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Financing your Classic Car

MML

Buying the right classic car can turn out to be an investment, when you put in the research, time and effort to turn an old car into a valuable restored classic.

Most banks and lenders will only provide car loans for cars that are up to 7 years old – this definitely doesn’t cover classic cars, which are usually twenty years old or older.

It certainly wouldn’t cover vintage cars, made between 1919 and 1930, and veteran cars, which were made before 1919.

Types of Classic Car Loans

Did you know that you can finance a classic car for business use?

Car loans for classic cars aren’t limited to personal car loans, you can also consider a chattel mortgage or business loan if you’re car is being used for work purposes. You can also get a Low Doc Car Loan, providing evidence of your income through tax returns, BAS Statements and profit loss statements.

As well as vintage cars, classic car finance can be used to purchase unique cars, muscle cars and imports. If you’ve got a rough idea of the classic car you’d like to purchase, you can apply for a car loan pre-approval which allows you to look for the car within the amount that you can comfortably borrow.

Using a specialist classic car lender

There are several lenders in Australia who specialise in financing classic cars. The advantage of using one of these lenders for your classic car loan is that they’ll independently value the car that you want to buy, rather than relying on the Redbook or Glasses Guide value, which may not be accurate for well-maintained and restored vintage cars.

There’s increasing demand for car finance for classic cars in Australia, which means that more lenders are now offering classic car loans, and you can compare their offers to find your best
option.

Getting the right classic car insurance

When you purchase a classic car, you’ll probably need specialist insurance cover. Classic car enthusiasts often pour their time and money into their cars, and so you’ll want to make sure it’s protected. It’s also a requirement of the car loan lender that you’ve got comprehensive car insurance.

If you arrange your car loan through a car loan broker, you may be able to arrange your insurance at the same time, or at least get a referral to the best insurer for the particular model
you’ve chosen.

Using a car loan broker allows you to compare the classic car loan options from different lenders, and to make the smart decision on the best car loan to purchase your pride and joy. Now you know that you can pursue your passion with the help of a classic car loan, you can realise your car ownership dreams.

 

Positive Lending Solutions is a car and personal finance broker dedicated to making access to finance easier for Australians. Focusing on making finance available right from your mobile, with faster and simpler processing, Positive Lending Solutions is committed to empowering Australians to make the most of their finances with access to information that will empower them to build a strong financial future.

by:
MML
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