CarsFast Car Loans
Interest rates from 4.9%
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|CarsFast Car Loans||From $500 to $75,000||4.90% to 29.90%|
Yes, but your loan options will be more limited. Some typical car loan providers won’t finance a car that’s older than a certain number of years, like 10 years old, while others may have less specific criteria or even specialize in financing classic cars. Many banks offer secured financing options too, using large car collections (valued at over $1 million) as collateral.
Classic cars are collectible, which raises their value. Like all car loans, your eligibility depends on your credit and finances, with most lenders expecting a down payment of around 20%. The more you can spend upfront, the greater your chance of scoring a lower interest rate. At the end of your loan term, you own the car and are able to sell it or keep it as a valuable asset. This gives you the freedom to do whatever you like with the vehicle, from painting it to customizing its features.
Classic car loans share many of the features of standard car loans, but they do have some characteristics that set them apart.
Many borrowers turn to personal loans to for classic car financing since the requirements tend to be easier to meet.
Omar, a B.C. resident and classic car collector, visits a local car show and meets a private seller offering a 1960 Ermine White Chevrolet Corvette in great condition with all original parts. The asking price is $70,000.00, which Omar agrees to pay, offering a 20% deposit ($14,000.00) to secure the sale while he searches for a loan to cover the rest.
Because of his strong credit history and good income, it doesn’t take long for Omar to find a reputable lender specializing in classic car loans who’s willing to lend him the money to pay the amount owing on the car plus 12% PST ($56,000.00 + $6,720.00). Omar also pays approximately $50.00 to register his vehicle with the Insurance Corporation of British Columbia (ICBC) – this includes the cost of a license plate, insurance decal and vehicle permit as well as a registration fee.
|Cost of new vehicle||$56,000.00 ($70,000.00 less $14,000.00 deposit)|
|Loan type||Auto loan (term loan)|
|Interest rate (APR)||6.90%|
|Loan term||7 years|
|Additional fees||4.00% origination fee ($2,576.00)|
$0.00 application fee (waived by dealership)
|Payment||$968.82 monthly or $446.61 biweekly|
|Total loan cost||$81,380.88 with monthly payments or $81,283.02 with biweekly payments|
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
In order to accommodate the wide variety in car values, classic car loans can be flexible in the amounts that are given. Depending on its condition, rarity, originality, collector appeal and many other factors, a classic car could cost as much as a few hundred thousand dollars.
There are guides to valuation, but often it requires an expert with some in-depth knowledge of the market. A specialized lender may have a classic car specialist on hand, or you can contact one yourself and have the car appraised before applying for a loan.
There’s more to a loan than just the interest rate. You should also look at:
Many car loans agreements will, as a condition of the loan, require you to take out comprehensive coverage. And the value of your classic car may increase the premium you pay. Classic car insurance policies can include benefits such as lay-up periods to reduce premiums, which may be more suitable if you’re a collector or looking to invest in the classic car as an appreciating asset (meaning, an asset that goes up in value over time).
Classic car insurers are very careful with who and what they agree to insure. Your insurance provider may only allow classic cars to be driven during certain months or on certain roads due to the difficulty in replacing parts that have been worn down or damaged. There may also be restrictions on your eligibility for coverage if you haven’t maintained a completely clean driving record for a number of years.
A large variety of classic cars on the market have buyers lining up to make a purchase, but here are a few that auto enthusiasts put at the top.
These classics may cost you more, but could be worth the investment if you love driving or working on classic cars that can last you for years to come.
Some lenders have a specific product for financing the purchase of a classic car, but these aren’t your only options. If you aren’t eligible for a classic car loan, or the terms aren’t right for you, you might also consider:
A classic car is an investment. Many appreciate in value when maintained f and stored properly, and each one is a unique collector’s item. Review your finances before borrowing a loan for a classic car. Review the costs and features to make sure it suits your needs and budget, and don’t hesitate to speak with an accountant or classic car expert before finalizing your purchase.
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