Classic Car finance has been made more accessible say Cambridge & Counties Bank.
Yes, that expensive classic car you always dreamed of could become a reality, providing you meet the necessary requirements.
Cambridge & Counties Bank have dipped their toes into the Classic Car Finance market, which was introduced at the 4th edition of the Chateau Impney Hillclimb.
Attracting well over 200 enthusiastic competitors, the Chateau Impney event proved the perfect vehicle to launch their new scheme. Historic motor vehicles on show were valued at around £430 million, dispersed evenly across eighteen classes.
Classic car values have risen steadily year-on-year, with little sign of any brakes being applied to the ever growing market. Cynics have continued to throw water on the classic investment fire, but the ferocious appetite for vintage cars has now become seemingly insatiable.
Tom Senior, Director of Classic Car Finance explained:
“As a team of petrol heads we realise that our clients buy all sorts of different cars for all sorts of different reasons other than just pure investment. They often want to access a lifestyle, participate in certain high-profile events or motorsport to fulfil their lifelong dreams or simply want to ensure that our transport heritage is preserved and protected for future generations by becoming custodians of significant vehicles.”
Focusing primarily on classic and historic vehicles, the Cambridge & Counties Bank Classic Car Finance scheme will offer loans from £63k – £1.5m, but will also deviate if and when specialist vehicles and racing cars are brought into the fold.
Offering the customer up to 90% of the purchase price, the team will provide flexible rates in advance. Equity release will also be considered if the refinancing is required.
David Whale explained that:
“Despite some challenging economic times in some quarters, the classic car industry continues to grow. Our research from the FBHVC is carried out to inform the conversations we have around legislation and to gather together public opinion on the movement. In 2011, the overall contribution to the UK economy by the historic vehicle industry, was 4.3 billion and in 2016 it was 5.5 billion so clear growth.
“There has been a move of focus for some investors towards the more modern classics and in particular, early or low mileage models of fairly everyday but iconic machines. That’s not a bad thing and shows a natural evolution in the market which suggests a good future with younger generations looking to enter the classic car market.”
- Borrow up to 90% of the cost with flexible advance rates
- Lending range from £63,000 – £1.5m per car
- Variable balloon payments may be considered
- Repayment terms typically up to 5 years with longer terms considered
- Non regulated deals only
- Hire purchase, lease purchase, refinancing & equity release considered
Neil Fender, Head of Classic Car Finance at Cambridge & Counties Bank went on to say:
“We live for and love the cars, events and lifestyle that our clients are also passionate about. That expertise, enables us to deliver classic car finance properly and do the right thing by the custodians of our transport heritage. Being here at Chateau Impney to launch Classic Car Finance at Cambridge & Counties Bank was a great way to begin as we mean to go on, being a part of the fabric of the tight knit historic vehicle community.”