How To Attain Exotic And Classic Car Financing

Deciding to Finance

Deciding to Finance

Choosing whether or not to finance your classic or exotic car is a personal decision. However, the classic car market is very strong and many models appreciate at 10 percent or more a year. Classic car financing comes at a much lower rate, so financing the car will cost very little in the long run. The classic car finance industry makes it easy to take advantage of these exotic investment opportunities, even if you dont have the cash to pay outright for a collectable car.

Factoring in Costs

Buying a classic car isnt like buying a regular car. Many lenders require an inspection and appraisal before theyll issue classic auto loans. The cost of this appraisal should be factored into the loan. The appraisal is very helpful for you as the buyer as well. The appraiser will determine whether youre buying a truly original car and whether there are any problems the seller didnt declare. You may also want to factor the travel and shipping costs into you loan to make sure your new classic car isnt left stranded on the other side of the country!

Make Sure You Can Get a Title

A title to the car is very important for all auto loans, but there are eight states who dont issue titles for classic cars. If you live in a state that doesnt issue titles, youll struggle to find financing from classic car lenders or regular auto lenders. If you have found your car before shopping for a loan, you may want to obtain a copy of the title before applying this can help speed up the approval process.

Get Pre-Approved

Getting pre-approved is a great way to find your budget and to save time so you can purchase a vehicle quickly once you find one. To get pre-approval, youll probably need at least 20 to 30 percent of the value on hand as a down payment. Knowing your credit score will also help. People with low credit scores may be asked for a larger percentage as a down payment than those with better credit scores.

Use A Classic Car Lender

Choose a lender in the classic car finance industry. General auto loan companies will struggle to offer competitive rates on classic cars because they dont understand the true value in the vehicle. They may also require larger down payments and only offer the standard auto finance length of five to six years. A great classic car financing company will offer competitive rates and offer terms up to 12 years lowering your monthly payment.

Financing a classic car should be treated more like buying a house than buying a regular car. You have the option of using one of many classic car lenders, instead of only picking the terms the dealer offers you. Take the time to get pre-approved and talk to the right lender. Theyll use their experience in classic car financing to lead you through the process of buying your dream car.

by: Helen Laura

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