SURGE IN LOAN FIRMS CHASING YOUR CLASSICS
The number of older vehicles being used as collateral goes up by a third in a year – we reveal why lenders are after your cars
Lending companies are actively seeking out classic owners to borrow money against, because their cars are easier to validate than other equally valuable market assets. High-end pawnbroker, HNW Lending, is reporting that the number of enquiries it has had from classic owners has risen by more than a third between October and March last year, compared with the previous six months.
Patrick Martin, marketing executive of logbook loan lender, Varooma, says: ‘ We’re seeing rising interest from borrowers looking to raise money against classic cars.'