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Wilson's Auto Restoration Blog

Car Loans for Classic Cars

Many people don’t know that there are companies that provide loans to buy a classic car, just as you can get a loan for buying a new vehicle for everyday use.

In fact, extended term financing is one of the biggest secrets in the business, one many classic car enthusiasts don’t know about.

If you go to a Barrett-Jackson auction (we were at their auction in Scottsdale earlier this year), you’ll even see an estimated monthly payment amount shown on the big video auction screens.

ClassicCars.com is another company showing monthly payments. Ads for any car priced above $25,000 on their site also show a monthly payment amount.

Extended credit terms offered by most classic car lenders go up to 12 years, with the length of the loan often tied to the purchase price of the car. Loan rates vary but generally average 6% APR. Lending amounts are different among carriers and usually top out at $600,000.

Some of the firms offering classic car loans include Woodside Credit, JJ Best, FiananceSource.com and Hagerty.

Loans are only given on finished classics.

You don’t have to throw down $100,000 to own the car of your dreams. You can save your cash for other uses with extended term classic car financing.

For more information on classic car loans read this blog post. https://www.wilsonauto.com/wilson-auto-blog/finance-dream-car-classic-car-loan/

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