If you are dreaming of double-digit returns at a time of rock-bottom interest rates then one investment you would not normally consider is a car — traditionally one of the fastest-depreciating assets that you could own.
However, a peer-to-peer company is advertising annual interest rates as high as 11 per cent over three years, by effectively turning you into a motoring version of a buy-to-let landlord. We find out what’s behind Buy 2 Let Cars.
How does it work?
Buy 2 Let Cars was founded in 2012 by Reginald Larry-Cole, an entrepreneur, using £100,000 of angel investment (money from rich individuals, who responded to a newspaper advert). The business is also funded by supply agreements with car companies and set-up and leasing fees that are…