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Car loans for classic cars

Find out how to get a car loan for a classic car

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Getting a loan for a classic car can help out if you don't have the full amount of funding available, but are otherwise ready to make a purchase. When taken care of, a classic car can be a practical and enjoyable investment. However, with a lot of collectors and enthusiasts out there, it can be a competitive market. Not having enough cash upfront means you might miss out on a gem without finance.

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.

What to know about classic car loans

Classic car loans share a lot of features with standard car loans, but can also have some defining characteristics that set them apart.

  • Stricter credit requirements: Many classic car loan providers will only accept customers with a good credit score. Good credit borrowers help lenders reduce their risk level. This, in turn, means that they can offer lower rates to customers.
  • No age restrictions for vehicles: Typical car loans will often have age restrictions on the vehicles you can buy. These can range anywhere from 2 - 10 years. As classic cars are far older but are high-value purchases, the age restriction is more lax.
  • Different types of restrictions on vehicles: Classic car loans can often be used to buy unique, muscle or other rare vehicles while everyday car loans might not let you.
  • Expert valuations: Sometimes there may not be established guidelines for valuing a specific classic car. Classic car loan providers will often have experts who can establish the car's value.
  • Loan options to match your credit: The options you qualify for - loan amount, repayment term, interest rate and whether or not the loan requires asset security will often be dependent on your credit. For example, if you're looking for a bad credit muscle car loan you might only be able to get a secured loan.

Compare a range of car loan options

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".

1 - 11 of 11
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Name Product Mobile details underline Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
Credit Concierge Car Loan - Prime (Credit Score 800+) Fixed, 1 - 7 Years, $10,000 - $150,000
Credit Concierge Car Loan - Prime (Credit Score 800+)
1 - 7 Years, $10,000 - $150,000
3.69%
to 5.69%
4.23%
to 6.23%
Fixed
$350
$8.50
You'll receive a fixed rate of 3.69% p.a. with a comparison rate of 4.23% p.a.
Must have a high credit score and excellent previous repayment history to qualify. Home ownership or mortgage may assist overcoming a lower credit score in some instances. Lenders individual credit criteria applies and approval is not guaranteed nor is the interest rate finalised until a formal submission for finance is made.
loans.com.au - New - Prime Special (Variable) Variable, 3 - 5 Years, $5,000 - $100,000
loans.com.au - New - Prime Special (Variable)
3 - 5 Years, $5,000 - $100,000
3.74%
4.28%
Variable
$400
$0
You'll receive a variable rate of 3.74% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees.

Special Offer: Settle the loan before 30 June 2022 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
Stratton Finance Used Car Loan Fixed, 1 - 7 Years, $10,000 - $300,000
Stratton Finance Used Car Loan
1 - 7 Years, $10,000 - $300,000
4.99%
to 18%
6.41%
to 19.61%
Fixed
$482
$8.90
You'll receive a fixed rate loan from 4.99% p.a. with a comparison rate of 6.41% p.a.
A used car loan of up to $300,000 with quick approval times and balloon payment options.
loans.com.au - New - Prime Special (Fixed) Fixed, 3 - 5 Years, $5,000 - $100,000
loans.com.au - New - Prime Special (Fixed)
3 - 5 Years, $5,000 - $100,000
5.09%
5.64%
Fixed
$400
$0
You'll receive a fixed rate of 5.09% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.

Special Offer: Settle the loan before 30 June 2022 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
OurMoneyMarket Car Loan Fixed, 1 - 7 Years, $2,001 - $75,000
OurMoneyMarket Car Loan
1 - 7 Years, $2,001 - $75,000
5.85%
to 14.99%
6.47%
to 21.14%
Fixed
1.5% - 6%
min. $250
$0
You'll receive a fixed interest rate from 5.85% p.a. to p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 7 years.
RACV Used Car Loans Fixed, 1 - 7 Years, $5,000 - $150,000
RACV Used Car Loans
1 - 7 Years, $5,000 - $150,000
6.99%
7.68%
Fixed
$499
$0
You'll receive a fixed rate from 6.99% p.a.
Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
loans.com.au - Used Car Loan (6+ years) Variable, 3 - 5 Years, $5,000 - $100,000
loans.com.au - Used Car Loan (6+ years)
3 - 5 Years, $5,000 - $100,000
5.04%
5.59%
Variable
$400
$0
You'll get a variable rate of 5.04% p.a.
Borrow up to $100,000 for a used car for 6+ years, with no monthly fee.

Special offer: Settle the loan before 30 June 2022 and enter the draw to win a $1,000 fuel gift voucher. Terms and conditions apply.
NRMA Used Car Loan Fixed, 1 - 7 Years, $5,000 - $130,000
NRMA Used Car Loan
1 - 7 Years, $5,000 - $130,000
6.99%
7.68%
Fixed
$499
$0
You'll receive a fixed rate from 6.99% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
loans.com.au - Used Car Loan (8+ years) Variable, 3 - 5 Years, $5,000 - $50,000
loans.com.au - Used Car Loan (8+ years)
3 - 5 Years, $5,000 - $50,000
8.94%
9.51%
Variable
$400
$0
You'll get a variable rate of 8.94% p.a.
Borrow up to $50,000 for a used car for 8+ years, with no monthly fee.

