Buying a used Lotus with hire purchase (HP) car finance

Lotus, a renowned British sports car manufacturer, is celebrated for its lightweight construction, superb handling, and thrilling driving experience.

At AutoMoney Motor Finance we can help you secure HP car finance on a used Lotus within minutes.

What’s more we can complete your deal the same day, so you can drive home with your chosen Lotus model straight away.

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

Contents

Want to know more about buying a used Lotus?

If you’re considering purchasing a used Lotus, here’s a detailed look at what you should know about its strengths and weaknesses:

Strengths of Lotus

  1. Exceptional Handling: Lotus cars are famous for their exceptional handling and agility. With a focus on lightweight construction and precise engineering, models like the Elise and Exige provide an exhilarating driving experience with superb cornering abilities.
  2. Performance: Lotus vehicles offer impressive performance, with powerful engines and a focus on delivering a pure driving experience. The combination of lightweight design and potent powertrains results in remarkable acceleration and dynamic performance.
  3. Lightweight Construction: One of the defining characteristics of Lotus cars is their lightweight construction. Using advanced materials and engineering techniques, Lotus achieves a low curb weight, enhancing performance and efficiency.
  4. Distinctive Design: Lotus cars feature distinctive and aerodynamic designs that set them apart from other sports cars. Their sleek and low-profile appearance, combined with sporty aesthetics, makes them visually striking and instantly recognisable.
  5. Driver Engagement: Lotus emphasises driver engagement and feedback, creating a connection between the car and the driver. The minimalist interiors and manual transmissions (in many models) enhance the driving experience, appealing to enthusiasts who prioritise driving pleasure.
  6. Exclusivity: As a niche manufacturer, Lotus produces cars in relatively limited quantities, offering a sense of exclusivity. Driving a Lotus can set you apart from more common sports car brands, appealing to collectors and enthusiasts.

Weaknesses of Lotus

  1. Limited Practicality: Lotus cars prioritise performance and driving experience over practicality. This often means limited cargo space, minimal interior storage, and a lack of rear seats, which can be a drawback for daily use or long trips.
  2. Comfort: The focus on performance and lightweight construction can result in a firmer ride quality and reduced comfort compared to more luxurious sports cars. The interiors may also lack some of the amenities and refinement found in competitors.
  3. Running Costs: Owning a Lotus can come with higher running costs, including maintenance, insurance, and parts. Due to the specialised nature of the cars, finding replacement parts and qualified service centres can be more challenging and expensive.
  4. Resale Value: While Lotus cars maintain a niche market, their resale value can be less predictable compared to more mainstream sports car brands. Depreciation can vary based on model, condition, and demand.
  5. Limited Model Range: Lotus has a more limited model range compared to larger manufacturers. This means fewer options for buyers in terms of body styles and variants, with a focus primarily on lightweight sports cars.

Tips for buying a used Lotus

  • Research Specific Models: Popular models like the Elise, Exige, and Evora each have unique characteristics. Research specific model years for any common issues or recalls to ensure you make an informed decision.
  • Check Service History: Ensure the vehicle has a comprehensive service history, preferably by authorised Lotus service centres. Regular maintenance is crucial to ensure the vehicle's performance and reliability.
  • Inspect for Wear and Tear: Look for signs of wear and tear, especially on high-mileage models. Pay close attention to the condition of the chassis, suspension, and engine components, as these are critical to performance.
  • Consider Certified Pre-Owned: Buying a dealership-certified pre-owned Lotus offers benefits like extended warranties and rigorous inspections, providing added peace of mind.
  • Evaluate Running Costs: Factor in potential running costs, including insurance, road tax, and fuel consumption, to ensure the car fits within your budget. Lotus cars, while offering exceptional performance, may come with higher running costs.

Overall, a used Lotus can offer a thrilling, high-performance driving experience with a focus on handling and driver engagement. By doing thorough research and inspections, you can find a high-quality used Lotus that meets your needs and provides lasting satisfaction.

Buying a used Lotus with HP car finance

One of the ways to buy a used Lotus, if you do not have enough money to pay for it in full straight away, is to use Hire Purchase car finance (HP car finance).

This is where you ‘hire’ the Lotus from us, spreading the cost of the car over monthly payments to us. These payments contribute towards you ‘purchasing’ (buying) the Lotus from us at the end of the term of the borrowing, when you also pay a one-off “option-to-purchase” fee.

At this point you own the Lotus completely and our contract comes to an end.

The pros and cons of HP car finance

Borrowing money to buy anything comes with risks, as well as rewards.

Buying a used Lotus could be the right choice for you and an ideal solution to the practical challenges of getting about day to day. However, whilst a used car can be significantly cheaper than its brand new alternative, it still involves spending a lot of money.

When you borrow money, you need to make sure you can keep up with payments comfortably. You will have other bills to pay and necessary things to buy, so you don’t want to find that the payments on your Lotus are leaving you short of money each month.

There are also other considerations when buying a used car and below we share the pros and cons, to help you decide if applying for HP car finance is right for you.

The pros

  • Drive away in a Lotus today: with HP car finance you can get a Lotus, even if you don’t have all the money for it right now.
  • Spread the cost of owning your Lotus: cars are expensive, but are often an essential part of daily life. When you buy your Lotus with HP car finance, you can pay for it gradually over time.
  • Manage your finances: HP car finance comes with a clear payment plan. You can easily compare what your finances will look like each month by taking away the money your Lotus will cost you, alongside your other bills and costs, from your income to make sure it is affordable for you.
  • Decide how much you can afford each month: if you find the Lotus you are looking at is too expensive per month, you can look at other options, with lower monthly costs.
  • Choose a term that suits you: you can repay over 3-5 years, which will impact the monthly cost to suit your monthly finances. Borrowing for longer reduces the monthly cost, but be aware it may increase the total amount you repay.
  • Own your Lotus at the end of the term: If you keep up with your monthly payments, and can afford the “option-to-purchase” fee, you will own your Lotus at the end of the term of your agreement.

The cons

  • Delayed ownership: You won't own the car until the final payment is made. Missing payments could result in your Lotus being repossessed.
  • Depreciation: Used cars can lose value quickly. You might end up paying more than the Lotus is worth over time.
  • Higher total cost: The total amount paid, including interest and fees, will be much higher than the Lotus's purchase price.
  • Insurance requirements: Comprehensive insurance is required, which can be more costly.
  • Credit impact: Missing payments can negatively affect your credit score, making future borrowing more difficult.
  • Repossession risk: Failure to make payments can lead to the car being repossessed, possibly leaving you with outstanding debt.

Please make sure you read and understand your hire purchase agreement, maintain your car and ensure you can afford the payments before committing.

Why get HP car finance with AutoMoney Motor Finance?

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  • Complete the same day

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Ready to apply?

We hope you found the information on this page useful. If you are now ready to apply for HP car finance with us, we’d be pleased to help.

Get started with an application using our online form:

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

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