How to get a classic car loan

Are you passionate about classic cars with an average budget? Do you like cars at classic car shows and still dream of driving yourself one day?

A classic car loan could be the answer to your addiction to the auto show. If you like vintage or exotic cars, you’ve probably dreamed of owning one.

You are probably also very aware of a painful truth: classic cars can be expensive – very expensive. This is a question to which surprisingly few classic car dreamers wonder: why not finance through a loan? It is true. Why not consider a classic car loan? There are many lenders on the market. Many people pay their wheelset that way. Why should not you?

This is the fact that you will probably not be surprised: getting a loan for a classic car can be a bit tricky. You can try your bank or credit union, the one with which you have a mortgage or the lender who financed all your regular vehicles. And you can be lucky. I suggest starting there.

But you will probably discover that they have never taken out a loan for the purchase of a classic vehicle and have no knowledge of the classic and exotic car market.

Find a specialized lender

Find a specialized lender

First and foremost, they understand that what you buy is not just a “used car”. They appreciate the many esoteric factors that come into play in valuing a classic car and have a solid understanding of the market. And determining an exact value is extremely important to you and the lender.

Another good way to find a specialized lender is to ask your friends at car shows (maybe not strangers!) With whom they used to finance their purchase. The benefit of asking a friend is that he will tell you right away because he is not trying to hit your commission.

Classic car loan requirements

Classic car loan requirements

It is interesting to note that many of the conditions and procedures for obtaining a conventional car loan are identical to those of a conventional loan. But there are also some significant differences. Of course, you will have to submit an application and, like any auto loan, conventional or not, the lender will check your credit rating and history to determine if you can afford to buy and pay your payments. All finance companies aim to make money and minimize their exposure to risk. So make sure you have settled all credit history issues before applying for your loan.

Otherwise, you are considering a higher interest rate (possibly much higher) or a total refusal.

Be smart about it

It’s one thing to want a classic car and to have the reasonable means. But what does that mean?

In short, you need to determine your budget and how much you can reasonably pay each month. A classic car is not a buy if you have a limited budget.

Here are some other factors to consider. You will need at least 10% (and probably 20%) of the purchase price of the vehicle. Remember, the more you can afford to pay in advance, the lower your interest rate will be. In addition, a conventional car loan term generally lasts up to ten years, compared to a standard car loan of five to seven years. If you can afford to make payments for a shorter loan period, such as three or five years, consider the shorter term option. You will probably benefit from a shorter-term loan because their interest rate is generally lower.

Rent a classic car instead of buying

Rent a classic car instead of buying

Just like with a classic car, renting a vintage car is a possible alternative to an immediate purchase. With a lease, you and your lender will determine what is known as the “residual value” of your potential purchase. The residual value is the minimum amount that your classic will be worth at the end of the rental period.

The lender will then lend you the difference between the cost of the vehicle and its residual value. At the end of the rental period, the lender recovers the car and will then turn around to resell it at the residual value. If you want to keep the vehicle at that time, you can buy it from the lender or possibly negotiate another lease.

Leasing can be a great alternative to buying, especially if you like the idea of ​​changing a classic car every few years. Just remember that you will probably need premium insurance if you finance your classic car other than yours, let alone if you rent a classic car.

Whether you rent, borrow, or buy your vintage car directly, you will take on a heavy financial responsibility. Classic car enthusiasts are passionate about their vehicles, but you can not let your emotions get the best of you when you buy the car of your dreams. Make sure that you or an expert inspect the vehicle before you buy it to make sure you get the vehicle you think you are. And never fund a classic car that you can not afford realistically, no matter how much you fell in love.

This love will disappear in the blink of an eye if you are late in your payments – and you can always browse photos of the car of your dreams, for free, on the Internet – and in the meantime, maybe save some money. towards one day the realization of this dream.

Note: This article is for informational purposes only and should not be construed as an endorsement or recommendation by any of the above companies.

 

Urgent loans: 4 quick solutions

1) Urgent loans – immediate online

1) Urgent loans - immediate online

Among the various types of urgent loans, immediate online ones are appreciated – as their name suggests – for the speed of disbursement that distinguishes them: the money requested, in fact, is generally granted within 24 hours.

It is, as you can guess, of forms of financing that have the purpose of satisfying the requests of those who, suddenly, find themselves dealing with an unforeseen expense that cannot be postponed.

Given the particular type of loan, the sums that are disbursed are limited and cannot exceed the threshold of 10 thousand USD: clearly, the applicant is required to provide guarantees regarding the personal economic situation. In this regard, the institution that grants the money could request the latest paychecks, in the presence of employees, or the latest single model with chamber of commerce registration, in the presence of freelancers.

2) Urgent loans – quick changes

2) Urgent loans - quick changes

Fast loaned loans can also be counted among the most convenient and most interesting urgent loans from a practical point of view.

They are called fast precisely because those who request them are sure to find the desired money in their account within 48 hours at the latest.

Their mechanism, in fact, is characterized by rapidity and simplicity, based on the bill of exchange, which obviously is the main guarantee of financing.

In the event that the customer does not provide for the repayment, the credit institution is not required to follow the traditional bureaucratic procedure relating to the good-natured recovery, but has the right to proceed with the forced attachment of the goods.

3) Fast personal loans from Agos

3) Fast personal loans from Agos

In the review of urgent loans, an honorable mention goes to Agos personal loans, which are characterized by their flexibility which makes them adaptable to the most diverse needs. These urgent loans can be requested by all those who have demonstrable income: not only employees, but also self-employed workers and pensioners.

As regards interest, the TAN changes according to the number of installments established for repayment.

For those who want to benefit from maximum speed, the reference choice is the Duttilio mode, which allows – among other things – to skip an installment in case of need (as long as the first three installments have already been paid). The installment jump, scheduled at most once a year, is an opportunity that deserves to be considered, as well as the possibility to change the installment amount according to your preferences, both upwards and downwards. bass. This change, however, is granted only from the seventh installment onwards and in total three modifications are allowed for the entire duration of the loan.

4) Bankate Click loans

4) Bancoposta Click loans

Finally, the list of urgent loans also includes Bankate Click loans, the result of the collaboration between Poste and Astro finance. This funding can be requested directly online and all procedures can be performed via the web, taking advantage of the reliability and security of the digital signature.

As for the amounts, the maximum amount foreseen is 30 thousand USD, while the limit of duration is set at 108 months, that is to say 9 years.

Furthermore, each month the customer can choose to change the amount of the installment : a faculty that can be exercised free of charge, without spending a cent, in the name of maximum flexibility.

Not only that: customers are also allowed to decide to postpone the payment of a certain number of installments, postponing them to the conclusion of the loan. In short, also in this case the installments can be varied or skipped, with the advantage of completely free operations, without any commission applied.

A further strength of this loan is that it can be requested not only by those who have a Bankate current account, but also by those who do not have it: by everyone, in short (but online opening is reserved only for holders an account).

Conclusions

Who is looking for ad hoc solutions, has the possibility to find the most suitable formula for their needs quickly and easily: the market, from this point of view, offers a wide range of choices, which are worth advantage.