How to Get Classic Car Financing

Man and Woman Signing Contract
 

Looking for a used classic car for your Sunday morning joyrides in Hood River? Before you take another step, make sure you understand everything from how classic car financing is affected by credit score, what interest rates you can expect from classic car financing with bad credit, and all the other unique aspects of this car buying process. While the requirements are largely similar to a traditional loan, you’ll need to pursue a classic car loan instead of a traditional loan, since your average car loan has age and mileage restrictions. Read on to learn what you need to know. Then fill out a credit pre-approval to get the process started. 

Get Qualified for Classic Car Financing

It’s relatively easy to finance a new car with a bad credit score, but Goldendale, WA drivers will find that it’s much more difficult to get classic car financing with a bad credit score. You’ll likely need to pursue classic car financing with a good credit score. You’ll also need: 

  • Credit history: Your healthy score should be accompanied by a credit report that shows everything from personal loans you’ve paid off to your mortgage history. 
  • Steady income: Be sure to bring recent pay stubs to prove that you have a steady source of income that will be large enough to cover the amount required to pay off your loan.
  • Savings account: Make sure to establish a savings account before you apply for classic car financing. This shows that you’re a thoughtful spender and that this isn’t an impulse purchase. 
  • Insurance coverage: As with traditional auto loans, you’ll need proof of auto insurance.

Vehicle Requirements and Restrictions 

You now know that it’s difficult to secure classic car financing with bad credit, and that when you attempt to secure classic car financing with good credit, you’ll need a host of other documents to prove your financial stability. Now, let’s take a look at the restrictions and requirements for the classic car you’re hoping to purchase: 

  • Vehicle appraisal: You’ll need to get an outside appraisal of the classic car to see how much it’s worth given market value and condition. Once its value has been objectively set by the appraiser, lenders will feel more relaxed about negotiating a loan. An appraisal service usually costs between $100 and $200. 
  • Age and mileage restrictions: Some lenders will require that vehicle fall within a certain age or mileage range before they loan people the money to purchase a classic car.
  • Vehicle inspection: Before a classic car can be financed, it needs to be thoroughly inspected for both quality and safety. 

Learn More About Classic Car Financing at CH Urness Motor Company

Are you unsure of whether you’ll qualify for classic car financing with your credit score? Are you worried that your options for classic car financing lessen bad credit? Before Portland drivers give up, reach out to CH Urness Motor Company. We’ll take a look at your credit history so you can get to the bottom of where you stand financially. If you have other questions about car shopping, be sure to consult our car buying tips for help!

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