Around 50% of our clients elect to finance their next purchase rather than purchase for cash.
For those of our clients who want to take advantage of finance on any vehicles they acquire, JCS has partnered up with a number of specialist sports and supercar finance partners to ensure we offer the best terms available on the market.
When it comes to financing supercars, there is no one-size-fits-all funding solution as the vehicle and clients’ needs are always unique and this must be taken into account.
To summarise there are 3 key ways to finance your next purchase:
Contract Hire – Only available for the acquisition of new cars, you are effectively renting your car for a fixed term of between 2 and 5 years. At the end of the contract you simply hand the vehicle back to the finance company and start again. This is not a route to ownership of the vehicle, however as many do not ever intend on keeping the vehicle for an extended period of time, this can be a highly cost effective route to driving your dream car.
Contract Purchase – Typically used with the purchase of new cars. With a deposit of 10% or more, buyers enter into a contract of between 2 and 5 years, at the end of which the customer has an option to pay off the ‘balloon’ payment (perhaps refinancing it using Hire Purchase, see below) or handing the vehicle back to the dealer and possibly using any equity as a contribution to the deposit on a replacement vehicle.
Hire Purchase – A popular funding option available for both new and pre-owned vehicles, the client again puts down a deposit of 10% or more and enters into a contract of typically 4 years with the option of a balloon payment at the end of the contract term. A Hire Purchase agreement is however a little more flexible and popular in the purchase of supercars as at any time the client can choose to settle the contract (and without penalty after a year). This also enables the client to take advantage of a changing market when their vehicle may have more equity in it than initially estimated.
JCS Prestige is fully conversant with all the finance options available and we are more than happy to discuss the options available to you, providing you with honest and impartial advice tailored to your situation.