance structure that works alongside your wider financial plans.
What Should You Consider Before Going Ahead?
As well as the monthly payment, it is important to understand the deposit, the total cost of the finance and what happens at the end of the agreement. If there is a balloon payment, you will need a clear plan for paying it. You should also consider the wider costs of owning the car, including insurance and maintenance.
Looking for Your First Luxury Car or Your Next Addition?
If you have a car in mind, speak to the BFS team. We can talk through the purchase, understand what you want the finance to achieve and explore the funding options available to you. Whether it is your first luxury car or the next addition to your collection, we are here to help you take the next step
