Perhaps it's a vehicle you have wanted since you were a teenager, or even a car that your grandfather drove when he was dating your grandmother. No matter what the year, classic cars have an intrigue and style that modern vehicles just can't match. If you are thinking about buying one of these beauties, you may have to apply for a classic car loan.
Finding a company that offers a good classic car loan can be difficult, because many lenders will not lend money for a car that is over a certain age. However, there are lenders out there who are just itching to lend you some cash to buy your dream car if you know where to look; the Internet has given unprecedented access to the companies that can give you the money you need. These companies appreciate the value of an antique vehicle, and there really isn't a set value on particular makes and models of antique cars. The cars worth however, is what someone is willing to pay for it, and can be adjusted according to the overall condition, whether it needs parts, and other considerations.
Some companies are well known in the business of supplying specialty loans and may offer loans on other types of vehicles, as well. You would apply for the loan just as you would any other car loan in most cases; you'll be comparing quotes from different lenders and finding the one that will offer you the best rate under terms you can handle. Even though you'll be dealing with specialty companies, they're still competing against each other, so it doesn't hurt to let them know you're looking around at other lenders at the same time. This could get you a better interest rate and more agreeable terms. The rates on a classic car loan may be slightly higher than those for standard auto financing, but finding one that will fit your needs and resources can be done even if you don't have great credit.
Another key to getting a classic car loan is to have a nice-sized down payment. The more money you have to put down, the less you will have to borrow and the more likely you are to get offers for an acceptable classic car loan. Your credit score is going to be very important, so you will want to make sure your credit report is up-to-date and correct.
You can receive the approval for a classic car loan fairly quickly, but be prepared to provide information proving the worth of the vehicle that you would like to purchase in case the lender has questions. The actual Kelly Blue Book value of the car will be very low, so the improvements and reconstructions that have been made are going to be what gives it its value. These also make your car less of a risk to the lender, and can make a big difference in the amount of money you will receive.
Finding a company that offers a classic car loan can help you get that vehicle you have always dreamed about!
