Porsche Finance

Performance Car Finance

Finance for your Porsche. 911uk are also happy to recommend the services of Performance Car Finance who have a long standing track record for quality, service and price. View Performance Car Finance website here.

Performance Car Finance is a market leader in providing car finance for car purchases above £25,000 with a proven records for fantastic customer service.

You only have to read all of the testimonials in the car finance forum from a host of owners (not just Porsche owners) to realise that there is only one choice to make if you are considering financing your next car.

Please select the Performance Car Finance banner to learn more about their services and finance facilities. Their website includes an excellent FAQ section where detailed answers can be found to the following queries.

• A deposit to finance your purchase
• Finance balloon payments.
• Finance cars for privately purchased car.
• Finance for Imports or Left Hand Drive Vehicles.
• Process for Finance Approval.
• Selling privately and offering buyer a finance facility.
• Process for arrangement payment to the dealers and private sellers.

As well as everything you would need to know about Lease Purchased Balanced Payment Plans.

Should you wish to contact Performance Car Finance without delay please either take advantage of the contact box below to submit an email message to them.

A brief guide to finance your car

Finance Options

We all know about purchasing vehicles with cash, a bank loan or on hire purchase, but did you that there are other finance options to buying the car of your dreams.

Personal Contract Hire

Contract hire has always been popular with companies, but more and more private individuals are seeing the benefits of personal contract hire schemes.

Contract hire is very much like hiring a car over a fixed term. You simply pay a fixed monthly amount over the period of the agreement. When the agreement has ended, you simply hand the car back, leaving you open to start another contact or walk away.

The benefits of contract hire are that there is minimal initial outlay and a fixed monthly payment that is very easy to budget for (this is why contract hire is so popular with companies). There are also no depreciation or disposal issues to deal with so the only additional costs are consumables such as fuel and insurance.

As with PCP schemes, there are penalty fees payable if the car had covered more than the agreed mileage or if there is any damage to the car. However, maintenance schemes can be built into the agreement, meaning that if there is a mechanical failure, the finance house will cover the bill.

Personal Contract Purchase (PCP)

You be familiar with PCPs by various manufacturers' names, which all work in the same way and are perfect if you plan to change cars regularly

A PCP involves the payment of a sizeable deposit and then a number of low monthly payments. At the end of the finance agreement, there are a number of options depending on whether the customer wants to carry on or end the agreement:

Pay a balloon payment and keep the car
Hand the car back and pay nothing
Put the car down as the deposit on your next vehicle

The size of the balloon payment is determined at the outset of the agreement, and is taken into account when the original deposit and monthly payments are calculated.

The car will have a guaranteed future value. This is the calculated value of the car at the end of the agreement and it is taken into account when calculating monthly payments.

PCPs don't suit everyone's needs, however. The car belongs to the finance company until the deal is completed and there are penalties for early settlement. The car must be kept in good condition during the agreement. Any damage or excess mileage will be taken from the final value of the vehicle.

What happens at the end of the PCP agreement?

At the end of a PCP agreement you have the option to either pay the final Payment, (aka the balloon payment) to keep the car or to ask the finance company to extend the financing, which will usually be agreed if you have made your payments on time by direct debit.

Alternatively you can sell the car and use any profit as the deposit on a new contract or purchase. The piece of information is the cost to change, which is the bottom line of what it will cost you the buyer to change your vehicle. It is the difference between the trade-in value of your car and the price of a replacement car. However be vary of Negative equity when your car is worth less than your outstanding finance.

Servicing and maintenance

As part of the finance agreement you are obliged to service and look after the car, as you would normally expect.

If you car on purchased on finance develops a faulty.

Report the fault to the dealer and get them to rectify the fault. Meanwhile keep paying the installments, otherwise you will default on the credit agreement and the car may be repossessed.

Your Finance Agreement

All are types of consumer credit agreements and are protected by the Consumer Credit Act 1974. Including the Personal Contract Purchase (PCP) there is also the Conditional Sale Agreement (CS) where Payments are made evenly over the period of the agreement.

The Consumer Credit Act covers the finance agreement and lays down certain requirements for your protection that must be satisfied when the agreement is made. If they are not, the funder cannot enforce the agreement against you without a court order. The Act also gives you a number of rights including the right to settle the agreement at any time by giving notice in writing and paying off all amounts payable under the agreement, reduced by a rebate.

Loan conditions

Loan terms and conditions will vary so be sure to read them all carefully. The most important thing to check is the cost of the deal. If the interest rate is high you could consider alternative ways to finance the deal, so do not jump in.

If you have signed up to a personal contract hire, you will agree a monthly rental cost with various terms and conditions, such as total miles traveled, car maintenance and servicing. If you have sign up to a PCP, watch out for the Minimum Guaranteed Final Value - this is what your car is worth when a PCP contract ends, as long you have not exceeded any set mileage limits. If all is well, that is how much you will pay to buy the car at the end of the contract.

Are there any charges not included in APR?

The APR is the average interest rate built up over the whole term of the loan, so borrowers can compare loans. It takes into account the interest, any insurance and fees. You may be hit with a fee if you choose to repay your loan early, however. This won't be included in the APR but you will be made aware of what this is (usually one month's repayment) in the terms and conditions.

Cancelling a credit agreement

Most credit agreements can be cancelled provided you act quickly. There will normally be a cooling off period of a couple of weeks in which you will have the opportunity to think about the conditions of the loan. You lose this right if you sign the documents on the dealer's premises however. The agreement can be legally terminated at any time, if you are not the owner of the car until the last payment is made (as is the case with Conditional Sale and Hire Purchase agreements). Provided you have paid half the credit price of the car, you can simply hand it back.

However, you will lose all the payments you have made to date, and will be liable for further charges if the condition of the car is poor. If you haven't paid half of the credit price of the car, you will lose the car and still be liable for any outstanding payments. Generally, this is the worst case scenario of a credit agreement.

Cooling off period with credit agreements

There will normally be a cooling off period of a couple of weeks in which you will have the opportunity to think about the conditions of the loan. You lose this right if you sign the documents on the dealer's premises however.

Early settlement of credit agreements

One of the most important hidden charges with any loan is the early redemption penalty. It sounds scary but in plain English it means you'll get hit with a fee if you decide to pay off a loan or mortgage early, or to move your borrowing to a different product or provider. If you can find a provider that won't charge then great, but the majority will so you will need to be flexible.

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