Classic Car Loans
Classic cars have been gaining in popularity for the past several years. Finding financing and classic car loans for specialty vehicles can be difficult because these vehicles are treated differently than run of the mill new cars. New car values are primarily based on the purchase price and depreciation while classic cars often have values much higher than the standard book value. With a good specialty vehicle loan, drivers can have access to affordable lending rates, reasonable payment options, and a chance to get the car of their dreams that they might not have been able to afford otherwise.
Key tips for when you want a classic car loan:
- You will have better luck getting your loan approved if you have an appraisal from a trusted source.
- You will need to have good credit and a large down payment as well as specialty vehicle insurance. Make sure that you check your history before you apply to ensure that you are likely to get a good rate for your loan.
- Find a financial institution that caters to classic car and specialty vehicle owners in order to get a loan based on stated value or appraised value.
- Remember that specialty vehicles can be much harder to sell because you have to find a buyer willing to pay your asking price for that specific car. Depreciation can be an issue and you can end up upside down in your loan very quickly.
Classic cars have a unique appeal because you don’t necessarily see them every day and you will have a vehicle that’s not the same as everyone else. You just need to be sure you find one at the right price and get a good deal on the financing.
Advice on finding the best classic car loan:
Ask lenders if they offer classic car loans or specialty car loans. Your local car owners club may have some suggestions on where to find financing. You will need to have a down payment ready and you should ask up front what type of appraisal will be needed to secure the loan. Stated value loans have become much harder to get for high priced vehicles. You also need to know ahead of time how much insurance will be required and what that will cost. Finally, of course you’ll need to know the rate, the term, and what your payment will be before driving off in your dream car.
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