How Auction Finance Works
Buying at auction means paying within 24–48 hours of the hammer falling. Without finance pre-arranged, this is impossible for most buyers. We arrange a finance facility in principle before auction day - once you win a lot, we convert it to a formal offer and funds are typically released within 24 hours of documentation.
Key Auction Houses We Work With
- RM Sotheby's - Major international auction events, high-value lots
- Bonhams - UK and international sales, broad price range
- Silverstone Auctions - UK specialist, classic and modern performance
- Historics at Brooklands - Classic-focused UK sales
Worked Example: Ferrari 488 Purchased at Auction for £95,000
| Parameter | Detail |
|---|---|
| Vehicle | Ferrari 488 GTB (2018) |
| Hammer Price | £88,000 |
| Buyer's Premium (approx. 8%) | £7,040 |
| Total Cost | £95,040 |
| Deposit (20%) | £19,008 |
| Finance Amount | £76,032 |
| Product | HP (JBR Capital) |
| Term | 48 months |
| APR | 9.5% |
| Monthly Payment | approx. £1,908 |
Timeline
Day 1–2: We obtain a decision in principle based on the auction catalogue entry. Auction day: You bid and win. Day 1–2 post-hammer: Formal offer issued and signed. Day 2–3: Funds released to auction house. Total typical timeline: 48–72 hours from hammer to completion.