How to Finance Classic Vehicles

If you are looking at a classic vehicles and do not have the money saved up for the purchase, it can be difficult to get financing. Typically classic cars are sold by collectors, which means that you must secure your own financing. Since the usual car valuation guides, such as Kelley Blue Book, do not offer values for collectible automobiles, you have to focus on specialty lenders for financing.

Instructions

1

Get your free yearly credit report from each of the three credit bureaus through the Annual Credit Report website (see Resources). Look over each credit report for any inaccuracies. If you find something, follow the dispute instructions on the credit report. Wait for a response from the credit bureau before you attempt to obtain financing. Having inaccuracies that are negative on your credit report can make it more difficult to obtain financing.

2

Ask the seller for a copy of the title before you try to apply for a classic car loan. According to Timeless Rides, not all states issue titles for collectible cars. If you cannot show a car title, you will not be able to secure financing.

3

Apply for financing through a specialty lender, such as Motor Cars Financing or J.J. Best Banc & Co. (see Resources). The lender will require that the car is inspected and that you have at least a 20 percent downpayment. You will be told which inspection service to use and cannot pick you own. Inspection prices vary. Car loans for classic autos can have terms up to 10 years.