Cambridge and Counties Bank launch classic car finance.
- £430 million worth of cars at Historic Hillclimb provides idyllic backdrop to Cambridge & Counties Bank Classic Car Finance launch
- Federation of British Historic Vehicle Clubs (FBHVC) Chairman David Whale delivers positive outlook on the future of the industry
- Finance packages for all classic and historic vehicles offered with loans from £63k –£1.5m
- Bespoke packages available for rare and specialist cars including historic racing
- Equity release
Cambridge & Counties Bank have launched their Classic Car Finance scheme at the 4th running 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 2018 Chateau Impney event attracted over 200 competitors, spread across eighteen classes that represented over £430 million worth of historic motor vehicles.
The Cambridge & Counties Bank team, coming together to cheer on the action on track at Chateau Impney and draw up their own ‘fantasy garage list’, illustrated that they are able to combine their head for finance with that all-important heart for classic and vintage cars.
Tom Senior, Director of Classic Car Finance explains,
“As a team of classic car enthusiasts, we realise that our clients buy all sorts of different cars for all sorts of different reasons, not 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.”
The Cambridge & Counties Bank Classic Car Finance product will focus on classic and historic vehicles with loans offered from £63k – £1.5m. The bespoke, manual underwriting process adopted by Cambridge & Counties Bank means that other specialist vehicles and racing cars can be considered. The scheme will offer the ability to borrow up to 90% of the purchase price with flexible advance interest rates. Balloon payments 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.
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 FBHVC, David Whale who was on hand to give an informative insight into successes, as well as opportunities and challenges the historic vehicle industry faces.
David explained;
“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.”
David was buoyant and positive about the future for classic cars,
“There has been a move 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”
