A classic on four wheels – that’s what many car fans want. But before such a small piece of jewelery as a classic car can find its way into the garage at home, it is important to go a sometimes arduous path. Because on the one hand a suitable classic car has to be found and on the other hand after the search the financing is in the room.
In the case of particularly valuable models, many thousands of USD can quickly be raised where the outsider is wondering why you can put so much money into a hobby. However, if you are there with body and soul, financial hurdles are no problem. Because if the money needed was not saved, then a loan for classic cars is easily taken out. At this point we would like to briefly explain how this works.
Cash payment is no longer an issue
When buying a new car, two thirds of the vehicles are financed. And even with classic cars, the saying “cash is true” has long ceased to apply. Here too, a loan for classic cars is being used more and more in order to be able to master the purchase well with the help of small monthly installments.
A lease is available for financing as well as a conservative installment loan. However, leasing is particularly tricky because there is always a residual value at the end of the term. Even experts find it difficult to measure and save this in advance. Because nobody knows how the market value of the classic car will develop over the years. We therefore recommend classic financing, in which the costs are determined with the purchase.
The car loan from the bank and from the car dealer
As with the purchase of new cars, there are also two points of contact for loans for classic cars. On the one hand, the car dealer who – in the case of a car dealership – offers a simple installment loan or three-way financing. In both cases, however, only one offer is available, which does not allow a comprehensive selection of interest rates.
However, if you contact a bank to take out the loan for classic cars, you can take advantage of a variety of offers. Because most banks offer auto loans. And even if these are not on offer, a classic installment loan can be used. Since the classic car can be regarded as collateral, the bank will not make any major demands regarding further collateral for the loan. Only the private credit checker and the income have to match in order to realize the loan. If there are problems in this regard, so that the creditworthiness for a borrowing is not considered sufficient, one should simply think about a guarantee that protects the loan and enables it.
In order to find a suitable loan, we recommend making a comparison. This can be done here on the Internet by using a credit calculator free of charge. In addition, we have already worked out some loan offers that are still attractive, even after they have been adapted to the customer. It is therefore worthwhile to search a little more intensively on the Internet for suitable offers and not just rely on what the house bank provides as a loan offer.