Can you get a loan on a 20 year old car?
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Depends on the value of the car. If it's a “regular" 20 year old car, then you won't be able to get a normal auto loan. Once most cars are even 10 years old they are worth basically nothing to a bank. There are alternative financing sources, however, and most of them will require a Financing Auto Appraisal to determine the Fair Market Value of the vehicle. Need an appraisal in South Florida for car loan? We can help! Call text 789-853-0711
Buying an older boat in Florida? If you are planning to finance, chances are that your lending institute will require a Fair Market Value appraisal for financing purposes. Although our name implies we appraise only autos, we also appraise boats, trucks, RVs, motorcycles, and light aircraft. Call/text 786-853-0711
The upside of buying a vehicle with a rebuilt or branded title is that you can own and drive one for significantly less that the identical car with a clean title. The downside is that nagging question of whether it truly was repaired properly, and of course its subsequent resale value. Also, if you plan to finance the purchase the lending institute will almost certainly require a Fair Market Value appraisal. We can help! Call/text 786-853-0711
Whether you are buying a collector car from a dealer or private seller, and have the possibility of bringing in an appraiser to look at the car, it really behooves you to do so.
Want to get into the collector car hobby through financing? Here are some options to consider and remember in almost all cases the lender will require an independent current Fair Market Value Appraisal to determine the amount of the loan. Hobby-Specific Financing: This is a fairly new alternative for someone wishing to buy an antique, classic or collectible vehicle. The loan representatives understand the collector car market – namely, why a 40-year old car might cost upwards of $50,000, or much more! Interest rates tend to be low and loan terms can be generous, keeping monthly payments affordable. See a list of potential loan providers. PROS: Very low monthly payments doesn’t tie up cash CONS: The cost of borrowing money