classic-cars

Car loans for classic cars

Have your eye on a prize? A classic car loan can help you drive away with it.

When taken care of, a classic car can be a practical and enjoyable investment. But with a lot of collectors and enthusiasts out there, it can be a competitive market and not having enough savings put away means you might miss out on a gem.

Classic car loans can help out if you don’t have the full amount available but you’re otherwise ready to make a purchase. Consider your finances and compare your options to find a classic car loan with a repayment plan that works for you.

Compare a range of car loan options

Rates last updated October 16th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
IMB Secured Personal Loan
6.89% (fixed)
7.24%
$2,000
1 to 5 years
$0
$250
You'll receive a fixed rate of 6.89% p.a.
Benefit from this competitive rate by securing the loan with a vehicle up to 6 years old. Use this flexible loan for any purpose.
Latitude Motor Vehicle Loan
From 6.99% (fixed)
8.1%
$5,000
1 to 7 years
$10
$295
You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
5.97%
$25,000
1 to 7 years
$0
$175
You'll recive a fixed rate of 5.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
You'll receive a fixed rate from 8.49% p.a. based on the value of your car
Get a competitive rate and apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
Westpac Car Loan
From 8.49% (fixed)
9.67%
$10,000
1 to 7 years
$12
$250
You'll receive a fixed rate of 8.49% p.a.
Finance a new or used car and benefit from convenient features for car buyers including a car search tool and the option to borrow extra for on-road costs.
NRMA Used Car Loan
From 6.99% (fixed)
7.55%
$5,000
1 to 7 years
$0
$399
You'll receive a fixed rate of 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.

Compare up to 4 providers

Rates last updated October 16th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
RateSetter 3-Years Personal Loan
From 8.69% (fixed)
11.24%
$2,001
0.5 to 5 years
$0
$220
You'll receive a fixed rate from 8.69% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 5 years.
Citi Personal Loan Plus
From 8.99% (variable)
9.96%
$5,000
3 to 5 years
$10
$199
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
You'll receive a fixed rate between 6.99% p.a. and 26.95% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 year terms.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
You'll receive a fixed rate between 7.5% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
HSBC Personal Loan
From 9.5% (fixed)
10.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 9.5% p.a. and 15.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.
ANZ Fixed Rate Personal Loan
10.99% (fixed)
11.87%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate of 10.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$13
$250
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of . Benefit from flexible repayments and fast approval.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $50,000 to use for a range of purposes. Benefit from no monthly or application fees.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$13
$495 (Based on $10,000)
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required. Note: Get your loan approved and settled before 31 October 2018 and receive a $200 Coles gift card.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
You'll receive a fixed rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.
Australian Military Bank Variable Rate Personal Loan
From 7.88% (variable)
8.72%
$1,000
1 to 7 years
$10
from $100 to $500
You'll receive a variable rate between 7.88% p.a. and 18.82% p.a. based on your risk profile
An unsecured loan with flexible repayment options and a low minimum borrowing amount.
Australian Military Bank Fixed Rate Personal Loan
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$10
from $100 to $500
You'll receive a fixed rate between 7.93% p.a. and 18.87% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$0
$200
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents

Compare up to 4 providers

Loans than can be used to buy classic cars

What to know about car loans for classic cars

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 the lender reduce its risk level, so it can in turn offer lower rates to other customers.
  • No age restrictions for vehicles: Typical car loans will often have age restrictions, such as 5 or 10 years, on the vehicles you can buy. As classic cars are far older but are high-value purchases, the age restriction is more lax.
  • Different type 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 can get, including loan amount, repayment term, secured or unsecured and interest rate, 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.

How to value a classic car

In order to accommodate the wide variation in car values, classic car loans will often be very flexible in the amounts you can borrow. Depending on its condition, rarity, originality and collector appeal and many 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.

What to look for in a classic car loan

The total amount you’ll be repaying, and your overall value for money, is often dependent on more than just the interest rate. Depending on the provider and your terms, classic car loans, for good credit borrowers, may deliver competitive interest rates. 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, and 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? Sometimes you might only be able to get a secured loan for a bad credit classic car loan, but might be able to get an unsecured classic car loan with a stronger credit score.

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. It’s generally a good idea to do so in order to protect your vehicle, but there might be conditions around the type of cover which mean it’s not preferable for you.

Specialised classic car insurance policies can include benefits such as lay up periods to reduce premiums, which 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?

Some lenders will have a specific product called classic car financing, with benefits and features that vary widely depending on the provider. However, 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 might also consider:

  • A personal loan. An unsecured personal loan might carry higher interest rates than other alternatives, depending on your options, but can deliver wide-ranging benefits and can be spent on almost anything. The amount available may not be enough to finance your purchase, but if you’re only a bit short then a personal loan with favourable rates, such as a secured personal loan, might be a convenient and easy choice.
  • 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, or classic and prestige vehicles and 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. It may be worth consulting a finance broker. They can consider specialised classic car loans alongside the other options and help you find the one that’s right for you.
  • Dealer finance. Many car dealers will be willing to offer you financing. While this can be a very convenient and easy option, it’s still worth comparing their products alongside financing from other providers to make sure you’re making a smart investment.

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.

Picture: Shutterstock

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Car Loan Offers

Important Information*
IMB New Car Loan

You'll receive a fixed rate of 5.89% 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.

Loans.com.au - New Car Loan

You'll receive a fixed rate of 5.44% p.a.
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.

Latitude Motor Vehicle Loan

You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.

Stratton Finance New Car Loan

You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $100,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.

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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 on this page will help you compare various loan products. Simply click the drop down button to choose the type of loan you’re looking for and start comparing your options. In case you’re interested in having your loan pre-approved, you can check this guide to know how pre-approval works for personal loans and which lenders offer it.

      Cheers,
      Liezl

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