Tips for Financing Your New Vintage Car
Saturday, June 22, 2019, 6:00 AM | Leave Comment
If you are in the market for a new vintage car, the process of researching, financing and restoring is not too unlike that of buying a modern vehicle.
Vintage car loans are like traditional car loans; however, most conventional loans have age and mileage restrictions, making it almost impossible to finance a vintage car. Therefore, some lenders specialize in classic-car loans.
These lenders tend to be very knowledgeable about the market value and appreciation and depreciation statistics of vintage vehicles.
The loans these lenders offer will not have the same restrictions as traditional car loans, which means a vintage car can easily be financed through these lenders once you are ready to assume the costs and responsibilities of vintage car ownership.
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Research
Before you decide you want to buy a new vintage car, research thoroughly to avoid mistakes and buyer’s regret. Choose the type of vintage vehicle you would like to buy. Are you interested in purchasing an exotic, classic or antique vehicle?
Once you know the make and model, carefully research the vehicle. Many car enthusiasts have extensively documented their experiences with specific cars.
Read articles and watch videos specifically detailing the care and costs associated with your car. Finally, find a mechanic who is well versed in vintage car restoration if you are uninterested in restoring the car yourself.
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Costs
In addition to ownership, vintage cars come with other costs. Your vehicle may need to be shipped domestically or internationally. Similar to traditional cars, vintage cars will require yearly insurance and registration fees.
It is also important to think about where your new vintage vehicle will be stored. Do you have room in your garage alongside your traditional vehicles, or will you need to rent a storage unit?
If your new car is not fully restored, you should plan restoration expenses accordingly. If you are hoping to modernize your vintage vehicle, you will likely find yourself investing in upgrading the fuel injections, installing new suspension and replacing the auto glass.
Diligently research these costs before financing to avoid costly surprises. Like any car, your new vintage car will eventually need repairs. Keep this in mind as you budget the expenses associated with your new purchase.
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Financing
Financing a new vintage car will have many of the same requirements as a traditional car loan. For example, you will need a good credit score, a down payment, car insurance and proof of income.
Also, you may be required to have your vehicle inspected and appraised. Always make sure to research various lenders and lender requirements before financing your car.
Buying a new vintage car is not out of your reach. You do not need to be a millionaire to invest in a classic vehicle. In fact, you can expect to make a profit or break even if you choose to sell your car.
The vintage car market is cyclical. Choose and invest in a vintage car that you love and is also in demand, and you will not regret your wise investment.
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