Getting The Best Rates For Your Classic Auto

You may be a vintage automobile connoisseur or perhaps you have always dreamed of owning a car from yesteryear. If that is the case then you have to decide how you are going to foot the bill. If cash is short or you see an ideal investment opportunity, you may want to consider a loan. Though somewhat challenging, several sources for classic car financing are out there when this scenario arises.

Since most standard auto lenders don’t handle classic car loans, you will need to work with a specialty car lender. These lenders do not rely on the Kelley Blue Good or other price guides like a conventional lender will. They have their own criteria for evaluating the worth of the car in question.

Before any car purchase you will want to run a credit check. Recent foreclosures, late credit payments and bankruptcies can lower your credit scores and keep you from a loan. Specialty lenders are typically more stringent than other auto lenders when looking at your credit report.

The loan terms for classic car financing differ from conventional terms in most instances. A three to six year loan period is the typical standard loan range whereas specialty lenders will offer terms of up to 10 years.

Another difference in the specifics of the loan is with respect to down payment. With vintage automobiles a down payment of 20% is the normal minimum required. Compared with 100% financing of a newer car, this requires a bigger cash outlay on the part of the classic car buyer.

When getting a loan amount approved for the purchase of a newer car, rarely is any kind of physical inspection requires. On the other hand, with classic car financing, almost all lenders will insist on a physical inspection of the car you plan to purchase. The lender will also need to see the title to the automobile.

No title means no loan in almost all situations. Because title questions are often issues, a good practice is to make a copy of the title prior to the purchase so that your lender can begin the evaluation and approval and save you time in the process.

Finally, you will have to decide if classic car financing makes business sense to you. Depending on the kind of classic you purchase, it could be something that continues to increase substantially in value. If it is a vehicle that you may consider reselling at a higher price in the near future then financing may make perfect sense.

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