Specialist Car Finance Introduction
By Chris Hiley-Payne
HTB is pleased to introduce Chris Hiley-Payne, who has joined the bank to lead our recently launched Specialist Car Finance business. Chris brings over ten years of industry experience and a wealth of specialist knowledge to HTB. In 2009, Chris established his own business, Clarkson Payne, a super and classic car broker which sourced cars for collectors. Chris has exactly the right knowledge of specific cars and has established the right intermediary network to assist with complex car financing.
The classic car (financing) market really took off in 2008 after the financial crash and hit peak in 2016 and 2017. At this time, cars were appreciating in value and so were considered a good investment. After that, the classic car (financing) market experienced more growth as investors looked to the UK, Europe and the Americas to source classic, modern classic and rare supercars.
Customers don’t just buy these cars as an investment, but because they have a real passion for their cars and are often genuine car enthusiasts. It is this passion that really attracts me to this business.
My role enables me to create something new with dealers and private individuals which is an exciting prospect. I was drawn to HTB because it is an exciting and dynamic business with a strong growth trajectory and future ambitions. After meeting with the dedicated team, I decided the role was a great fit.
We are seeing some great opportunities in the equity release market. This type of financing allows customers to release capital in their cars to buy other vehicles, or to deploy the funds elsewhere. However, to operate effectively in this market requires a lender to have the right expertise to quickly identify the value and quality of the asset to manage the lending criteria and terms.
We are witnessing a slight shift in the market, where dealers have not previously been involved in the financing of cars, they are looking to diversify their offering and introduce financing options. We recognise that customers really value our expertise and ability to provide tailored finance for classic and modern classic cars. So, we have established the right people and processes to ensure we run like a specialist resource to assist dealers and deal directly with customers.
Our dedicated underwriting team have a firm grasp of the type of business we are looking to write. We are selective in our approach and aim to prioritise deals where we can provide added value. Our expertise means we can be very competitive when offering balloon options, as we have a detailed understanding of the value and provenance of these rare cars. Every balloon is assessed on an individual basis to ensure our proposals will stand up to scrutiny in the next three to five years.
Our teams always look to complete each deal as quickly as possible. When we receive an application, we will aim to turn it around and pay out within 48 hours, whilst maintaining a disciplined inspection process to ensure the cars are of a good quality. It is this excellence through specialism that differentiates our offering and sets us apart from our competitors.