Can you get a loan to buy a classic car?

Can I get a personal loan for a classic car?

You may also be able to take out a personal loan to finance the purchase of a classic car. A personal loan will typically allow you to borrow $1,000 to $50,000. Lenders may have requirements for your credit score and payment history. You may also need to put down collateral to secure a lower interest rate.

Is it smart to finance a classic car?

Classic cars can be expensive—very expensive. Unlike other cars, though, they also tend to appreciate in value, so they can be a smart investment. But surprisingly few classic car enthusiasts consider financing their hobby and investment through a classic car loan.

Are classic car loans more expensive?

They will likely offer you a short term loan – usually a max of 36 months – and a high interest rate up to double the cost of a new car loan.

Will banks finance old cars?

Typically, a bank won’t finance any vehicle older than 10 years, even if you have good credit. If you don’t have great credit, you may find it difficult to finance through a bank, even for a new car. But, banks are far from the last option when it comes to auto lending.

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How hard is it to get classic car financing?

If you have claimed bankruptcy or have a low credit score, getting a classic car loan may be difficult. … Before applying for a loan, a consumer may want to consider saving some money to put a down payment on the classic car; some specialty loans require up to 20% down payment for the automobile.

Can I use my classic car as collateral for a loan?

Can You Get a Title Loan on Classic Cars? Yes! We accept classic cars as collateral for auto title loans. If you have a classical car in your garage, you can turn it into quick cash.

Can you finance a 20 year old car?

A car that is 20 years old is generally considered to be a classic car, and you’ll need to seek special classic car financing. A classic car loan can be hard to come by and is only offered by a few select lenders. One provider of classic car financing is LightStream, a division of Truist Bank.

What’s considered a classic car?

For example, the Classic Car Club of America defines a classic as a “fine” or “distinctive” automobile built between 1915 and 1948. … For insurance and registration purposes, the age of a classic car, in most cases, is at least 20 years old but not more than 40 years old.

How can I finance a car older than 10 years?

Financing a car over 10 years old is quite simple. All you have to do is apply for the loan and head over to the dealership once you’re approved. However, the process can be even easier when you work directly with a dealership.

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Does Navy Federal Finance older cars?

Used Vehicles: 2019 and older model years or any model year with over 30,000 miles. If the vehicle is 20 years or older based on the model year, the vehicle is considered classic or antique and subject to collateral loan rates.