Can you get luxury cars on auto finance?

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There are, of course, many different reasons why someone may or may not decide to take out auto finance. And there are plenty of people doing it – according to Statista data, in the 12 months to September 2021, more than two million cars were purchased on credit by consumers. Most of those vehicles – some 1.34 million – were used cars, with new cars making up the rest of the total.

These statistics should give you pause. Why? Well, with numbers like that, it’s unlikely that the only people buying a car on finance are those who are seriously strapped for cash and just looking to buy a humble urban runabout.

The fact is, people from all walks of life buy cars on credit, and this is reflected in the wide variety of motor vehicles that tend to be purchased this way. You just have to look at our own vehicle stock at any time, for example, to see that we offer not only economy vehicles on finance, but also sought-after SUVs, executive and performance cars from prestigious brands such as Jaguar, BMW and Mercedes-Benz.

In short, then, yes, you can definitely get a luxury car with financing! But the next question it raises is: why would you want to do it? This is where things get particularly interesting.

With the right auto finance deal, you can ride the world

porsche cayman
Image: Kahl Orr/Unsplash

Buying a car with finance has many well-documented benefits, and to appreciate these benefits, it’s best to consider it alongside the obvious alternative: buying the car in question with the money you already have on hand. your bank account.

And of course, many people who buy luxury cars may already have enough money to buy the opulent executive sedan, or even the sleek and sporty coupe, they have in mind.

But a big part of the appeal of buying a luxury car in the first place is the notion that you don’t compromise: you’re buying a car that has a terrific specification, and could be the last word when it comes to sophistication, comfort and opulence – at least compared to any vehicle you’ve driven in the past.

Indeed, if you’re reading this, it may be because you recently got a pay rise, or maybe received some other windfall, and you really want to treat yourself to the next car. that you will buy.

And that’s where car financing can really make sense. By spreading the cost of your new car over a longer period than it would be if you had just bought it with the full amount in cash up front, you could potentially afford an even more impressive model than it would not have been possible otherwise.

Who, after all, wants a merely mid-range BMW or Mercedes, if they can have the high-end version of the same car? As long as other aspects of the financing agreement – such as the size of the deposit and the exact level of repayments for the remainder of the loan term – are well suited to your needs, buying a luxury car with funding could be very alluring. prospect indeed.

But there’s still a lot to think about when buying a luxury car on finance.

orange ferrari wheel
Image: Harrison Haines/Pexels

Now, this is when we have to be careful. Yes, buying your next luxury car with financing just might allow you to get behind the wheel of a vehicle you may have previously considered beyond your financial reach.

And there are other potential benefits to accepting a car finance deal – for example, the ability to switch to another car, on another deal, once the original loan term comes to an end. It could mean that you are still driving a vehicle that incorporates many of the newest luxuries and “extras”.

But getting a car finance deal is still a major commitment and a serious responsibility. And it’s certainly not in our own interests at Car Finance Genie (nor yours!) for us to provide you with a car finance contract that you may struggle to repay over time.

It is therefore crucial to address issues such as the differences between Main Types of Auto Finance Agreements, while considering what would be a realistically priced offer for you. Indeed, we have a online auto finance calculator available that can help you see clearly what you can afford.

Car Finance Genie can help you find fabulous luxury car options, but we also want you to make wise choices that you won’t regret. Fortunately, with our help, you could soon be driving a vehicle that appeals to both your head and your heart; just apply todayand we will be happy to provide you with a free, competitive and non-binding quote.

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