Supercar Loan Advice.

fathom21

Hi all you well advised people.

I am wanting to purchase a Lamborghini Gallardo, I own my own business bringing in, well lets say well over enough to afford the amount I want over 2 years.

Have checked experian and have a rating of 968 (Excellent)

I'm looking to spend around £80,000 on the car, I already have a hpi clear Nissan GTR R35 which most dealers have said they would give me £35k trade in. So that leaves £45000 to borrow. I have this available so If i wanted can buy the car outright which would be the easiest route BUT I have been advised by my accountant that I am wanting to purchase my own home in a few years, and the size of mortgage I require would require some nicely paid off credits on my file. So the purchase of this car would be absolutely perfect and leave me in good stead for the mortgage in a few years.

But from what Im aware you cannot loan over £25,000 as a non homeowner. Dealerships tell me they can finance me no problem, but would prefer to organise it myself to avoid the middleman (dealer). So what i'm basically asking is which companies are most likely and best to deal with in what I require.

All help much appreciated and thanked in advance.

nelly12

What type of dealer is supplying the car and what can they offer you? There's some tasty rates out there in the trade and definitely HP is much easier for you to acquire. On the flip side your own bank may well have bigger personal loans available depending on your conduct. My premier account does offer upto £50k and you don't have to jump through hoops as long as your credit history is currently solid.

fathom21

nelly12 wrote: »

What type of dealer is supplying the car and what can they offer you? There's some tasty rates out there in the trade and definitely HP is much easier for you to acquire. On the flip side your own bank may well have bigger personal loans available depending on your conduct. My premier account does offer upto £50k and you don't have to jump through hoops as long as your credit history is currently solid.

Hi Nelly, thanks for the advice, I contacted my bank which is HSBC, and I am in their "Upper Level Customer" base and would qualify instantly for £25,000 loan for a non homeowner. Which of course is still short 20k.

w211

Just wondering, how often would you be driving this car? Would it be worthwhile buying it outright? You could consider joining a supercar club (such as this one - http://www.clubgt.co.uk/LamborghiniGallardoSE.html ), where you could just rent/hire it for when you want. Then you could also keep your Nissan GTR :-)

tripled

A loan of £25k would still show up on your credit file. I don't know if paying off £45k on HP would necessarily look significantly better than a £25k personal loan to potential mortgage lenders.

As an aside, your experian rating doesn't mean a lot as lenders have their own criteria, it's more an indication.

fathom21

w211 wrote: »

Just wondering, how often would you be driving this car? Would it be worthwhile buying it outright? You could consider joining a supercar club , where you could just rent/hire it for when you want. Then you could also keep your Nissan GTR :-)

Will probably be every couple of days, when weathers ok. I do drive my cars they are not garage queens, but still not an everyday driver at the same time.

I do have a Lamborghini Gallardo arriving this morning, a rental until Monday, just to get an idea of what it is like to live with, I might end up hating it, but also trying to get prepared If the Italian Raging Bull ends up stealing my heart.

imoneyop

fathom21 wrote: »

BUT I have been advised by my accountant that I am wanting to purchase my own home in a few years, and the size of mortgage I require would require some nicely paid off credits on my file. So the purchase of this car would be absolutely perfect and leave me in good stead for the mortgage in a few years.

Do you have credit cards that you regularly use and pay off? Have you had and paid off other loans in the past? That should be sufficient for a mortgage lender to asses your ability to handle credit. They will be more concerned with affordability.

There is no need to cost yourself the interest for a £45k HPI deal when you've got the cash available to buy outright.

fathom21

imoneyop wrote: »

Do you have credit cards that you regularly use and pay off? Have you had and paid off other loans in the past? That should be sufficient for a mortgage lender to asses your ability to handle credit. They will be more concerned with affordability.

There is no need to cost yourself the interest for a £45k HPI deal when you've got the cash available to buy outright.

No, have never bothered with credit cards. I have had a £15,000 loan 2 years ago, which used to help purchase the GT-R, but I paid it off early only 4 months into the agreement.

imoneyop

fathom21 wrote: »

No, have never bothered with credit cards. I have had a £15,000 loan 2 years ago, which used to help purchase the GT-R, but I paid it off early only 4 months into the agreement.

Get a credit card - put some of your monthly spends on it and clear it each month.

I got a sizeable mortgage, with the only existing credit showing on my credit history being 2 credit cards each paid back in full each month.