Are you looking for a good deal with Lotus Finance?
At one time, not so long ago really, Lotus finance for the purchase of a new car was very complicated and the process often involved contacting your bank arranging an appointment with the bank manager to discuss one option a bank loan. The loan would come with crippling interest rates which would leave you paying for your new car over many years with the final overall cost nearly doubling the value of the car.
However, nowadays there are lots of companies around that can offer you a competitive solution to financing your new Lotus car. They offer a variety of options which are tailor made for each client however which one is best for you. In this article we will look at some of the best deals currently available for your budget. We reviewed hire purchase and contract hire options for Lotus finance so that you can make an informed decision on what is the best deal for you.
Hire Purchase vs Contract Hire for Lotus finance.
So what’s the difference between choosing hire purchase or contract hire for your Lotus finance? With Hire Purchase you own the Lotus however with Contract Hire the company owns the car. Most companies will accept a hire purchase contract for a new or used Lotus however the car will need to be less than a stated age by the end of the contract. Conversely contract hire agreements tend to be only for brand new cars with no previous owners.
Many ask whether they will own the vehicle at the end of the agreement. We found that with contract hire you will not own the vehicle however with hire purchase you will own it. One of the benefits of the contract hire option is that services and general maintenance can be built into the monthly payments which makes it easier to budget. To bring down the cost of monthly payments hire purchase contracts have an option which will allow you to pay a lump sum at the end of the contract. Although this seems like an attractive option don’t forget the owing amount is then borrowed over a longer term hence you will find that you will be paying a higher final total.
Got your Audi R8 Finance sorted what next!
You’ve decided on your car and you have fallen in love with the Audi R8 and you’ve set up your finance deal. It’s not something you want to talk just when you’ve signed the dotted line for Audi R8 finance but how much will this car depreciate in value over the coming years. It is a known fact that most cars depreciate in value about 50% in the first couple of years and thereafter continue to lose value. Don’t get the hankies out yet though as we’ve found a brilliant way of overcoming this problem with a product called Gap Insurance.
The good news about Gap Insurance is that it is flexible and can be used for brand new or used cars, for contract hire, leased or even hire purchased cars. So whatever your financial option Gap insurance gets the depreciation covered but how does it really work?
Audi R8 Finance with Gap Insurance
Gap insurance is a must to sit alongside your Audi R8 Finance deal to give you the peace of mind that should the worse happen then you are covered. The way it works is that if your car is stolen or you have an accident which deems it a write off then the gap insurance will give you a pay out which is based not on the car’s market value at the time but on the original cost of the car at the start of the cover policy. The gap insurance company makes up the difference between the normal insurance pay out and the original cost of your car which means there is no risk of financial loss.
The good part about this type of policy is that whatever way you paid for your car there is a gap policy to cover you. If you paid in cash for your car then the gap insurance you will require will be based upon the invoice or receipt note. Likewise if you have hire purchase payment is in line with the invoice price. However what if you’ve had your car for a few year can you still take out gap insurance. The answer is yes – you just agree a fixed price with the gap insurer at the time of purchasing the policy. If you want to sleep knowing that your car is totally covered your definitely need gap insurance.