Are you a car collector or enthusiast looking for a way to purchase a new luxury vehicle? Good news, you came to the right place! We’ve been helping car collectors expand their collections since 2011.
Here at Borro, we accept luxury and classic cars as collateral for a secured loan. Secured loans (aka “Collateral Loans” or “Asset-Backed Loans”) can be defined as a commercial loan in which an asset is pledged as collateral.
Luxury vehicles are one of the main assets we accept as collateral. At Borro, we accept a wide variety of luxury brands such as Porsche, Ferrari, Alfa Romeo, Aston Martin, Lamborghini, Rolls-Royce, and many others that might be in your collection.
The way our collateral loans work is simple. Borro will not ask to view your personal credit history, balance sheet or any other financial documents that traditional loan companies will require. If you’re looking to expand your luxury automobile collection, you can take a loan out against one of your currently owned vehicles. You can use one of the cars in your collection as collateral for a loan, and subsequently, use that loan to purchase a new car. And so on, and so forth. Once the loan is repaid, you will re-acquire your vehicle. We will work with you to define every aspect of your contract, from the amount to the repayment timeline, including whether you’d prefer to pay interest first or interest + principal.
To get a quote, send in qualifying information about the vehicle (i.e. photos, details…) to help us create an initial value of the asset, and give you an estimated loan amount. Once you accept the initial quote, a Borro representative will come to your location to do a final assessment of the condition and the value of the car and finalize the contract. After we receive your signature, we will issue the loan, and subsequently, park the car in secure storage near your location and collection. Simple!
One great benefit of borrowing a collateral loan through Borro is that you will likely be able to qualify for a larger loan amount than you would for a traditional loan. This is because there are fewer risks involved for the lender. That allows us to provide our clients with flexible contract terms, higher loan amounts, and hands-on support to make sure that every loan we issue is a successful endeavor for you and for us.
Secured loans are a very effective way to help you expand your luxury vehicle collection. Get in touch with our team of specialists today, and they’ll happily answer any questions you have.