Cars / Cars and Bikes

Can You Get Luxury Cars on Car Finance?

The fact is, people from all walks of life buy cars on finance, and this is reflected in the sheer variety of motor vehicles that tend to be purchased in this way.

Mar 16, 2022 | By LUXUO
rolls royce ghost in alley
Image: Jae Park/Pexels

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

Those statistics should give you pause for thought. Why? Well, with numbers like that, it’s unlikely that the only people purchasing a car on finance are those who are seriously cash-strapped, and simply looking to buy a humble city runabout.

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

In short, then, yes, you can definitely get a luxury car on finance! But the next question this raises is, why would you wish to do so? This is where things get particularly interesting.

With the right car finance deal, you can go up in the world

There are numerous well-documented benefits of buying a car on finance, and to appreciate those benefits, it’s best to consider it alongside the obvious alternative: purchasing the car in question with whatever cash you happen to have already sitting in your bank account or apply for a quick personal loan.

And sure, a lot of people who buy luxury cars might already have enough money to purchase the opulent executive saloon, or even sleek and sporty coupe, that they have in mind.

But much of the attraction of buying a luxury car in the first place, is the notion that you aren’t compromising: you’re buying a car that has a formidable specification, and that might represent the last word in sophistication, comfort, and opulence — at least compared to any vehicle you have driven in the past.

Indeed, if you are reading this, it may be because you’ve recently had a pay rise, or perhaps benefitted from another windfall, and you really fancy treating yourself with the next car that you buy.

And that’s where car finance can really make sense. By spreading the cost of your new car over a longer period of time than would be the case if you just bought it with the total amount of cash upfront, you could potentially afford an even more impressive model than might have been possible otherwise.

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

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

ferrari wheel orange
Image: Harrison Haines/Pexels

Now, this is the point at which we need to sound a note of caution. Yes, buying your next luxury car on finance could well enable you to get behind the wheel of a vehicle that you might have previously considered beyond your financial reach.

And there are other potential benefits of agreeing to a car finance deal — for example, the chance to switch to another car, on another deal, once the original loan term comes to an end. That could mean you’re always driving a vehicle incorporating many of the most recent luxuries and ‘extras’.

But taking out a car finance deal is still a major commitment, and a serious responsibility. And it definitely isn’t in our own interests at Car Finance Genie (or in yours!), for us to provide you with a car finance agreement that you might struggle to repay over time.

So, it’s crucial to swot up on such matters as the differences between the key types of car finance deal, while considering what would be a realistically priced deal for you. Indeed, we have an online car finance calculator available that can help you to clearly see what you can afford.

Car Finance Genie can help you source fabulous luxury car options, but we also want you to make sensible choices that you won’t regret. Thankfully, with our help, you could soon be driving a vehicle that appeals to both your head and your heart; simply apply today, and we will be delighted to give you a free, competitive and no-obligation quote.

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