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".

Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Latitude Personal Loan (Secured)
From 5.99% (fixed)
7.26%
$3,000
1 to 7 years
Loans under $5000 - $140
$13
You'll receive a fixed rate between 5.99% p.a. and 21.99% p.a. based on your risk profile
Lock in a competitive fixed rate when you offer security. Loan can be used for any purpose and repayments are flexible. You can check your interest rate before applying with no impact to your credit score.
Plenti Car Loan
From 4.89% (fixed)
5.44%
$2,000
3 to 7 years
from $249 to $799
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
Credit Concierge Car Loan
From 3.99% (fixed)
5.08%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.99% p.a. with a comparison rate of 5.08% p.a.
Get access to over 20 providers to fund a new or used car.

NRMA Used Car Loan
From 6.49% (fixed)
7.19%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.49% 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.
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Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Plenti Fixed Rate Personal Loan

From 5.99% (fixed)
6.27%
$2,001
3 to 5 years
From $99 to $499
$0
You'll receive a fixed rate between 5.99% p.a. and 15.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
OurMoneyMarket Personal Loan

From 6.75% (fixed)
6.96%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.75% 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.
Alex Personal Loan

From 6.95% (fixed)
6.95%
$2,100
6 months to 5 years
$0 (waived $295)
$0
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: Waived $295 establishment fee for all applications submitted before 15 February 2021.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.99% (fixed)
6.99%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.99% p.a. and 17.99% 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.
SocietyOne Unsecured Personal Loan (5 years)

From 7.99% (fixed)
7.99%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 7.99% 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.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
NAB Personal Loan Unsecured Fixed

From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% 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.
NOW Finance No Fee Unsecured Personal Loan

From 6.95% (fixed)
6.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan advisor. No security required.
Plenti Variable Rate Personal Loan

From 5.59% (variable)
6.25%
$2,001
1 to 3 years
From $99 to $499
$0
You'll receive a variable rate from 5.59% p.a and 12.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
A flexible personal loan from MoneyMe with access to cash when you need it.
CUA Unsecured Variable Personal Loan
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.
NAB Personal Loan Unsecured Variable Rate

From 9.99% (variable)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% 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.
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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 4.99% 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 4.99% 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 4.99% 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

    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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