Is it possible or does anyone know of any lenders that will let you lend against the value of other assets besides property such as motor vehicles etc?
Not really. If the car is relatively new you may be able to get finance on it. There was one lender (Liberty) accepting vehicles as additional security to get the deal over the line, but they no longer do this.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Brizza,
I doubt it. Reason being, you could smash up that car tomorrow and have no insurance. Loan applications don’t ask if you are insured for your car. Also, cars depreciate to such an extent, that I wonder would it be worth their while. If you have a Rolls Royce, or a car that may maintain/appreciate in value, then it might be a different story… same if you have a Whitely on your wall, I suppose.
As you can see, I have no clue :o) I am thinking though, that banks prefer wages and other real estate as potential collateral. I can’t imagine small business owners saying they have a new fridge in the butcher’s shop and using that as a bargaining tool for a loan. But the value of their business would be a tool.
Don’t smash the RR and give it a try :o)
kay henry
They will lend against term deposits and real estate. That’s about it.
Cheers
Stu
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