Auto Loan Factory

Getting Approved For A Classic Car Auto Loan - Where To Shop
By L. Sampson

Before the Internet, it was difficult to find a lender that was
willing to finance a loan for a classic car. However, now that
the internet allows you to reach lenders from all over the
country, it’s much easier to discover a lender that specializes
in classic car auto loans. This article will explain the best
places to shop when searching for a classic car auto loan:

Shop Online

It’s much easier now to get approved for a classic car auto
loan because you can find a specialty lender online. Specialty
lenders deal only in classic car financing, so their interest
rates will be more reasonable than those of a traditional
lender. Additionally, they will have a good idea of what your
car is worth, so you won’t need to provide extra documentation
to prove the car is worth the amount you want to finance.
Another benefit to borrowing through specialty lenders is that
they are more likely to allow you to borrow an amount greater
than the worth of the car in order to make improvements or for
restorations.

Shop at Your Personal Bank

If the idea of borrowing money from a company online bothers
you, you might consider shopping for a classic car auto loan
through your personal bank. If you have a relationship with you
bank, they’ll be more likely to work with you in finding
financing for your purchase. However, because banks normally
approve financing for new cars, their interest rates on a
classic car auto loan are likely to be higher than those of a
specialty lender. Additionally, you’ll need to provide extra
paperwork in order to prove that your car is worth the amount
that you’re borrowing. The blue book value of a 70-year-old car
is going to be next to nothing, so you’ll have to prove that
either its improvements or its restoration has raised the value
of the car. Proving this will make your loan less of a risk to
your lender, so it’s better to arrive at the bank prepared.

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