If you are looking to purchase a classic car, there are a few things about car loans you want to know. There are certain loans that are specific to this type of vehicle, and there are a few tips to help you in getting this type of loan in a way that best fits your budget.
Ask About Specialty Loans
Our dealership has a comprehensive finance department, offering a wide array of lending and loan options. If you are interested in a classic car, we can sit down and look at any specialty loans we might offer for vehicles that are at least 25 years old. This might help you because there is often a higher chance of a lower interest rate compared to a broader vehicle finance option.
Get Your Inspection
Before you get a loan for a classic car, you will usually need to have the vehicle inspected. It ensures an accurate value which tells our finance department that the loan we are giving you is a good risk to take. It also allows you to better negotiate a purchase price since you will know the full value of the vehicle.
How to Get the Right Loan
You want to make sure that your credit score meets at least the minimum that we require for the finance option that most interests you. In general, the higher your score, the better your chances of getting a favorable interest rate and having several finance options to choose from. You can check your score with the three major credit bureaus before you start shopping with us so that you know where you stand. Your down payment can also impact your monthly payments and how much interest you will pay. Typically, a higher down payment means lower monthly payments and less interest since the loan amount will usually be lower.
You can see that classic car loans differ a little from traditional vehicle loans. However, with the right information and a little preparation, it is easy to find the loan that best fits your needs.