Luxury loans questions
Here, we offer answers to the questions our customers most often ask us. We are of course more than happy to chat further, and to answer any other queries about your luxury loan, so please get in touch any time.
What happens at my appraisal appointment?
After discussing how much you are looking to borrow, we’ll establish some information about your high-value asset(s). If it’s possible, we’ll appraise the item(s) immediately. Where that’s not possible, we’ll arrange for a full appraisal, usually within a few working hours. If you leave your item(s) with us, we will, of course, issue a receipt.
How much do you loan?
We offer asset secured borrowing from £1,000 to £500,000. Your loan offer is determined by the high-value asset(s) the loan is being secured against. Typically we offer a loan amount of between 50% – 70% of the trade value of the item(s). We use highly skilled professional valuers to assess items. This means we are often able to offer up to three times more than a traditional high street pawnbroker.
How much interest do you charge?
We typically charge between 3% – 6% per calendar month (typical APR 50%), depending on the asset and the amount being borrowed. Overall interest is calculated in simple terms up to the seven-month term. To add to the transparency of the process we issue an early-redemption calculation sheet at the time of the loan. This clearly details what is due to be repaid on every day of the seven-month loan period.
Which items do you loan against?
Edinburgh Asset Finance is happy to consider loans against a wide range of high-value assets. These include but are not limited to loans against:
- Fine art
- Fine jewellery
- Luxury watches
- Number plates
- Sports, classic and luxury cars
- Whisky and Wine Collections
As a guide, we look for a minimum trade value of around £2,000 on high-value assets our clients have full ownership of. For sports, classic and luxury cars we seek a trade value of not less than £5,000.
Unsure if your luxury asset applies? Just give us a call on 0131 556 2500 or get in touch. We’ll be happy to advise.
How quickly will I receive my funds?
Normally we can establish an asset’s value within hours of seeing it and a loan offer and paperwork can be produced at that time. Funds are transferred as soon as paperwork is signed. We will deposit funds into your nominated bank account by fast transfer.
What identification do I require?
It is a legal requirement for us to take two forms of identification from you at the time of the loan. For this purpose, one piece must be a photographic, government-recognised document like a passport or a driving licence. The other must be a utility bill, bank statement or council tax invoice. These have to be fewer than three months old and must detail your full name and address.
What is the loan period?
We offer all of our loans on a seven-month basis. There are no minimum loan periods and loans can be redeemed (paid off in full) at any point during the seven months. You are also welcome to make part payments at any time during the loan period. If at the end of the seven months you wish to continue your loan, we require interest accrued to date to be cleared off before issuing another seven-month loan agreement for you to sign.
Where will my items be stored?
The security of your high-value assets is our top priority. As such, we securely store asset(s) in the most appropriate way:
Antiques and Fine Art
During your loan period, these assets are stored at the premises of carefully selected third parties who are specialists in the field of antique and art storage. We also insist on the fully insured transportation services offered by these companies.
Fine Jewellery and Luxury Watches
These are stored in our own insurance-approved vaults. Our vaults are subject to 24-hour monitored security and constant CCTV surveillance. Further to this, your items are individually boxed (if they are not already) and, for ease of identification, assigned a unique barcode. Additionally, your asset(s) will remain under lock and key whilst in our care.
Sports, Classic and Luxury Cars
Vehicles are carefully moved, where required, by a fully insured and independent specialist motor transport company to our dedicated car storage facility. All vehicles are individually covered and the premises itself boasts 24-hour security monitoring and a temperature-controlled atmosphere. This of course ensures vehicles are stored in optimum conditions.
While in our possession, car registration-plate documents are safely stored in our secure vault.
Will my loan affect my credit rating?
It’s one of our most-asked luxury loan questions. The answer is: absolutely not. That’s because we specialise in discreet loans. We only require your identification to validate ownership and satisfy anti-money-laundering laws. In any case, your data is not shared with any third parties and no credit check is ever necessary. Even if your loan remains unredeemed, there is no comeback on you as an individual and we will never pursue you.
How do I repay my luxury loan?
We are happy to take part payments at any time during the length of your secured loan. We accept payments by cash, card, cheque or bank transfer. As soon as your loan has been repaid, we will make arrangements for you to be reunited with your asset(s).
What happens if I can’t repay my luxury loan or interest at the end of the loan period?
Should you be unable to pay the interest or loan at the end of the seven-month period, your asset would be sold, and your loan cleared by the funds raised. We will always work hard with you to avoid this happening. If, however, we do have to sell the item on your behalf, the funds will cover the loan value, all interest accrued plus the cost of the sale itself. Afterwards, all surplus funds will be returned to you.
What if I have luxury loan questions not answered here?
We’ll happily answer any luxury loan questions not covered here. Just get in touch
Request a Quote
Call us on 0131 556 2500 or complete this form for an online assessment