Classic Car FINANCE – FINANCE CARS AT THE Classic Motor Hub
We recognise that buying a classic car is no ordinary purchase, which is why we endeavour to offer the widest possible range of competitive classic car finance options to our customers.
With terms ranging from 12 to 60 months, current vehicle funding options include Variable Rate Balanced Payments, Hire Purchase, Hire Purchase with a Balloon, and Equity Release, all with flexible terms to allow each product to be tailored to your preferences, subject to status.
Hire Purchase
This is the type of finance that the majority of our clients use in the purchase of their classic car. On this type of finance a deposit can be as little 5 per cent although typically more and the balance paid over a 3 or 5 year period. At the end of the finance term the car is owned by the customer.
Reasons to consider Hire Purchase:
- Low Deposit – keeps valuable personal or business cash available
- Control – you decide the deposit amount and the term
- Fixed Monthly Payment – makes budgeting simple
- Flexibility – does not compromise your other lines of credit
- A Better Car – Lower payments allow you to choose a better car
Hire Purchase With A Balloon
This is a specialist product and only available in certain circumstances where the client specifies they want such a product and the lenders are happy to grant it. Hire Purchase with a balloon amount means lower monthly payments than normal straightforward HP, but can be more expensive in the longer term as the client is paying for the privilege of having a large lump payment to pay at the end of the agreement. This type of classic car finance package will normally run for between 3 – 5 years. At the end of the finance term when the balloon payment is paid the car is owned by the customer.
Reasons to consider Hire Purchase With Balloon:
- Low Deposit – keeps valuable personal or business cash available
- Lower Fixed Monthly Payments – perfect for budgeting
- A Better Car – Lower payments allow you to choose a better car
- Flexibility – does not compromise your other lines of credit
- Assets – you can gain vehicle ownership when the vehicle is paid
bALANCED PAYMENTS / VARIABLE RATE PLAN
Balanced Payment is a finance option for contracts over £25,000, with the advantage of fixed monthly payments. However, unlike Hire Purchase, where the interest is fixed, balanced payment plans track changes in the finance house base rate. As rates fall or rise over the period of the contract, so does the interest charge you pay.
Reasons to consider Balanced Payments:
- Low Deposit – keeps valuable personal or business cash available
- Lower Fixed Monthly Payments – makes budgeting simple
- Flexibility – does not compromise your other lines of credit
- Competitive – low cost options for early termination
- Tax Benefits – Tax allowances for business users
Equity Release
An almost totally unique offering in the current market place and one that has seen the largest increase in the number of enquiries recently. In simple terms we can release equity from classic cars either singularly or as a collection that are already owned by a client or business. This attractive option allows owners to take advantage of the recent increase in classic car values to release funds . Please note we have a minimum of £100k for this facility and each of these advances is bespoke to each client’s own vehicle or collection and personal financial requirements.
Classic Car Finance Calculator
If you would like to explore the full range of finance options available to you please get in touch with one of our finance experts. You can get an indication of the cost of our car finance solution using the simple calculator below:
