Can you finance a restoration?
The simple answer to this is no – you can’t. Lenders aren’t keen –understandably – on financing a rusty chassis and boxes of bits. For a start, what do they do with them if they needed to recover the asset(s) and sell them? The risk outweighs the reward in this instance, and they just won’t do it.
It is possible, however, to borrow money for the finished product. Classic and Sports Finance specialise in organising classic car finance and as recognised industry experts have the goodwill and trust of lenders. This means we can obtain an agreement in principal for a restored vehicle so that a percentage of its value can be agreed on in advance and funded at point of sale, meaning clients have options when it comes to payment.
This barn find at Classic Car Lab is a good example.
Jaguar XK150 Drop Head Coupe 3.4 Litre. In storage for the past 30 years and is in original condition, currently in Old English White with Red Leather Upholstery.
Matching numbers with Heritage Certificate
Chassis No S827170DN (SE Model)
Engine No V4710-8
Mileage showing 76,258
Our knowledge of classic cars allows us to make a value decision on a realistic completed value (taking into consideration factors such as specification, heritage and the market at point of sale) – something lenders are unable to do on their own. As independent experts, our valuation and informed opinion on the asset allow funders to get a second opinion and lend against it.
So, if you fancy owning a beautiful, original XK – give us a call.