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Can I get a classic car loan for a 1979 Trans Am?
I found an amazing 1979 Pontiac Trans Am with low miles and the 6.0-liter engine—but I don't have the cash to pay for it. Can I get a classic car loan for this? Does it qualify?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Cool car! That Trans Am is a great find.
The good news is, if the Trans Am is in good condition and has low miles, many lenders will probably consider it a classic car—and thus, it will qualify for a classic
car loan
. However, every lender has different qualifications for a classic car loan, so you’ll want to shop around and find a lender willing to work with you.If—for whatever reason—lenders don’t consider this a classic car, you could also get a personal loan to purchase the vehicle. Bear in mind that the interest rate might be two to three times higher than a classic or traditional car loan. But if you have your eyes on the prize, it’s a viable alternative.
You should also consider purchasing
classic car insurance
. If you’re having trouble finding good rates,Jerry
can help! Jerry is a brokerage app that will give you quotes from up to 50 top providers in a matter of minutes, so you can save money and protect your new sweet ride.”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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