New finance scheme to buy historic cars
Cambridge & Counties Bank have launched their Classic Car Finance scheme at the 4th edition of the Chateau Impney Hillclimb under a blazing sun and to the soundtrack of one of the most impressive and picturesque classic and vintage motorsport events in the UK. The Chateau Impney event attracted over 200 competitors, spread across 18 classes that represented over £430 million worth of historic motor vehicles. Those statistics combined with rising values in many sectors of the industry served to highlight the ever-growing importance of finance within the classic car industry.
The Cambridge & Counties Bank Classic Car Finance scheme will focus on classic and historic vehicles with loans offered from £63k – £1.5m, but with a bespoke approach will consider other specialist vehicles and racing cars.
The scheme will offer the ability to borrow up to 90 % of the purchase price with flexible advance rates. Variable balloon rates are considered with repayment terms typically up to 5 years. Cambridge & Counties Bank are also able to consider refinancing and equity release on classic cars.
“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,” said Tom Senior, Director of Classic Car Finance. “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.”
Joining the classic car connoisseurs from the Cambridge & Counties Bank team for the launch, were a number of existing customers, plus high-profile members of the classic car world including Chairman of the Federation of Historic Vehicle Clubs, David Whale who was on hand to give an informative insight into what successes, opportunities and challenges the historic vehicle world faces.
“Despite some challenging economic times in some quarters, the classic car industry continues to grow,” said Whale. “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.”
In concluding the relaxed and informal launch, Neil Fender, Head of Classic Car Finance at Cambridge & Counties Bank said, “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.”