While many new car buyers wait months for their preferred models to arrive in dealerships, a niche group of buyers looks to the past to secure their dream car. Not simply used vehicles but vintage and classic models purchased by collectors, investors and motoring enthusiasts. To facilitate their passion, many buyers will be seeking affordable finance. Loans for specialist vehicles may not be available through many of the traditional sources for car loans.
But sourcing the all-important finance does not have to be a challenge or a time-consuming task. Car loans for classic and vintage vehicles at better interest rates are available through specialist motor vehicle finance lenders such as Jade Car Loans.
With finance sorted, buyers can spend their time seeking out the cars they want to add to their collection. Car shows offer the ideal opportunity for vintage car enthusiasts to admire motoring history and potentially source vehicles for sale.
To assist with the purchasing and the financing side of acquiring a classic or vintage motor vehicle, we’re covering off on the car loan options and some of the upcoming car shows on the 2022 calendar.
Loans for Classic and Vintage Cars
The same car loan options as for new and used passenger cars are available for the purchase of classic and vintage vehicles. The key aspect in determining which loan is best suited – a Secured Car Loan or an Unsecured Personal Car Loan, is around the vehicle itself. Specifically, if the lender accepts the car as suitable security for the loan or not.
The Secured Car Loan is the most popular form of finance for privately purchased vehicles. The car is accepted by the lender as the security or guarantee against the loan. In situations where a vehicle is not accepted as suitable security, buyers can apply for an Unsecured Personal Loan.
In the case of vintage and classic cars, the age and condition of the car will be assessed by our lenders as part of the loan application and approval process. As the specifics of each vehicle will be different, it is not realistic to offer general comments and conclusions around what cars would or would not be accepted as security.
This issue however, should not deter buyers from applying for finance through Jade as our consultants will handle the entire loan process on behalf of our customers. As we have extensive experience in this area, we have the knowledge of which of our banks and lenders are best-suited to offering the best interest rates and cheapest loans for vintage and classic cars.
The key differences between a Secured Car Loan and an Unsecured Car Loan are:-
- Security for the loan. In the case of an unsecured loan, while the car would not form the security, additional guarantees may be requested by the lender.
- Interest rate. Secured loans attract lower interest rates in general to unsecured loans. We source secured loans at a fixed interest rate but unsecured loans may be acquired at a fixed or a variable rate.
Loan terms would be negotiated by our consultants to achieve the most workable and preferred repayments for our customers.
Investors planning to sell the classic or vintage car at some stage, should consider a loan term to suit their re-sale timeframe to avoid early payout fees.
Vintage vehicles purchased as restoration projects may be difficult to value and as such better suited to an Unsecured Personal Loan.
We can car loan offers for all types of classic and vintage vehicles.
Auctions are a very popular forum for purchasing classic and vintage cars. In order to be ready to pay at the fall of the hammer, buyers can apply for pre-approved car loans prior to the auction. A pre-approved car loan will have the same features and benefits as loan sourced after the sale. However, if a specific vehicle is not detailed in the loan application, the loan offer may need to be reviewed when those details are known. For example, where a loan for a certain loan amount is applied for in preparation to attend an auction without a specific vehicle targeted for purchase.
Indulging the Passion - Classic Car Shows
Classic car shows offer great opportunities to not only view and admire vintage and classic vehicles but all also the chance to possibly purchase. These events are extremely popular and the 2022 calendar features many shows across the country.
Some of these events will focus on vintage and classic or embrace all types of unusual and special vehicles. Here are a just a few shows coming up soon:-
- East Hills Charity Cars Show – 21 August, Kelso Oval, NSW
- Coffs Harbour Swap Meet and Classic Vehicle Display -10 July, Coffs Harbour Showground
- Bundaberg Heritage Car, Bike, Truck and Machinery Show – 9 July, Bundaberg QLD, Recreational Precinct
- Noosa Beach Classic Car Show – 24 July, Mat Thornhill Oval
- Outback Classics Show and Shine – 27 August, Emerald QLD Showgrounds
- Joondalup Festival of Motoring 29-30 October, Perth. A family-friendly festival of motorsport and car culture.
If you’re a collector of vintage and classic cars or ready to indulge your passion, Jade Car Loans is ready to assist you to source appropriate finance to make that purchase.
Contact Jade Car Loans 1300 000 003 for better interest rate car loans for vintage and classic cars.
DISCLAIMER: IN REGARD TO MISREPRESENTATIONS AND ERRORS CONTAINED IN THE MATERIAL AS PRESENTED, LIABILITY IS NOT ACCEPTED. THE DETAILS AND CONTENT IS PROVIDED FOR CAR BUYERS AND INDIVIDUALS AND BUSINESS SEEKING FINANCE PURELY AS GENERAL INFORMATION. THIS IS NOT PROVIDED AS THE ONLY SOURCE OF FINANCIAL INFORMATION. ANYONE THAT CONSIDERS THAT NEED FINANCIAL ADVICE ABOUT THEIR SPECIFIC REQUIREMENTS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.