British Asia Network - Shahzad Sheikh
London 21 January 2020 - Fancy youself as a racing driver, but don't know how to pay for a full season of racing on UK circuits? Caterham and Santander Consumer Finance have teamed up to provide a unique opportunity for wannabe racers.
Caterham has been buiding the iconic Seven sports car since 1973, although it's based on a design by Lotus that was first introduced in the late 50s. A pure thoroughbred driver's car, it's hugely popular with amatuer and professional racing drivers, as well as making for a visceral and exciting road car.
Santander is a sponsor of the Caterham Motorsport Championships, the largest factory backed series in the UK, and provides finance for purchasing all Caterham models.
The big news is that the finance plans available also cover racing in the Caterham Academy - which includes a full season of racing across leading UK circuits, with drivers owning a fully road legal vehicle at the end of the agreement. The Caterham Academy includes driver tuition and technical seminars.
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. An example is given below.
The package includes six championship races at race tracks such as Silverstone, Brands Hatch and Knockhill. In addition, drivers 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.
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.
Full Finance Example:Cash price of vehicle £29,995Customer Deposit £6,623.60Amount of credit £23,371.40Interest charges £6,025.62Fixed rate of interest 4.09% p.aRepresentative APR 7.9% APR48 monthly payments of £299.991 final balloon payment of £14.997.50Total amount payable £36,020.62