So when it comes to cars even if they are beat up old pieces of junk, it seems that everyone wants you to have a 5/5 credit score and the best house in the world to cover the £100 a month repayments. I’m not the richest guy in the world but I’m pretty sure I could cover 100 a month for a long long time. Anyway step 3 is financing and more importantly how to finance a car and more importantly again how you can actually make people believe you can afford it.
Supercar agencies work slightly different to your regular car sales place. Instead of pushing you into a purchase the agents are highly trained sales men and women, which means they will push you without you even knowing it! But we don’t mind, we came here to get a car so that is what we will do!
More on financing now – The easiest way to afford a car is to pay 50% in cash and 50% on credit. Although credit cards will likely say “please don’t buy a supercar with this money” there is nothing they can actually do to stop you. Below is how I afforded a £40,000 (second hand) supercar.
Stage 1 was raising the capital – It took me a long time to save up £20,000 but I sold my old car and saved up some money instead of making stupid purchases. It actually didn’t take as long as I expected. About 1 year in total, although 12k came from the old car sale.
So now when I walk into the supercar agency I can pay half off it straight away! So that is exactly what I did. Now most places will offer you financing, but we want to take a low low financing method (in this case I had a figure of 10k in my mind.) So that’s what I did, I said I will pay £20,000 in cash (debit card, I didn’t actually go in with 1000 £20s in my pocket.) After that I said I will pay the next £10k on 3 different credit cards (£4,500 and 2 x £3,000) it’s funny because you think you would get some strange looks but I actually felt really comfortable, when you pay 50% of £40k in cash they kind of don’t really care what you do after that! And then finally I took £10k on their financing option, which was 0% for 12 months. (In which time I knew I could pay most of that off)
I know that sounds like I have a lot of money but I really don’t, I knew what I could afford with some smart investments
The Supercar Investment
Now if you need to finance 50+ supercars, like the team at supercar hire needed then you will need a few more investors, and likely need to apply for a business loan as this is technically stock!