Specialist bank Cambridge & Counties is planning target wealth managers with its newly launched classic car finance service.
The scheme offers hire purchase, collection funding and equity release schemes to enable clients to purchase or refinance classic and vintage cars. Loans of between GBP63,000 and GBP1.5 million are provided to high net worth clients with a minimum net annual income of GBP150,000, or GBP500,000 of net assets excluding the value of their primary property.
The maximum loan to value is 90 per cent, and duration of loans is between one and seven years. However, each deal is bespoke to a client’s individual circumstances and requirements.
Neil Fender, Head of Classic Car Finance at Cambridge & Counties Bank, says: “Many of those people buying classic cars are clients of wealth managers and they may look to use their investments here to purchase their vehicles. Rather than liquidate them, we are providing wealth managers with an alternative solution to offer these clients the opportunity to keep their investments in place and maintain cash resources.”
Cambridge & Counties Bank Classic Car Finance was launched on 1 May 2018. So far, it has provided over GBP2 million in loans across several classic cars including an Aston Martin DB5, Jaguar E-Type and a 1929 Bentley.