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

Classic Car Weekly (UK) - - Front Page -

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.'

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