Baljit Singh has been in the business of bespoke funding for over 20 years. He has worked for dealer groups selling luxury cars from Porsches, Bentleys, Ferraris, and Rolls Royces. His discerning clientele includes high net worth individuals from the world of business, television and sport. Based in Berkshire, Baljit is reputed for his drive to look after his clients’ needs, valuing their every expectation. “We are here to tailor finance packages for them, and make buying a car a swift and easy process,” he says.
AWM: In a nutshell, can you describe what bespoke car funding is?
Baljit: We are a car finance broker. Essentially, we match finance customers and the cars they want to buy with the most appropriate lenders so they can get the best deal. Once the client finds the car that s/he wants to buy, we will do the funding for that vehicle based on their requirements. We specialise in prestige and performance cars from £25,000 to over £1million and because we have been working closely with banks and finance companies for over 30 years, we have access to the very best rates.
AWM: What sort of people use your service?
Baljit: Everybody! Mainly business owners, entrepreneurs and professionals. We also specialise in helping those working in sport, media and entertainment but the reality is that our customers come from all walks of life.
AWM: Is this a good option even for those who choose more affordable luxury? Not necessarily supercars?
Baljit: Absolutely. It’s a good option for anyone buying a car over £25,000! The bulk of our customers finance Range Rovers, Mercedes Benz, Audi, BMW, and we fund a lot of Porsches, so it doesn’t need to be a supercar. What people are generally looking for is the right advice and a good deal – we can help with both.
AWM: Why are HNW individuals financing their cars?
Baljit: Car finance is still widely misunderstood, despite the fact that over 80% of new cars are now purchased using finance. Even if people have the money, they may not necessarily want to put it into a car. HNW individuals tend to understand the benefits of borrowing better than most, and research has shown that the wealthier and younger those HNWIs are the more likely they are to borrow money. They may not want to put £450,000 into a Ferrari when they can usually leverage their liquidity more profitably than spending it on a depreciating asset.
AWM: Why would one choose Magnitude over the car dealership or a bank?
Baljit: Many buyers imagine that dealership finance is more convenient and easy, but in fact it isn’t. Our rates are usually more competitive as dealers have a captive customer who may not know they can arrange finance elsewhere.
Plus, a bank or dealership can only offer the limited number of finance products that they have, while we have access to dozens of specialist car finance products from over 20 different lenders. Remember, a lot of people can have complex financial affairs. The underwriters and dealers that we deal with build up a proper profile of the individual—are they running their own company? Do they pay themselves a certain dividend? We offer a bespoke service.
AWM: Naturally, one size doesn’t fit all. How does a company like Magnitude offer a bespoke service?
Baljit: It’s a bit of a cliché, but our experience really is the difference! Our team knows the cars, the products, the dealers and the marketplace that they work with like the back of their hand and as a business we have been arranging car finance exclusively for over 30 years. Our culture is to offer the best advice, the best products and the best service to each and every customer. That personal touch and our unrivalled knowledge is how we win business and what makes our service bespoke.
AWM: What’s the most expensive car you’ve financed?
Baljit: We have financed quite a few vehicles over £1million, but we have recently financed two Pagani Huayras which were over £2million each!
To find out more, contact Baljit on
0844 815 8888 (Mobile: 07794 664 112) or email [email protected]
Photographs by Kam Parmar
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