Although we specialise in high-quality mortgage solutions, that’s far from the limit of our knowledge—I was recently able to help a client achieve his dream of purchasing a Rolls Royce Dawn. Collecting classic and prestige cars is a hobby for many Enness clients, and we are able to introduce them to a UK classic car finance lender who can assist them in indulging their passion.
My client had previously put down a deposit on the car, but unfortunately was rejected for finance and the car was sold to somebody else. Having previously worked with Enness, he approached us for help on this unusual issue and I was delighted to be able to help him further.
Bringing in money from outside the UK can mean being taxed at 45%, but my client faced a hurdle for borrowing directly in the UK. His income is generated in Dubai, although he is a tenant in the UK; as such he was considered ‘high risk’.
OUR SOLUTION
Fortunately, this classic car finance lender approved my client for the purchase of a nearly new Rolls Royce Dawn with low mileage, at a purchase price of £270,000. Typically, this lender’s minimum deposit is 10%; in this instance, the client put in £75,000. His total borrowing was £195,000 over 48 months, although this lender can lend from 12 to 60 months.
To bring down his monthly payments, the lender-placed a ‘balloon’ of £125,000, meaning a final monthly payment of £2,500. The lender was very flexible on this point; if needed, a higher balloon could have brought down the monthly payments even further.
As my client was considered high risk, the lender’s rate was higher than usual. However, they have the scope to lend to someone with an almost identical profile at a lower rate. Their rates start at around 7% but can vary depending on the client.
This lender takes an exceptionally flexible, creative and bespoke approach, which is ideal for many Enness clients. They pride themselves on understanding that many high net worth borrowers may not tick the boxes of traditional lenders, especially when their wealth is global. At Enness, we understand that not every client is the same- and we are always keen to work with lenders who take the same holistic approach. The client was delighted with this result—not to mention thrilled with his Rolls Royce Dawn.
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