Is it possible to get a loan for a classic car?

I've been thinking about buying a 1969 Chevy Camaro, but I can't afford to pay cash for it. Can you get an auto loan for a classic car?

Answer
What a sweet ride! The good news is that most lenders will probably provide a loan for that type of car.
Despite the fact that most lenders won’t give out car loans for vehicles older than 10 years, classic cars are a bit different. They hold value and can even appreciate over time, making them ideal for a car loans. However, the interest rates on these loans are typically a bit higher than new cars, so make sure to budget appropriately.
Alternatively, you could get a personal loan to pay for the vehicle, although this may come with a much higher interest rate than even a classic car loan. If you do get a personal loan, make sure to shop around to find the best rate possible.
If you can secure your loan, you might also be excited to know that insurance companies offer specialized insurance for classic cars. Download the Jerry app to get the best rate—we’ll grab you quotes from top-of-the-line providers so that all you need to do is choose the plan that works best for you!
Best of luck with your loan, and enjoy your new ride!
Eric Schad
Answered on Oct 25, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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