In the post credit-crunch era, credit lines have dried up even for those who have previously enjoyed excellent relationships with their banks. In many cases this has led to increased usage of expensive credit cards or remortgaging, neither of which are ideal due to the associated costs, and in the case of a remortgage, the required security. Whether it be to consolidate other more expensive debts or invest more money in a business or project, whatever the reason Classic and Sports Finance can release capital from your four-wheeled assets. We have seen an explosion in the demand for this type of facility, partly due to the increase in classic car values but also due to demand from collectors to acquire more vehicles using a mechanism that is complimentary to their hobby.
To do so, your car must be valued at £65,000 or more, but in most other aspects the terms are broadly the same as financing a car when you buy it – except in this instance, the funds are released to the existing owner (you) rather than a selling dealer. It’s cost effective, you don’t have to put your home up as security and you can still use your pride and joy just as you always have – what’s not to like?
This is not a short term “posh pawn” facility but a flexible long term finance option with competitive rates. Many of the short-term facilities available through other companies have APRs in excess of 40% and your car will be taken and stored by the lender as security so if you wish to continue using your car and avoid excessive charges then short term secured loans may not be for you.
Our solution is much more user-friendly in most instances.
Find out more – Classic Car Equity Release.
For more information please call Rob Johnson or enquire online.