Aston Martin Vanquish 2013

Did you know that you can refinance your current vehicle Hire Purchase agreement? The majority of car buyers are unaware that you can do this. If your current car finance was taken out at the point of sale with the supplying dealer, you may not have thought about shopping around. Perhaps a more competitive finance package was available at the time, but you were in a hurry to drive away. Refinancing could…

• Reduce your monthly payments

OR

• Provide you with a more competitive Annual Percentage Rate (APR)

In this particular case, Fast Car Finance were referred to a new client by one of our existing customers. After initially speaking to this busy Company Director, it transpired that he had purchased a beautiful low mileage Aston Martin Vanquish last year but was paying over £1,600 per month for the privilege but why?

After obtaining a copy of the underlying hire purchase (HP) agreement, it became evident that he had been offered a simple HP facility with no balloon payment. This created larger monthly payments that would not have been the case had he been offered a Lease Purchase facility. He had been told by the supplying dealer that due to the car’s age, it was not possible to offer a balloon payment at the end of the loan term. Simply not true, more likely they just didn’t have access to a suitable lender.

Fast Car Finance arranged to have the car revalued, to include a projected indication of what the car might be worth at the end of the current finance term. With a strong resale value indicated, we were able to offer used Aston Martin Finance over a new four-year term with a final lump sum payment of just over £43,000. This created a cash-flow saving of over £1,000 per month against the current lender’s finance repayments.

If you have an existing luxury car finance hire purchase loan or sports car finance hire purchase facility and you think you are paying more than you should be, please get in touch. We can offer a quick and simple review of your current car finance at NO cost to you. All we need is

• A copy of the current finance agreement
• A valid settlement figure (what you owe if you settle today)
• Confirmation of the car’s current mileage

Using this information, we can quickly assess if the current agreement is suitable or whether it makes sense to refinance it. In many cases we will confirm that your current motor finance is market leading and that you should not restructure it, but there are occasions when it might make sense to, this can include :

• A balloon payment due soon and you wish to keep the car – we can refinance the lump sum
• You have a Hire Purchase facility on an older/valuable car and now wish to refinance it on to a more structured facility that reflects the cars future value
• An existing car finance agreement has a much higher APR than you should be paying, you now wish to refinance the outstanding balance to reduce the future interest payable

Refinance can potentially save you money, contact our friendly and highly knowledgeable team now to find our more. Telephone 01635 785400