Buying a classic car
Investment Backed Lending can be a flexible and efficient way to fund a short-term gap between selling one thing and buying another.
One of our clients with a passion for classic cars was looking to sell one vehicle so he could buy a model he’d wanted for years.
The nature of the car market means it can take time to sell, but opportunities to buy can come up at short notice. Our client needed money quickly to cover the cost if he was to fulfil his ambition.
He had enough invested with Coutts for the purchase, so could have sold his investments, but he didn’t want to do that only to reinvest after selling his other car. As well as time out of the market and administrative costs, there were potential tax implications from realising gains when his allowances for the current year had already been used.
This made Investment Backed Lending a good option for this particular client. It gave him a quick, low-cost facility he could draw on right away. He bought the car he really wanted while keeping his investments intact.
Find out more about investing with Coutts