How do I get a loan for a classic Corvette?
I want to buy a classic Corvette for $55,000, but I don't have the cash to pay for it outright. Can I get a loan for it?
Wow! A classic Corvette is definitely one awesome, head-turning ride. Many lenders will provide you with a car loan for an older car like a Corvette because it doesn’t depreciate like other vehicles. In many cases, it retains its value or even increases in value depending on the classic car market.
Many banks and credit unions offer classic car loans, but you should also check online, third-party lenders, as some cater specifically to the classic car market. Some lenders may have restrictions on the loan, like:
- You must own a second car for everyday use
- You can’t put more than 5,000 to 7,000 miles on the classic car yearly
- You have to put down at least 10% to 20%
Applying for a classic car loan is almost identical to applying for a traditional car loan except that the lender has more discretion when it comes to approving your application. For the best chance of approval, you’ll need:
- A steady income
- A solid credit score
- A debt-to-income ratio in the neighborhood of 43% or less
When it comes to car insurance, you should also look into classic car coverage, which is usually less expensive than standard car insurance and is designed to meet the needs of classic car owners. Use the Jerry app to compare classic car insurance rates from top providers and find the right coverage for your classic Corvette.
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