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Asset finance is a great alternative for business owners looking to purchase an expensive asset, in this case, a Porsche car. To most, buying outright with cash is infeasible as an expensive asset requires sizable funding that is not always to hand.
As a business owner, a company purchase of necessary equipment or machinery or indeed a vehicle may amount to upwards of £50,000 (if purchasing outright).
However, a more affordable solution can be found with asset finance and business owners can arrange these terms with the vendor or dealership in question.
It is important to clarify the differences between asset finance and a business loan;
World-renowned German engineering holds a high pedigree, and high performance comes at a cost – a Porsche 911 Carrera starts from £89,800 (without considering options, subscriptions and additional features). Porsche also has a growing presence in the market of EV vehicles with the Porsche Taycan model at £75,500.
Additionally, an updated UK government scheme provides 75% of the costs of installing EV charge points on a property (up to a maximum of £350) meaning it may be the perfect time to make the switch to electric.
A Porsche is an all-around enviable sports car, preceded by a prestigious motorsports history. Yet, they are perhaps out of reach for most individuals or businesses through conventional means.
However, with asset finance, a business can allow for such a sizeable purchase while also protecting cash flow and stability.
Porsche purchases are typically made through their website – which offers a myriad of customisations, options and specifications to your liking. These can vary greatly in price, but here are some examples of their current line-up of two popular models, covering both petrol and electric.
There are a number of finance plans offered by Porsche, and many follow the same form. They include; personal contract plan, lease purchase, hire purchase and contract hire.
Additionally, consider Company Car Tax and the agreed upon deposit before asset finance, as this may affect your budget overall and require more financial planning.
Hire purchase is a finance plan allowing acquisition through a loan. Once repaid, ownership of the Porsche is transferred to you upon the final payment of the “option to purchase fee”
Porsche requires a 25% minimum deposit and allows an appropriate term which suits your monthly repayment (between 12 and 60 months). Additionally, Porsche does not restrict mileage with this type of asset finance and it is available for any model.
A “balloon payment” is simply choosing to defer a final amount to be paid at the end of the term in order to manage monthly payments – meaning you make smaller monthly payments but will have a larger lump sum to pay at the end of the hire purchase.
Porsche offer terms between 12 and 48 months, and you can choose your expected mileage. However, this will affect the total of the final balloon payment.
This follows the hire purchase plan, with the attachment of a balloon payment which can be ideal for buyers of higher-end models of considerable value.
Balanced payment plans offer a fixed monthly payment, but require a larger deposit. However, the caveat is that changes can occur to the interest rate.
The rate on a balanced payment plan is based on; The Bank of England, the finance house base rate or the London Interbank Offered Rate (LIBOR) depending on the agreement.
This plan is not advisable for first-time buyers, rather it is recommended only for the experienced investor – as it comes with both risk and reward.
However, with a variable rate, those with an appetite for risk can see savings on purchases if they’re looking into getting their hands on some of the latest Porsche models.
A contract hire follows the same form; a hire purchase combined with a balloon payment option. The estimated value of the car will determine the final payment amount. Contract hire may be best suited to those that wish to hire an expensive, high-end Porsche model without the worry of ownership.
With contract purchases, business owners and customers may claim expenses on monthly rental costs for the hire of the car. Additionally, VAT may be recoverable for VAT registered businesses.
Bear in mind, with this option, you will not own the car - contract purchasing will mean you only hire the Porsche car. When the term of hire comes to end, you simply return the vehicle to Porsche.
With PCP you get a flexible finance plan, similar to other forms of asset finance, but with a different approach.
You decide the repayment period (18-49 months), and the annual mileage, and the amount deferred for the final payment. Where PCP differs is the three options available at the end of the agreement;
Something to bear in mind is possible reductions in price of your chosen Porsche model, as you could end up with negative equity.
This will depend entirely on which asset finance plan you go for. Ultimately, once the loan is paid, you either own the Porsche, have the option to purchase it, or, if you have chosen a contract purchase, then you will have returned the car after the final payment.
Which is recommend will be determined by your own circumstances, but there are many flexible options for financing of a Porsche purchase to choose from.
An asset finance option that provides flexibility is perhaps most beneficial. And the asset finance plan offering this is the Porsche solutions PCP.
Regardless of your circumstances, we can find the right asset finance for you.
At Clifton Private Finance, we offer a specialist asset finance service for clients looking to purchase a Porsche in the UK. Our finance brokers can provide indispensable assistance in securing asset finance to purchase your dream car. Our Brokers will review your financial circumstances, providing expert guidance, and with their help, you will find the type of asset finance suitable for you and your chosen Porsche.
We offer cash flow matched repayments and government-backed CBILS facilities without a set asset age limit. Moreover, as an intermediary, your Clifton finance broker will work with Porsche to arrange your car finance plan and finalise your purchase. The Clifton broker team can deliver bespoke, enhanced or exclusive terms to finance new, used or auction-bought assets. Our finance brokers can draw on their extensive market knowledge to secure the most competitive asset finance solution for your Porsche car purchase.
Book a free and no-obligation telephone consultation at a time that suits you.
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