Extreme Motor Sport

Welcome to the Extreme Motor Sport website. Extreme motor sport covers a range of formats, but the pinnacle has to single seater motorcar racing. Young and old boys alike have always been utterly captivated by this type of racing, from watching the exploits of their heroes on the screen, to playing realistic racing games on their computers and game consoles. Speed is an instant adrenaline boost, and there is no faster extreme motor sport than Formula One racing.

Racing Calender 2016

The sport is also at the very cutting edge of racing technology, and appeals to petrolheads and tech geeks alike. Formula One is the king of extreme motor sports, and our site hopes to give you all the information about it you could want. Contact our experts on Extreme Motor Sport for further information.

BMW

Online resources about BMW

Whatever other people may tell you about cars...owning a BMW is something else. Whether it is a Z3, X5 or BMW 3 series, then you will be sure to find lots of information online about them.

BMW are great cars to drive, yet quite often it's difficult to know which model has the best resale value, or where the cheapest place to buy a decent BM is. Thankfully, you're only a few clicks away from finding all this information online...

Pros and cons of different types of car finance

When buying a new vehicle, how to pay for it is likely to be one of your biggest considerations. The different ways of financing your purchase all have both advantages and disadvantages. Even using cash or a debit card to purchase outright can have its problems. We will look at the pros and cons of each method so that you can decide for yourself which one is best for you.

Cash

Advantages

If you have the cash to buy your vehicle outright, you won't get paid much interest on that money in a bank account at the moment. This means that you would usually be better off spending the money that you have on your car rather than leaving it in a savings account and financing your purchase by borrowing. The interest rate you will pay on the money that you borrow will be notably higher than that which you will be gaining from your savings account. You will, therefore, end up paying more in the long run.

Disadvantages

There are no additional guarantees on your purchase if you buy it outright. There is also the fact that if you spend all your money on the car and something goes wrong or the insurance costs more than you anticipated, you will have to borrow money to make those payments. You may get a better interest rate when buying the car than you would if you needed to borrow to cover other costs at a later date.

Credit card

Advantages

If you can buy on a credit card and pay off the balance by the end of the month before you are charged interest, you will have the additional guarantee associated with buying an item on a credit card. Should something go wrong and your car not materialise or not be up to standard, the credit card company owe you a responsibility to refund you, which is an extra back-up to ensure that you don't lose your money. You may also manage to get a credit card that is 0% interest on purchases for a certain number of months. If you can definitely pay it off within this amount of time, it can work out a lot cheaper than other forms of finance.

Disadvantages

If you don't pay off your card during the interest free period, the interest rates after that period are higher than those associated with other forms of finance, so you will end up paying more in the long run.

Lease

Advantages

You pay a deposit, followed by fixed payments for a given number of months, during which time you are entitled to use the vehicle. The deposit and monthly payment will be smaller than other forms of finance, so you will be able to afford a more expensive car. The agreement may also include the cost of servicing the vehicle.

Disadvantages

You don't have the opportunity to own the car. As soon as the lease agreement is up and you stop making payments, you have to return the vehicle. You will also only be allowed to drive a limited number of miles in the vehicle.

 Personal Contract Purchase (PCP)

Advantages

You can arrange this very quickly and easily through the dealer so you can drive away your car. There is a small deposit to pay, followed by monthly payments. A large amount of the car's value isn't paid until the end of the contract, so your monthly payments won't be too large. Many people will be able to get this kind of finance who would be refused other kinds because the finance company still owns the car until it has been fully paid for, so the vehicle acts as their guarantee that they will get their money back. You can also get very low and even 0% interest rates on PCPs because dealers are keen to promote them.

Disadvantages

If you are unable to make the final (large) payment at the end of the contract, you won't be able to keep the car and own it yourself but will have to hand it back to the finance company. As with lease agreements, the amount of miles you can drive in the vehicle will be limited in order to preserve its value for the finance company should you hand it over to them at the end of the agreement.

 Hire Purchase

Advantages

It is quick and easy to set up through your dealer. You pay between 10 and 50 percent deposit and then monthly instalments for the rest of the contract. It is likely to be available to those with a low credit rating because the car is used as collateral to guarantee the money borrowed. At the end of the contract, you own the vehicle.

Disadvantages

The finance company own the car until you make the final payment and can repossess it if you fail to make a payment. You will need to find a large deposit yourself and interest rates can be high; they are dependent on your credit rating, so if you have a poor credit rating, you will pay more for the vehicle in the long run.

A special thanks to Louis Rix, Director of Carfinance247.co.uk for producing this guide for us. Louis is a regular contributor if the motor finance sector and has over 12 years experience.