Approved classic car finance has reached £2m at Cambridge & Counties Bank.
Cambridge & Counties Bank launched Classic Car Finance in April and said it had financed the purchases of a range marques, from 1920s Bentleys to a unique 1980s Aston Martin.
Individual vehicles approved included a Ginetta GT5, noughties British Touring Car Championship legend, Porsche Carrera Cup Car and Jaguar XJR 10.
Neil Fender, head of Classic Car Finance at Cambridge & Counties Bank said: “As a team of enthusiasts ourselves, we can honestly say of all the vehicles we have financed so far, ‘we would have bought them too!’ When rare or significant cars come up for sale, you must act quickly to realise that ambition of owning them because once sold, it can be years before they come on the market again, if ever. We are here to help ensure clients are able to make the most of that golden opportunity to own the car of their dreams.”
Classic Car Finance operates from the Cambridge & Counties Bank head office in Leicester.
The bank has a partnership with Trinity Hall, Cambridge and the Cambridgeshire Local Government Pension Fund. The bank can lend from £63,000 up to £1.5 million and will consider equity release on a range of historic vehicles.
Tom Senior, director of Classic Car Finance at Cambridge & Counties Bank said, “Our unique structure gives us the ability to offer a very personal service and the desire to build lasting relationships is at the heart of everything we do. That approach, combined with the genuine passion we have for classic cars sets us apart. We are very proud to be just as excited about the cars our clients want to buy as they are.”
Approved classic car finance
In September Cambridge & Counties Bank (C&C) said it was working with wealth managers who are acting as introducers for its classic car finance product, which runs up to £1.5m.
It is targeting high-net-worth clients with net income above £150,000, or net assets totalling £500,000 excluding primary property.