Car loans for classic cars

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

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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

Updated November 18th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
From 4.79% (fixed)
5.34%
$10,000
1 to 7 years
$400
$0
You'll receive a fixed rate of 4.79% p.a. with a comparison rate of 5.34% p.a.
Get access to over 20 providers to fund a new or used car.

6.45% (fixed)
6.8%
$2,000
1 to 5 years
$250
$0
You'll receive a fixed rate of 6.45% 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.
5.49% (fixed)
5.73%
$25,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 5.49% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
6.99% (fixed)
8.1%
$5,000
1 to 7 years
$295
$10
You'll receive a fixed rate of 6.99% p.a.
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.
6.79% (fixed)
7.16%
$5,000
1 to 7 years
$265 ($175 Establishment Fee + $90 Security Administration Fee)
$0
You'll receive a fixed rate of 6.79% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
From 6.99% (fixed)
7.7%
$5,000
1 to 7 years
$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.
From 5.19% (fixed)
6.08%
$5,000
3 to 7 years
$655 (Includes PPSR registration and private sale fee, if applicable)
$0
You'll receive a personalised interest rate from 5.19% p.a. to 5.69% p.a. based on your risk profile
A flexible car loan from $5,000 - $50,000 with personalised rates and rewards for strong credit customers.

8.49% (fixed)
9.67%
$10,000
1 to 7 years
$250
$12
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.
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$195
$12
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.

Compare up to 4 providers

Updated November 18th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
From 9.99% (variable)
9.99%
$5,000
3 to 5 years
$0
$0
You'll receive a variable rate between 9.99% p.a. and 17.99% p.a. (9.99% p.a. to 17.99% 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. Note: No establishment fee and no monthly account service fees apply if you apply and are approved before 31 March 2020.
From 6.89% (variable)
8.89%
$2,001
6 months to 5 years
$299 (Based on $10,000)
$0
You'll receive a variable rate between 6.89% p.a. and 16.4% 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 3 years.
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
from 3% of loan amount
$0
You'll receive a fixed rate between 7.5% p.a. and 20.49% 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.
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$100
$0
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
From 6.99% (fixed)
7.69%
$2,000
3 to 5 years
$500 ($200 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
From 5.75% (variable)
6.89%
$5,000
1 to 7 years
from 1% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 19.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
From 8.05% (fixed)
9.06%
$2,000
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 8.05% p.a. based on your risk profile
A personalised loan from $2,000 to $50,000 that varies based on your credit history and financial situation.
From 8.95% (fixed)
10.56%
$5,000
18 months to 7 years
$495 (Based on $10,000)
$13
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.
From 10.69% (fixed)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$250
$12
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. Note: Existing customers approved via online banking between 29 October and 21 November 2019 qualify for a 1% discount.
From 13.99% (fixed)
15.19%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 13.99% p.a. and 24.99% 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.
10.99% (fixed)
12.21%
$20,000
1 to 7 years
$250
$13
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 $20,000. Benefit from flexible repayments and fast approval.
From 9.54% (variable)
9.83%
$3,000
Up to 5 years
$200
$0
You'll receive a variable rate of 9.54% 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
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$195
$12
You'll receive a fixed rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.
From 8.99% (fixed)
10.31%
$5,000
6 months to 4 years
$250 ($195 For Loans $5000 to $10000)
$0
You'll receive a personalised rate of between 8.99% p.a. and 29.99% p.a. based on your risk profile.
Borrow up to $25,000 over a 4 year loan term.
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
10.89% (variable)
11.15%
$30,000
1 to 7 years
$175
$0
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.
From 10.69% (variable)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
From 12.99% (variable)
14.06%
$2,000
1 to 7 years
$195
$12
You'll receive a variable rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 plus the convenience to make extra repayments and redraw them if you need them.

Compare up to 4 providers

Loans that 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*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 5.45% 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 5.49% 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 Latitude New and Used Car Loan
Latitude New and Used Car Loan

You'll receive a fixed rate of 6.99% p.a.
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 5.69% 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.

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2 Responses

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    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.

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