Get a loan to buy a classic car?


GreatScott
10-13-2014, 01:28 PM
I have kind of a random question: What are the differences between getting a loan on a regular car verses a classic car?

I'm really not a car guy but all my life I have wanted a DeLorean... As ridiculous as that sounds haha. So I was just wondering: what if, when I go to buy my next car, instead of getting some 2015 Camry or something I got a Delorean? How would that work out financially for me?

drdisque
10-14-2014, 04:43 PM
It depends a lot on the stability of the value of the used car. You have to use a classic car finance company. Most of those companies prefer to finance collector cars with well established values, such as 50's Chevy's, 60's Mustangs or Camaros, or Muscle Cars. Newer cars can vary much more in value and possibly lose value. For example DeLoreans, which were all identical as they came off the line, can sell from anywhere between $7500 and $35000. It's hard for the financier to know if they're getting hosed.

fredjacksonsan
11-10-2014, 11:36 PM
Plus when you DO secure financing, you must then provide insurance for the full amount of the loan, using a classic car insurance policy. It can all be done.

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