How to Finance a Classic Car for the Lowest Price Possible

Get Car Financing
Even with poor credit.

January 27, 2012

Finance for a classic car is available. Classic cars are more of an investment than a means of transportation, and there are financing options for those looking to make this investment. Financing can inflate the price of the car even further, but if you are smart then you can find financing for a good price. Classic car financing can make it possible for you to purchase the vehicle of your dreams now instead of waiting for a few years.

Step 1 – Budget

Before you do anything, you will need to figure out your budget for your financing. You should either calculate the lump sum you are willing to pay or the maximum amount for a monthly payment that you can pay. Make sure you include taxes and fees in your budget.

Step 2 - Can You Wait

If you can wait to acquire the classic car, then you may want to think about this option, as you may not be able to enjoy the car because you are making large monthly payments. If you can save for an additional year and then buy it without financing, you may save yourself a lot of stress and worry.

Step 3 – Find Lenders

You should speak with other classic car owners, classic car dealers, or check on classic car websites to see which lenders specialize in financing for classic cars. Hot rod financing and classic car financing are considered a special type of loan, and not every lender may provide loans for classic cars.

Step 4 – Lenders

Some lenders that specialize in classic car financing include Putnam Leasing, Premier Financial Services, Woodside Credit, LLC., USA Auto Funding LLC., Gettysburg Financial, Classic Auto Loans, Capital Bank Motor, Automobile Association, Alliance & Leicester PLC, and many more. Look for the company that is closest to your location, and contact them for information on the classic car loans that they offer.

Step 5 – Find the Car

If you already know which car you want and where to get it, then you can collect all the information you need to apply for financing. Otherwise, you will first need to find the car that interests you and a dealer or person that is selling. Once you have this information, you can put in an application for a loan.

Step 6 – Other Forms of Financing

You may want to see about using the money in a retirement plan or borrowing against your home equity to purchase the classic car, as these loans may offer better interest rates than those that are specifically for classic cars. The financing for a classic car is based off of the fair market value of the car, and even with great credit you may still find rates to be quite high when compared to other loans.

Step 7 - Take Precautions

Most advisors will tell you to avoid debt if it is for luxury purchases. Most loans are for cars and housing you will use now. You also do not want to submit multiple loan applications, as this can affect your credit and cause it to fall. You do not want to show you are overextending yourself.

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