27 Jul Classic car finance
£120,000 for a 1985 Ferrari – customer wanted to finance the car over 5 years – 29 years old with 8,000 miles on the clock – customer was also on a budget so how do you reach his target monthly payment? Simple! Because the car was so little used there was a very strong chance that even at 34 years of age it would still fetch a huge amount of money on resale. Deal was written with a balloon/residual payment which was still below the expected sale price and the customer took it away safe in the knowledge that his monthly budget was achieved. It is prob ably still in the garage although with the good weather may have been out for (only) a mile or two!
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