- Caterham introduces finance offers on all its models including racing cars – making them more affordable than ever before
- Finance plans cover racing in the Caterham Academy – which includes a full season of racing, with drivers owning a fully road legal vehicle at the end of the agreement
- Caterham Academy includes driver tuition and technical seminars and a full calendar of racing across leading UK circuits
- Finance offer also available on all Caterham Seven road cars
- Santander are once again a sponsor of the Caterham Motorsport Championships
- To find out more about Academy Race Package visit: here
Iconic British sports car maker Caterham has partnered with Santander Consumer Finance to offer, for the first time, finance packages on its road and race cars.
Through Caterham and Santander’s new financing option, owners are not only able to split the cost of their new vehicle into low monthly payments, but also apply this to the Caterham Academy – making taking part in the most successful novice driver championship in Europe more affordable than ever before.
The finance options allow for the purchase of a new Caterham Academy Package on a Conditional Sale with Balloon product at 7.9% APR representative. A full finance example is included below.
The package includes a whole season of racing including six championship races at some on the best loved race tracks across the UK including Silverstone, Brands Hatch and Knockhill. In addition, on their journey to becoming novice racing drivers, driving enthusiasts will participate in the Association of Racing Driver School course, attend training seminars on vehicle set-up and are provided with exclusive test and car handling days with Caterham’s Motorsport staff.
In 2020 Santander will once again be sponsoring the Caterham Motorsport championships – the largest factory backed series in the UK in which the Academy is the entry point.
At the end of the finance agreement, which includes a final balloon payment, racers are able to keep their fully road legal Caterham Seven and if they want to, upgrade their car to progress into the next championship, Caterham Roadsport.
The finance offer is also available on all Caterham Seven road cars, including used vehicles at all Caterham’s UK dealers.
“Cost has always been the biggest hurdle for any racing driver, especially those looking to get started in the sport. 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,” said Graham Macdonald, Chief Executive Officer at Caterham.
“Given the majority of cars today are bought 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 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|