Prestige Car for a Consumer

Posted On: 27 September 2019 Industry: Consumer

Finance Need: A high net worth Customer was introduced to Arkle looking to purchase a brand-new Ferrari 812 Superfast direct from the factory worth £325,000 (including a wonderful array of extras).

 

The Situation: As an avid collector, the Customer recognised the investment potential of this limited edition and therefore rapidly appreciating car. He wanted a relatively short term (maximum 24 month) arrangement as we would then maximise his return on the investment via a sale, but at the same time he shrewdly wanted to minimise his capital outlay. With a 40% deposit available from liquidating a previous vehicle, he requested our help.

 

What Arkle Did: The Customer had a successful property development business and an extensive portfolio to support his personal wealth, so we agreed to meet to discuss his requirements and personal circumstances. From that meeting and with the information provided, we identified a strong credit history with a regular high income to support the asset required.

 

The Customer needed to secure the finance to commission a two month build to delivery with the factory in Italy. We secured valuations, confirmation of the order and build updates to support the credit throughout and upon delivery to the UK. We carried out our asset inspection and completed the transaction all on the day our Customer took delivery.

 

The Finance Solution: Arkle understood the Customer's requirement, ability to repay, intended exit route and the appreciating nature of the asset. Arkle provided a two-year agreement with a 40% deposit and a 60% balloon payment at the end. This meant the Customer secured his prized vehicle and investment for a small monthly outgoing of interest only payments. Not a bad way to get a £325,000 car on your driveway.

 

Arkle Comment: Working alongside our Customers and Introducers, we can create effective funding solutions such as this Interest Only arrangement. The Customer was so pleased, he has subsequently come back to Arkle for two further asset finance agreements and the team are queuing up for a test drive.

 

I would use them again.

Arkle were part of a bank that I've just been introduced to by somebody I knew from another bank. He said to give Arkle a try and that they were very easy to deal with, so I was happy to give them a try and deal with them. It was for a personal purchase. I think as the first deal that we did together it was great. I would use them again.

Customer
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