Have you been dreaming of buying that classic car you drool over a few times a week but just don’t have the funds? A bank in the United Kingdom has launched a specialized classic car loan program that could be the solution.
In a news release, Cambridge & Counties Bank said it would offer loans between £63,000 and £1.5 million ($80,820 and $1.9 million) as part of its Classic Car Finance program to fund the purchase of classic or historical vehicles. The company announced the news at the annual Chateau Impney Hillclimb, where more than 200 vehicles were in attendance.
“As a team of petrol heads we realize that our clients buy all sorts of different cars for all sorts of different reasons other than just pure investment,” the program’s director, Tom Senior, said. “They often want to access a lifestyle, participate in certain high-profile events or motorsport to fulfill 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.”
The program will also take a bespoke approach and consider specialized or racing vehicles.
Up to 90 percent of the purchase price of the vehicle will be loaned with flexible advance rates. Variable balloon rates will be considered for repayment terms — typically 5 years.
Refinancing and equity release will also be considered.