Race car finance is in our DNA. Being based just outside Silverstone – the heart of British Motorsport – means Motorsport Finance comes naturally to us, and we even have in-house fanatics of racing too. It’s always an exciting industry to work with, and there was no exception on this recent deal…
A customer approached us looking to purchase a new TCR Race Car for the 2024 season. The requirement for a new race car was crucial to the growth of this motorsport team as a new vehicle meant a new driver. We’re never one to shy away from a motorsport opportunity and we were excited about the prospect of helping this team get what they needed.
Why did the customer choose Moorgate for their race car finance?
With in-house specialists for the motorsport industry at Moorgate Finance, the customer knew they could rely on us to make the process of getting race car finance easy, avoiding any of the ‘typical’ hurdles you could face when trying to finance a race car. Our connections in the industry and motorsport-specialist lenders help to keep things simple and stress-free.
The lenders are used to lending money for this purpose and understand motorsport businesses requirements, keeping the application straight-forward and fast.
The challenges of race car finance
The customer was clear on what they wanted in order to attract a new driver, so the only real challenge in this case came with sourcing the right vehicle for the job. Knowing a lot about the industry ourselves, we were able to help the customer with their search, offering extended support beyond just the funding requirement. After a couple of months of working closely together we were able to locate the right vehicle and start the funding application process to get the car in the team.
What race car finance achieved for this team
The new race car was crucial to this Motorsport business and its’ ability to take on another driver to compete in the TCR series. Therefore, we were so pleased to secure a deal for them, financing £90,000 with a 10% deposit over a 48-month term. A balloon payment at the end of the term also ensured the monthly payments were affordable for the customer – in turn allowing them to take on that additional driver without any undue pressure on cash!
It was a pleasure to work with these guys and contribute to their growth. We’re looking forward to the 2024 season and seeing what these guys can achieve in the TCR series.
How you can apply for race car finance
If your team is in a similar position, looking to purchase a new race car for the 2024 season to attract new drivers, then we’d love to support you too.
Moorgate Motorsport Finance works with race teams and businesses in the industry to fund all elements of the business, from cars, to parts, transporters and everything in between. Whilst teams can often want to keep their funding history on the down low, there are many benefits to outsourcing your finance.
The benefits of race car finance
- Spread the cost of your car over multiple seasons
- Invest in more competitive vehicles
- Improve the image of your team
- Invest in quality support and transport vehicles
- Equity release: we can offer equity release against your existing vehicles, releasing tied-up funds that will enable you to make another purchase or upgrade.
- If you have existing finance agreements we can take them over and arrange bespoke terms to fit your exact circumstances
- Quick decision: get the go-ahead on your finance usually within a week.
- Funding available for paying drivers and race teams.
If you’re looking to purchase a new race car for the 2024 season, don’t hesitate to get in touch. Moorgate Finance can help with everything from cars, to parts, workshops and transporters.
Make a 1-minute confidential application online at www.moorgatefinance.com/apply-now or call us on 01908 92 62 62 to discuss your requirements with a Motorsport Finance specialist.