Classic car enquiries soar for alternative lender

For the period January to September this year, the number of people approaching the company looking to secure a loan against their classic cars was 46% higher than the same period last year.

It has recently provided £100,000 plus loans against a customised Mercedes Maybach, and a 1939 Lincoln Zephyr. In addition to this, it has completed a loan in excess of £50,000 for a 1956 Jaguar XK140 Roadster.

As a sign of the buoyant classic car market, last year a 1962 Ferrari 250 GTO was sold at auction for £22.8 million – a new auction world record.  The value of classic cars has increased by around 111% over the past five years, and 469% over the past ten.

Ben Shaw, founder and director of HNW Lending said:

“Classic cars are one of our preferred valuable assets to lend against. In relation to other physical assets, they are easier to validate as genuine and their value has been rising dramatically, meaning any potential risk we face here in terms of repayment defaults, is lower than in other areas.”