Have you got valuable assets that are locked up in your garage?
Did you know that you can use your car (or car collection) to fund a whole range of other business or personal projects? If you’ve got a motor car that’s worth a large sum of money, you can use it as security if you need to raise money quickly.
But, if you search for Equity Release on Google, you’ll see that pretty much every article talks about using your house as security for a loan. However, at Fast Car Finance, we like to think outside the box, and we know that you don’t have to use bricks and mortar to fund your latest business deal (or holiday, second property, even a divorce)!
This simple example from one of our customers shows how Fast Car Finance managed to raise £200,000 for a business deal without him needing to speak to the bank. All within just 10 days!
A quick call to Fast Car Finance and we realised that we could use the customer’s £495,000 1960 Aston Martin DB4 as security for the £200,000 loan that he needed for his business deal. The next step was to arrange an independent valuation, which allowed us to work out how much we could arrange the loan for.
- Within 10 days from initial enquiry, we had the funds cleared in his account
- He didn’t need to speak to the bank and fill out endless forms
- The customer has the option to pay the loan off earlier than the agreed terms if he chooses
- The customer got to fund his business deal AND kept his amazing car. Win win all round!
Andy Wise, managing director of Fast Car Finance says:
“Equity release using a car or car collection is quite a niche area. Many people don’t even think about the assets that they are collecting, or driving around in. So, if you want to raise some cash quickly for a business deal, school fees, a tax bill – even a divorce, then consider using your modern or classic car to help you generate some money.”
“It really is a brilliant way to raise cash quickly – just a simple valuation of the car and there’s no need to get the bank involved. You don’t have to sell the car – you can continue to use it and it will continue to appreciate. Best of all, you won’t upset your wife or partner by raising a loan against a property either!
Next month, we will focus on how equity release compares to other ways to raise money, including loans against your property, bank loans and taking money from your business.
If you have a query about equity release, please give the Fast Car Finance team a call on 01635 785 400 or contact us here.
We can arrange a cash lump sum in between 5-10 days against the value of your car – something that only Fast Car Finance, as a specialist broker, can do.
