Loans of­fered on es­ti­mates

H&H Clas­sics’ Don­ing­ton Park auc­tion will al­low buy­ers to fi­nance most of the es­ti­mated value of a car for the first time on 24 Fe­bru­ary.

Classic Car Weekly (UK) - - News - www.clas­sic-auc­tions.com

Peer-to-peer lend­ing com­pany Un­bolted will be of­fer­ing im­me­di­ately to lend (post auc­tion) 70% of the ham­mer price, or of the high es­ti­mate to UK buy­ers at H&H Clas­sics’ auc­tions.

The sup­ply agree­ment with the com­pany creates a sale ad­vance fa­cil­ity al­low­ing as­set-rich buy­ers to move quickly on op­por­tu­ni­ties rather than spend time ne­go­ti­at­ing credit fa­cil­i­ties with banks. The ‘buy now pay later’ loan can be for up to six months, with no credit check for buy­ers as the loan is se­cured against the ve­hi­cle.

Mark Mag­nacca, chief mar­ket­ing of­fi­cer of Un­bolted ex­plains: ‘We ef­fec­tively lend against the car and as long as the in­di­vid­ual is a UK res­i­dent with a UK bank ac­count, there is no credit check what­so­ever. The val­u­a­tion will de­ter­mine the amount the seller re­ceives – some­where be­tween 50% and 70%, in­de­pen­dent of the in­di­vid­ual’s fi­nan­cial sit­u­a­tion. When the car is sold, the loan will be de­ducted from the pro­ceeds.’

Mark adds: ‘If a buyer saw a car for £60,000 Un­bolted will then pro­vide a loan of 70% or £42,000 at 1.5% per month or £630. If they kept the loan for ex­actly six months he would pay £3780. Of course, they could pay it off af­ter seven days and only pay for seven days in­ter­est.’

Nick De­laney, busi­ness de­vel­op­ment man­ager of H&H Clas­sics adds: ‘Re­mov­ing un­nec­es­sary bar­ri­ers is part of the process to make it eas­ier for our clients to do busi­ness.’

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