Can it be more difficult to finance a classic car than a regular car?

Is it more difficult to get financing for a classic car? I have already paid off my regular car loan. I am thinking of purchasing a 1989 BMW E24. I would need to finance it as I can't afford to pay for it all up front.

Answer
“Whether it’s more difficult to finance a classic car will depend on the lender.
In some cases, lenders have more strict requirements for financing classic cars as they have a higher value than standard vehicles.
You may have to find a lender that specializes in classic car loans.
You’ll likely need to carry specific classic car insurance as well.
Most lenders require that financed vehicles carry both collision insurance and comprehensive insurance.
This would be especially true for a classic car in order to protect its value.
You’ll want to reach out to possible lenders directly to find out what type of financing you’re eligible for and if there are any specific insurance requirements.
Lenders will also be able to provide you with their loan requirements and what you may be eligible for.”
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Emily Maracle
Answered on Jul 14, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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