Can you finance a classic car?
Are you able to finance a classic car? I'm looking to get a 1968 Pontiac Firebird but I would need to finance it.
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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.
“Even though you are buying a classic car, you should still be able to finance it.
Most banks will offer loans for vehicles, even if they are classic cars. There are also specific lenders who offer classic car loans. Beyond this, you may be able to get financing through a dealership if they specialize in classic cars.
If you do finance your classic car, your lender will likely require that you carry classic car insurance on it.
This is because classic cars have a higher appraised value than their actual cash value. If your vehicle is totaled without classic car insurance, you’d end up owing significantly more on your loan than what it’s worth.
You should reach out to various lenders to find out what their terms and conditions are. From there, you can determine what financing is best for you.”
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