Classic cars can be very expensive, however, this can be outweighed by the fact that many tend to increase in value, so they are considered to be a good investment. Getting help to buy your classic car is often a requirement, with finance companies offering various services.
Banks and regular loan companies are of course an option but many may lack the experience of financing such a purchase. A standard car loan company may not be interested in financing a car that is over 20-25 years old, which is often the criteria for a classic vehicle. For these very reasons, using a speciality classic car finance company is considered to be a wise choice.
Getting an accurate assessment of the true value of your classic car before purchase is very important, a loan company that specialises in the market will be much better equipped to handle this issue. Classic car finance companies understand why you are buying the car and their experience in the market means they will provide an accurate and fair valuation.
Before getting the loan approval there will be the typical application steps to go through, credit checks, plus maybe a few additional ones for a classic car loan. Normally, the standard procedure is to pay an initial 10%-20% of the car's value, and then monthly payments spread over as many as 7 to 10 years (which is slightly longer than most standard car loans). You can of course pay a higher initial deposit and higher monthly payments to reduce the length of the loan, so all of this must be taken into consideration before deciding on the car purchase and loan.
The bottom line is to be sure you can afford to pay for this car of your dreams over the specified timeframe, so it is vitally important to get the car thoroughly checked before committing to any purchase, just to be sure that the car is exactly as it should be.
There are many finance companies out there that specialise in the classic car loan market so it's a good idea to shop around for the best deal or one that suits you.
Are you a classic car loan company looking to offer your services to classic car buyers and enthusiasts? Why not advertise with us here at Classic Motors For Sale? We have a range of cost-effective advertising packages available that will get your services directly in front of thousands of potential customers.
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For further information on advertising options and all things classic car related then please contact us using the details below, we will be more than happy to help you.