Caterham finance makes it too easy to own a Seven

You may want to steer clear of the Caterham configurator, the British manufacturer has announced Caterham finance is now a thing.

You can now pay via monthly instalments for all models currently on sale, including the Caterham Seven 270 and its 1.6-litre Ford Sigma engine, and the outrageously fast 620, which rockets from 0-60mph in 2.7 seconds.

This is thanks to high street bank Santander, which is offering finance as well as continuing to sponsor Caterham’s six-race annual UK championship.

Rather unusually, the Academy Race Package, which includes championship registration, driving support and technical seminars throughout the season, can also be financed. If you want to be a faster driver, this is hard to beat.

As with most finance deals, you pay a fee for being loaned the money, which is 4.09 per cent per annum, and 7.9 per cent APR representative on the balloon payment at the end of the agreement.

You can then choose to pay the balloon to keep your Caterham Seven, all of which are road legal (unlike this), or consider an upgrade to something even feistier for the road or track.

Caterham finance: The numbers

If you spent £29,995 on the Academy Race Package, which includes a car and a race driving licence, and put down a deposit of £6,623.60, you would be paying £299.99 a month.

Factoring in the interest, the total cost of the car would be £36,020.62, with a final balloon payment of £14,997.50 at the end of the 48-month agreement. The Caterham finance calculator can be found here.

Obviously, financing a car has its pros and cons (are you sure you can afford it?). But it’s the norm now for most purchases and it’s nice to see a smaller manufacturer jumping on the bandwagon. If only to ensure its survival in a difficult financial climate.

“Cost has always been the biggest hurdle for any racing driver, especially those looking to get started in the sport,” Caterham CEO Graham Macdonald commented.

He continued: “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. 

“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.”

An entry-level Caterham 270 starts from £27,490, while a 620 will set you back a minimum of £50,390 before extras, of which there are many, and bespoke customisation, of which there is much.

You can check out my Caterham Seven 160 (now discontinued) and 310R reviews I wrote during my days at Recombu Cars to see what to expect. TLDR: Expect a raw, thrilling and sometimes tiring experience that is rarely matched.

Did I mention you should stay away from the configurator?