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10-13-2014, 01:28 PM
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#1 | |
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AF Newbie
Join Date: Oct 2014
Location: northboro, Massachusetts
Posts: 1
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Get a loan to buy a classic car?
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? |
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10-14-2014, 04:43 PM
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#2 | |
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AF Enthusiast
Join Date: Jun 2002
Location: Chicago, Illinois
Posts: 3,476
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Thanked 7 Times in 7 Posts
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Re: Get a loan to buy a classic car?
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.
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Dr. Disque - Current cars: 2008 BMW 135i M-Sport 2011 Mazda2 Touring Past cars: 2007 Mazda 6S 5-door MT 1999 Ford Taurus SE Duratec |
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11-10-2014, 11:36 PM
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#3 | |
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Caution: Monkeys bite!
 
Join Date: Apr 2004
Location: near Denver, Colorado
Posts: 10,117
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Re: Get a loan to buy a classic car?
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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Ours: 2020 Jeep Wrangler 2.0, 53k 2013 Toyota FJ Cruiser, 84k Kids: 2005 Honda CRV, 228k |
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