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"What is the best way to finance a classic Camaro? "
"The Camaro I want is selling for $5,000. I have $2,000 in cash and would need to borrow $3,000 more. My bank won't give me a car loan, which I don't understand since I don’t have bad credit. How do people buy older cars?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You could try getting a personal loan, which is a type of unsecured loan. But because there is no collateral securing the loan, the interest rates for personal loans tend to be higher than for traditional car loans.
As for your bank not giving you a loan for the Camaro, this probably has more to do with the car than it does you. Banks do not usually finance older cars because there is a higher risk that they will break down beyond repair before the loan is paid off, and the borrower will not want to pay.
“
View full answer
- Gregory R.
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