Special offer: Settle the loan before 30 June 2022 and enter the draw to win a $1,000 fuel gift voucher. Terms and conditions apply.
Credit Concierge Car Loan - Mid Prime (Credit Score 500-800) Fixed, 1 - 7 Years, $10,000 - $150,000
Credit Concierge Car Loan - Mid Prime (Credit Score 500-800)
1 - 7 Years, $10,000 - $150,000
5.89%
to 12.89%
6.99%
to 13.99%
Fixed
$350
$8.50
You'll receive a fixed rate of 5.89% p.a. with a comparison rate of 6.99% p.a.
Must have an above average credit score and no defaults or late payments in the last 6 months. Home ownership or mortgage may assist overcoming a lower credit score in some instances. Lenders individual credit criteria applies and approval is not guaranteed nor is the interest rate finalised until a formal submission for finance is made.
Credit Concierge Car Loan - Sub Prime (Credit Score Below 500) Fixed, 1 - 7 Years, $10,000 - $150,000
Credit Concierge Car Loan - Sub Prime (Credit Score Below 500)
1 - 7 Years, $10,000 - $150,000
14.99%
to 24.99%
17.99%
to 27.99%
Fixed
$350
$8.50
You'll receive a fixed rate of 14.99% p.a. with a comparison rate of 17.99% p.a.
Must have stable employment longer than 3 months with no recent missed payments or overdrawn bank accounts. Defaults are assessed on individual circumstances and amounts on credit file must be paid or under arrangement. Good savings history may assist overcoming a low credit score and any unpaid defaults in some instances. Lenders individual credit criteria applies and approval is not guaranteed nor is the interest rate finalised until a formal submission for finance is made.
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Compare up to 4 providers

1 - 4 of 4
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Name Product Mobile details underline Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Personal Loan Fixed, 1 - 7 Years, $2,001 - $75,000
Exclusive
OurMoneyMarket Personal Loan
1 - 7 Years, $2,001 - $75,000
5.65%
to 20.99%
6.27%
to 23.83%
Fixed
1.50% - 6%
min. $250
$0
You'll receive a fixed rate from 5.65% p.a. to 20.99% p.a. based on your risk profile.
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

Finder Exclusive: Apply before 30th of June 2022 to secure a 0.20% p.a. discount for the full term of your loan.
NOW Finance No Fee Unsecured Personal Loan Fixed, 18 Months - 7 Years, $5,000 - $50,000
Exclusive
NOW Finance No Fee Unsecured Personal Loan
18 Months - 7 Years, $5,000 - $50,000
5.95%
to 19.95%
5.95%
to 19.95%
Fixed
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 19.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.

Finder Exclusive: Apply and settle an unsecured personal loan of $30,000 or more to receive a $400 Westfield gift card. Ends on June 30 2022.
Citi Personal Loan Plus Variable, 3 - 5 Years, $5,000 - $75,000
Exclusive
Citi Personal Loan Plus
3 - 5 Years, $5,000 - $75,000
8.90%
9.18%
Variable
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Finder Exclusive: Earn 150,000 Velocity Points when you apply and activate your account within 90 days from approval.
Wisr Personal Loan Fixed, 3 - 7 Years, $5,000 - $64,000
Wisr Personal Loan
3 - 7 Years, $5,000 - $64,000
6.95%
to 17.95%
7.78%
to 18.37%
Fixed
$595
$0
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
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Compare up to 4 providers

Loans that can be used to buy classic cars

How do I value a classic car?

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.

What to look for in a classic car loan

When considering getting a classic car loan, you should also look at:

  • Fees: Does the lender charge any fees? Consider the impact these might make on your total payments.
  • Repayment period: What is the duration of the loan period? Does it work for you?
  • Flexibility: Can you make additional repayments? Are there any early repayment fees? Can you redraw early repayments? The flexibility of a loan can affect how suitable it is for you.
  • Security: Does the lender require collateral? With bad credit, you might only qualify for a secured classic car loan. But, with a stronger credit score, you could qualify for an unsecured loan.

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.

What to consider

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.

What are my other loan options?

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:

  • A personal loan

    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.

  • A standard car loan

    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.

  • A finance broker

    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.

  • Dealer finance

    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.

Picture: Shutterstock

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Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.88% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 5.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 5.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

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2 Responses

  1. Default Gravatar
    AlisonMarch 24, 2018

    Looking for personal loan

    • Default Gravatar
      LiezlMarch 24, 2018

      Hi Alison,

      Thanks for visiting Finder!

      Our personal loan Finder will help you compare various loan products. Simply select the type of loan you’re looking for from the left column of the page and start comparing your options. In case you’re interested in having your loan pre-approved, you can check our guide on how pre-approval works for personal loans and which lenders offer it.

      Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Liezl

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