Financing Can Make the Classic Car of Your Dreams a Reality

Financing Can Make the Classic Car of Your Dreams a Reality

By far, the easiest way to purchase anything, including classic cars, is with cash, but let’s assume you don’t have the 33 million on hand to buy a 1962 Ferrari GTO or the hundred thousand plus for a ’63 Corvette split window coupe. Cheer up-there are options.



If the car of your dreams is over ten years old most lending institutions won’t even talk to you. Get up into the 30 plus year range which is where most cars we consider Classics start, and your financing options used to be very limited. That has changed, and today there are many resources for financing Classic Cars other than your traditional bank. In fact financing for classic cars has become an industry in its own right.

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Most classics are at least ten to twenty years old with the majority being in the 40 plus range.  The appraisal process for classic cars considers many factors including condition, rarity, desirability and history. Finance companies that specialize in Classic Cars consider all these factors when evaluating a loan application.


Here are some of the options available to the Classic Car buyer.


Finance companies.

There are many finance companies that specialize in classics. These are companies that know the values, and have the resources to properly appraise your potential purchase. Interest rates are often competitive with home mortgage rates, and like all other loans, your credit rating will be a big factor. Once you have an approved loan, you can proceed with your purchase. On line research is a good starting point when looking for a finance company. Just search ” Classic Car Financing”.


Dealer Financing.

Just as there are dealers for new cars, dealers that work with classics often offer financing. Just as in any loan, it pays to shop around for the best rates and terms. Some classic car loans can be for ten years or longer. Although the total interest paid will be more, the monthly cost can make them affordable.



Yes, leasing is an option, even with classic cars. Leasing offers an affordable alternative to making a large financial commitment. The leasing company retains ownership of the vehicle, and you are responsible for upkeep, insurance and other expenses but this can allow you to drive your dream with an affordable monthly payment.



Home Equity Loans.

This is an attractive alternative for some. The advantages are an often lower interest rate, and longer terms with lower monthly payments. Home equity loans can be written for up to 20 years or more. The risk factor is now it is your home that is being held as equity. If you choose this route, be conservative in the amount you borrow.


Reverse Mortgage Loans.

These can be tricky. If you qualify, you can take out a ” Reverse Mortgage”. These loans are against the equity in your home and require no payment as long as you live in your home. A word of caution though as now you are putting the equity of your home on the line, and once the money is used it is gone.


Investment counseling.

If this seems a bit far fetched, keep in mind that Classic Cars regularly sell in the hundred thousand plus range. When making that large an investment it is wise to consider the financial effects. Even a few minutes with your banker can be a great source of information in planning your finances.


Before you sign on the dotted line, there are a few things to consider. Classic cars can be a great investment, but buying a classic just as a speculative investment carries the same risks as any other investment. The best advice when buying a Classic Car is to buy a car you love and want to own. Next, as with any investment, you should assess the value. Some people love the satisfaction that comes with restoring an older car but they often spend far more in time and cash than that car will bring if they decide to sell. It is usually best to buy a car that is in basically good condition to start with, and sometimes a fully restored car can cost less than it would cost you to do a restoration yourself.


Show Cars of Boca Raton, Florida is an excellent resource. They offer classic cars, financing and leasing options.


Classic Cars are a great joy, and that is the best reason to own one!





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Pentagon Federal Credit Union. Although this is a military credit union, you don’t have to be a member of the military




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