In a sign of the economic times that shows that the need for short term cash is slowly working its way up the food chain, one company is now offering short term loans using luxury cars for security.
Suttons and Robertsons, the UK’s leading fine jeweller and pawnbroker, is branching out to offer loans to customers able to provide luxury cars as security.
Building on the company’s 200 years plus experience in valuation and pledging, the loan limit will be set after vehicles – typically high-value cars with a trade value of at least Â£30,000 – have undergone an expert assessment.
All vehicles will be stored by a specialist partner company of Suttons and Robertsons in a secure, climate-controlled environment. They will be fully insured from the moment they are collected and can be delivered back to a location of the customer’s choice.
Suttons and Robertsons’ Phil Diaper said: “There are hundreds of people out there needing extra short-term cash for all sorts of reasons – from paying school fees on time to business investment plans.
“Often the banks are either unable to help or customers prefer the straightforward nature of our loans. The revival in pawnbroking is really moving up a gear and, increasingly, classic cars are among the items people are using as collateral to unlock cash tied up in valuable assets.
“Our specialists will consider the make, model, age and condition as well as recent sales of similar vehicles to ensure customers are given the best value and the highest possible loan limit – usually within three days of the customer letting us see the vehicle.”
Suttons and Robertsons, which began trading in 1770, offers loans up to Â£1 million secured against customer’s valuables from its four London stores – Victoria Street, Fleet Street, Old Brompton Road and Edgware Road – as well as branches in St Albans, Birmingham, Manchester and Liverpool.
The company has a proud history and is the oldest active pawnbroking business in London. Thomas Miller Sutton founded his business in 1770 and Robertsons was established in 1797. They came together in 2006.
The Victoria store recently moved from the site it has occupied since 1770 to 127-129 Victoria Street, London, as part of major redevelopments around Victoria Station.
Image by Christine Matthews [CC-BY-SA-2.0 (http://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons