01 Hire purchase
Pay the whole cost across the term. The car is yours at the end.
Hire purchase spreads the whole cost of a Ferrari across the term. You pay a deposit, you pay the balance in equal monthly payments, and the car becomes yours with the final instalment. Nothing is deferred to the back of the finance agreement, there is no balloon payment waiting for you in four years, and there is no argument at the end about what the Ferrari turned out to be worth.
Suits Directors who want the car owned outright and the accounting simple.
Read more 02 Lease purchase
Defer part of the balance to a final payment. Lower monthly cost.
Lease purchase defers an agreed part of the balance to a single balloon payment at the end of the term, set against what the lender expects the Ferrari to be worth by then. The monthly payments fall, often by close to half, and the debt does not go anywhere. It is the car finance most of the Ferrari models on this site are bought with.
Suits Buyers confident in the car holding its value, who want cash flow now.
Read more 03 PCP
Like lease purchase, but the lender guarantees the closing value.
A Ferrari PCP defers a final payment in the same way lease purchase does, with one difference that changes everything about it: the lender guarantees the closing figure rather than estimating it. Personal contract purchase is the full name, and PCP is what everyone actually says.
Suits Buyers who want the option to walk away at the end.
Read more 04 Business contract hire
Rent the car to your company. Hand it back at the end.
Business contract hire is a lease to a limited company rather than a purchase. The company pays an initial rental, then a fixed monthly rental for an agreed term and an agreed annual mileage, and hands the vehicle back at the end. It is car leasing in the ordinary sense of the word, written on a car that is anything but ordinary.
Suits Companies that want the car as a cost line, not an asset.
Read more 05 Refinance
Release capital against a car you already own outright.
Where a Ferrari is owned outright, a lender can advance against it and take security over the vehicle. You keep the car, you drive it exactly as before, and the capital is released to you or into the business. Equity release against a car is the plainest description of it, and refinance is what the car finance industry calls it.
Suits Owners who need capital without selling the car.
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