Do professional footballers need car finance?
Congratulations to Leicester City for winning the coveted Premier League title.
It’s always great to see an underdog win and it’s perhaps the greatest sports story of all time.
However I saw Jamie Vardy in the paper today driving his Blue Bentley, and perhaps has just been awarded a bonus for his extraordinary talent this year and wondered ;do professional footballers need car finance?
Using Jamie as an example, he is paid thousands of pounds each week, lives in a beautiful house and could buy any car he wanted, so I would assume like many that he does not require finance.
But, surprisingly, many Premier League footballers, including Jamie are buying their motors on finance instead of cash up-front, despite their exaggerated earnings. And they're not the only ones. Many high net worth individuals including business owners, bankers and even lottery winners also buy cars on finance. Why is this?
Well after talking to my counterparts I realised that here at Credo we also have some very high net worth individuals that have used our services and continue to do so. Many choose to fund their cars to release cash flow and with interest rates being at a historic low of 0.5% for seven years, purchasing the car on finance is a cost effective way of owning the asset. Instead of using huge funds to purchase an expensive car that will inevitably lose value, high net worth individuals opt to invest their capital elsewhere where they can enjoy greater rewards. A finance option also gives those who wish to purchase a ‘supercar’ a testbed to see if it actually increases in value. This can also be the same for classic cars, and this has steadily been rising in popularity over the years with some financing classic vehicles as a hobby.
At Credo, we know that working out the most cost-efficient way to buy a vehicle is almost as tough as choosing the right car in the first place. We have great relationships with more than 30 different lenders which means whatever vehicle you choose to buy, and whether you are a high net worth individual or not, Credo can offer a truly independent view on which finance option is the best for you.
Call us here at the office on 01603 703180