Ever spotted a cool classic but didn't have the cash to make the dream a reality? A new venture called Classic Vehicle Finance, or CVF for short, has the solution.
"CVF was started after we observed that few or no formal banking institutions offered finance for classic vehicles in South Africa," says co-founder Chris Howell. "The main reason for this is a combination of vehicle age and lack of understanding of the value of such vehicles and, of course, the market in which the industry operates," he explains.
CVF (and similar foreign ventures), however, view classic vehicles as a growing investment and has identified South Africa as offering huge potential. "We offer finance for purchasing classics and to release equity for owners who wish to raise money without losing their asset," Howell states.
South Africa has a bustling and varied classic car scene, and growing interest from the "next-generation" of enthusiasts, as evidenced by any SentiMETAL Gathering... witness the large number of younger petrolheads in attendance.
"Our customers are usually mid- to high-net worth individuals who are classic vehicle enthusiasts, and we concentrate on the classic vehicle market and "soon-to-be-classic" vehicles that are generally older than 20 years," says Howell. Often referred to as "youngtimers" these cars typically date from the '80s and '90s and traditional banks generally are not interested in financing them.
So, how does it work and where do you go when you spot that must-have classic? Visit www.classicvehiclefinance.co.za to make contact and have your supporting documents ready. CVF claims a quick turnaround time of 24 hours after the completed credit application and supporting documents have been received. CVF is also currently engaging with classic vehicle dealerships to have CVF documents available on-site.
Furthermore, CVF, through associate Insurance Company, Vantage Acceptances, can arrange comprehensive insurance on vehicles at market-related values and competitive rates.