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14 Mar 2018

Photos by Peter Robain

On the Money

Oracle’s Christian Walker explains why the personalised approach to car finance makes sense when it comes to buying a Porsche.

Words: James Page
 
Until relatively recently, borrowing money involved putting on your Sunday best and going to see your bank manager – a Captain Mainwaring sort who was likely to spend most of his time looking down his nose at you. In the late 1960s, Derek Bell went into his local bank because he wanted to borrow £800 to buy an E-type Jaguar. “Mr Bell,” said the manager, “I don’t need a car – I cycle everywhere.”
 
“How can I cycle everywhere?” thought the future Le Mans winner. “I’m a racing driver!”
 
Things have moved on somewhat since then, but still there are those to whom borrowing money for anything other than a house is anathema. For others, it’s part and parcel of modern life and an essential way of enabling them to buy, for example, a new car – more than 80 per cent are now bought using some kind of finance package. Then there’s the option of using it to fund a dream purchase.
 
A few years ago a friend of mine sold his 964 Targa in order to trade up to a 997 Turbo. He made up the shortfall by borrowing the difference, which has long since been paid off. He now has a car that he loves and one that is quietly appreciating, the latter not being his foremost consideration but a welcome bonus nonetheless.
 
It’s important to remember that there’s a wide range of finance packages out there, and that it’ll pay dividends to consult the specialists rather than following the path of least resistance and accepting, to use just one example, the option being offered by the dealership in which you’re sitting.
 
Being able to tap into the correct expertise will enable you to find the best solution for you. Porsche Club GB’s official funding partner is Oracle Finance, which funds thousands of prestige cars every year. “The Porsche market is a key sector for us,” says Oracle’s Christian Walker. “We’ve funded the full spectrum of cars, from the 968 through to the 911 range all the way up to a 918 Spyder. The company grew out of Lawton Brook, a prestige car dealership that’s still based at our head office site, so we’re seeing these cars on a daily basis, from classics all the way up to supercars.
 
“These days, finance is seen as an intelligent choice – it’s swung away from cash buyers. It’s a smart way to purchase a vehicle that allows you to invest your working capital elsewhere. You can also take advantage of historic low interest rates when it comes to borrowing. And if you’re buying a car as an investment, there’s the added benefit that it’s not subject to capital gains tax.”
 
One of the key areas in which companies such as Oracle can help is in offering a personalised service. “You have your own truly dedicated account manager, who will be your point of contact for all your future vehicle purchases,” explains Christian. “So, in the first instance, you’ll phone us to discuss the details of the vehicle and your finance requirements, including what deposit you would like to pay and how long you would like the repayment term to last. We’ll also gather information about your credit profile.
 
“We’ll then search through our 20-strong panel of lenders to tailor a funding package that’s perfectly suited to you. Your account manager will present you with a finance proposal and if you’re happy with it, we’ll go through all the verification required and that’s it. The funds are transferred into your account and you’re ready to go. We’ve designed the whole process to be quick, easy and hassle-free.
 
“We offer a wide range of product options,” explains Christian. “It’s all adjustable. That’s very much our advantage compared with the finance you’d be offered in a showroom. They might have one or two lenders and one or two products. It’s all off the shelf. We can mix and match so that we’re suiting the customer’s precise requirements. And you’re talking to finance experts; we have got a depth of knowledge and experience that a dealership won’t have.”
 
Many enthusiasts choose to fund all of their cars through Oracle, from the daily runaround to their weekend sports car and even their children’s cars. There’s also the option to settle early with some finance packages and transfer to a different vehicle. Christian reports that customers tend to change cars on average every two years – Oracle’s tailored finance solutions give them the flexibility to be able to do that. Funding packages from £25,000 to £10,000,000-plus can be arranged, while equity release products are available for those customers who want to free up capital from their vehicle.
 
Far from being something to view with trepidation or a degree of snobbery, finance options can be a great way to either get on the Porsche ladder or move further up it. As ever, though, it pays to talk to the experts and make use of their guidance and experience. Make sure that the individual package on which you settle is tailored to you, not just supplied off the shelf.
 
“We’ve funded thousands of Porsches and other prestige cars for clients across the UK,” concludes Christian. “We get fantastic feedback and are very customer-focused – more than 65 per cent of our business comes from repeat deals and customer referrals. We’re always looking at ways to improve our service and recently introduced a bespoke new IT system that’s designed to make the whole customer journey as fast and simple as possible. At the end of the day, it’s all about making the vehicle purchase a pleasure and getting you into your dream car.” 
 
For more details about Oracle’s service, please call 0845 094 9111 or email porsche@oraclefinance.co.uk. Alternatively, visit oraclefinance.co.uk/.

 

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