If you already own an imported supercar, you know that the process is a costly affair. You will also know, that purchasing luxury vehicles from overseas, is quite often the best way to secure the best bargain for your dream set of wheels. Whether it be a Ferrari, Lamborghini or Bugatti you can save yourself money with our competitive exchange rates and low transfer fees. Below we’ve outlined a few steps you can take in order to help you prepare for your purchase.
Depending on which country you are importing your car from, you may need to pay for shipping costs. You'll need to hire a shipping or transport company to deliver the car for you. This will significantly increase the cost of your new car, so be sure to factor this into your budget when you plan to purchase your new vehicle.
Alternatively you may choose to drive your new vehicle from the country of purchase, back to your country of residence, which will save you money, however before doing so, you must make sure it’s insured for you to drive.
Documentation (UK only)
Several original documents are required for registering a vehicle purchased overseas, including a Mutual Recognition form, V267 Form, Foreign Motor Trade Registration documents and relevant HMRC Forms to show that VAT and tax have been paid.
Your vehicle will also be subject to The Individual Vehicle Approval (IVA) scheme if it is less than 10 years old, and requires first licensing and registration in the UK. IVA is a pre-registration inspection for vehicles that haven’t been approved to British or European standards. The purpose of the scheme is to ensure that these vehicles are designed and constructed to suitable safety standards before they are used on public roads.
VAT & Tax (UK only)
If you’re importing your car from inside the EU, you will need a certificate of Mutual Recognition which confirms that the vehicle is suitable for use in the UK. In addition to this, you will need to inform HMRC of the vehicles arrival in the UK within 14 days, via a Notification of Vehicle Arrivals (NOVA) form. Vehicle tax must be paid upon registration and VAT must be paid, unless you have already done so in another EU country.
When you are looking at prices for international vehicles, remember that if the country you are buying from uses a different currency, you will need to account for that fact when you’re thinking about the vehicle’s price. Exchange rates are constantly fluctuating, meaning the price of your future vehicle will too. In addition to finding the best exchange rates, it’s important to be well informed about how fluctuations within the currency market, can affect the cost of your global money transfers.
Should you open an international payments account with us, you will be appointed an account manager, who will offer you specialist advice on the financial markets and the best strategy for your purchase. We can help you make swift, secure payments, whilst attaining the best possible rates through our range of different payment services.
For more information on how to make international payments with us call us on 0207220818.