How can I get a classic car loan?
What exactly is a classic car, anyway? Age is an important part of a classic car’s identity. So, for a vehicle to fit this definition, it needs to meet a certain age requirement. Different organizations have different ideas about what exactly makes a car a classic.
The Antique Automobile Club of America, which got its start in 1935, focuses on “the preservation and enjoyment of automotive history of all types,” according to its website. This organization holds events that showcase classic cars. To qualify for inclusion, vehicles must be 25 years old or older.
Founded in 1952, the Classic Car Club of America is a hub for enthusiasts of timeless automobiles. For a vehicle to be considered a “CCCA Classic,” it must have been produced in limited numbers between 1915 and 1948.
If you wish to finance the purchase of one of these vehicles, you’ll need to find a lender that offers loans for older cars. Most traditional auto loan providers do not offer financing for vehicles over 20 years old. Typically, lenders will require a current fair market value appraisal of the vehicle you wish to finance.
Before you make an offer to buy your dream classic car, have it appraised to ensure the asking price is in line with current trends.
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How can I get a classic car loan?
What exactly is a classic car, anyway? Age is an important part of a classic car’s identity. So in order for a vehicle to fit this definition, it needs to meet a certain age requirement. Different organizations have different ideas about what exactly makes a car a classic.