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Considering your finances and comparing your options is an important step towards finding a classic car loan with a repayment plan that works for you. Find out how to do so in this guide.
Classic car loans share a lot of features with standard car loans, but can also have some defining characteristics that set them apart.
For more information on any of these loans, simply click "More Info" to be taken to our review page. To apply for a loan, click "Go to site".
Depending on its condition, rarity, originality, collector appeal and other factors, a classic car might range in value from a few thousand dollars to a few hundred thousand dollars. There are guides to valuation, but often it requires an expert with some in-depth knowledge of the market. Classic car specialists can be of great help here.
In order to accommodate the wide variation in car values, classic car loans will often be very flexible in the amounts you can borrow.
When considering getting a classic car loan, you should also look at:
Remember that he total amount you'll be repaying and your overall value for money is often dependent on more than just the interest rate. Always consider all factors of a loan before applying.
It can also be a good idea to consider any insurance requirements that might come with your car loan. Many car loans will, as a condition of your borrowing, require you to take out comprehensive cover. Check with the lender prior to borrowing what type of cover they might require. While it’s generally a good idea to take out cover to protect your vehicle, there might be conditions around the type of cover required which make it less suitable for you.
Specialised classic car insurance policies can include benefits such as lay up periods to reduce premiums. These may be more suitable if you’re a collector or looking to invest in the classic car as an appreciating asset.
While some lenders will have a specific product called classic car financing, these aren’t your only options. If you aren’t eligible for a classic car loan or the terms aren’t right for you, you can consider:
Personal loans can usually be spent on almost anything. There are unsecured or secured options. An unsecured personal loan might carry a higher interest rate than another alternative, but may also deliver wide-ranging benefits. Secured personal loans usually have lower rates, but you'll have to check as to what qualifies as security on the loan. Some secured loans may also have restrictions on what you can spend your funds on.
An everyday car loan may be preferable if your chosen muscle or classic car is in line with the lender’s requirements. In many cases, the same providers will have options for financing everyday vehicles and classic and prestige vehicles. Therefore, it may be worth seeing if you can get classic car financing from an everyday car loan provider.
The loan terms and conditions can make a significant difference to your costs in the long run, especially when you opt for a long-term loan. For this reason, it may be worth consulting a finance broker. They can consider specialised classic car loans alongside other options and help you find the one that’s right for you.
Many car dealers may be willing to offer you financing. While this can be a convenient option, it’s still worth comparing their products alongside financing from other providers to make sure you’re making a smart investment. Car dealership finance can be more expensive than online loan providers. So, it's best to do your research.
Before you take out any type of finance for a classic car, remember to review all of the costs and features to make sure it suits your needs and budget. To apply for any of the finance options on this page, simply click "Go to site" to submit an application.
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