Looking for a classic car loan?
Want to buy a classic car but not sure about what is a classic car loan?
Classic car loan comes into play when you want to buy a classic car, but don’t have the exact money for it. It can be obtained by loan dealers or car dealers who specialize in classic cars. Although we are not specialized in dealing with classic cars, we can give you this type of loan! Many people buy classic cars because they think of it as a type of investment, and they are basically right, the interest of these cars grew by 15% in the last few years!
To get the best deal on your loan or your car, you will have to find the best specialty lender in your area. That is because a specialty lender can better understand what type of car you are looking for, and is more experienced in this area! Least but not last, you will get a better deal on your loan then you would get from a regular car dealership. Their lenders can offer multiple paying options, different terms, and even can make your down payment lower! Although the best thing you can do is put down as much money as you can as a down payment, but it does not hurt, if you don’t need to put all of your money on the table once you have the right car.
These things heavily rely on the type of car you are trying to buy. They will ask you for a minimum of 20-30% down payment. Once you are eligible for the classic car loan, you will get a letter which will specify how much you will be getting.
You don’t necessarily need to choose the car you want right away, because this letter is valid for 60 days, so you have two months to choose!