Years ago buying a classic car was something that was only done by the upper classes however lately this has become an option which is open to many with the finance deals that are currently available. No longer are we bound to private banks which would frown on the purchase but now we a choice of finance deals. New companies are offering deals on classic car finance as they now see the classic car as an investment which is often better than purchasing on the property market.
When I bought my first classic car the first thing I looked into was how to get a good finance deal. I found that there were a lot of suppliers out there that offered finance deals for cars. Some suppliers would only give you finance if you were buying privately or from a dealer. Whereas there were other companies that would make bespoke classic car finance to meet your exact requirements. Moreover these companies would offer finance for cars bought at the classic car auction and would also offer deals for financing restoration work on classic cars.
What ever circumstance the application processes where quite lengthy with complex forms and an underwriting process which had to be overcome before any decisions were made as to the granting of finance. However once granted the options for payment were many including spreading the payments over a longer period of time to balloon payments.
If you are a classic car enthusiast with several motors you’ll be interested to know that some insurance companies will offer you an equity release programme which allows you to borrow money against the value of one of your other classic cars. This is a new thing in the current market and you will have to search around for a company who offer this however the deals are usually really good. With the increase in value of classic cars lately the deals are very generous.
As part of the procedure to set this up the finance company will ascertain if you are the owner of the vehicle with the DVLA. They will then find out the book value of the car and set up a finance package to enable you to purchase your new car.