Caterham is, for the first time, offering finance packages across its model range – and the packages extend to those who want to go racing in the Caterham Academy.
Developed in partnership with Santander Consumer Finance, the new package allows enthusiasts to now pay for a Caterham via affordable monthly payments (and it includes new and used models).
The PCP-style conditional sale has a balloon payment at the end. Along with Caterham’s famously strong residual values, this helps keep monthly payments low.
The representative APR is 7.9 percent.
Including the Caterham Academy Package in the deal is unique. Priced from £29,995, this comprises a whole season of racing, at famous UK circuits such as Silverstone, Brands Hatch and Knockhill in Scotland.
Strictly for novices, the Caterham Academy turns people into fully-qualified racers – the deal includes an official Association of Racing Driver School (ARDS) test.
Caterham Academy cars are fully road-legal and, if racers pay off the balloon payment, they get to keep their racing car. Alternatively, they can choose to upgrade it onto the next ladder on the series, the Caterham Roadsport championship.
“Cost has always been the biggest hurdle for any racing driver, especially those looking to get started in the sport,” said Caterham CEO Graham Macdonald.
“By splitting the cost of racing a full season in the Caterham Academy across several monthly payments, we are making racing more affordable and open.”
More broadly, said Macdonald, most cars today are purchased on finance. “It was a logical next step for us to include finance offers for our road and race cars.
“By dividing the cost of ownership across low monthly payments, we are aiming to attract a new, wider customer base of driving enthusiasts and aspiring race car drivers.”
Full Caterham Finance example
|Cash price of vehicle||£29,995|
|Amount of credit||£23,371.40|
|Fixed rate of interest||4.09% p.a|
|Representative APR||7.9% APR|
|48 monthly payments of||£299.99|
|1 final balloon payment of||£14.997.50|
|Total amount payable||£36,020.62|
|Duration of the agreement||49 months|