| Antique cars can be sound investments when chosen | | | | classic car finance understand that an antique car |
| wisely. There aren't very many hobbies out there | | | | purchase is an investment, and they can offer you |
| that can earn their keep; most require you to invest | | | | terms of up to twelve years! Extending the term will |
| in depreciating assets, instead of appreciating assets. | | | | lower your monthly payment significantly, and may |
| If you enjoy restoring or driving antique cars, you | | | | allow you to purchase a higher quality car than you |
| can get a return on your investment and have fun | | | | could afford with a traditional lender. |
| doing it! Antique cars in most cases hold their value | | | | Benefit #3 - Less time/Less hassle: You can waste a |
| very well, and in most cases will appreciate as time | | | | significant amount of time looking for a conventional |
| goes by, instead of depreciating in value or getting | | | | lender that will give you an antique car loan. Most |
| "used up". | | | | conventional lenders don't offer antique car financing |
| When purchasing a antique car, using cash is always | | | | for several reasons, but the main reason is that they |
| the least financially risky way to do it. However, an | | | | don't know the antique and collector car market well |
| argument can be made for antique car financing | | | | enough to reliably appraise how much a particular |
| when you look at the opportunity cost of having | | | | antique car is worth, or predict what will happen to |
| that much cash tied up and unavailable for other | | | | its value during the term of the loan. There are too |
| investments. You may be able to get an antique car | | | | many variables and unknowns for them to evaluate, |
| loan and pay less interest than your cash could be | | | | and the time they would have to spend to make an |
| earning in other investments. Most likely though, you | | | | informed decision just isn't worth the money they |
| would need to get your financing from a company | | | | would make from the loan. |
| that specializes in antique car loans in order for that | | | | There are other advantages, but in a nutshell those |
| to work. There are several different benefits to using | | | | are the top three benefits to using a company that |
| a company that specializes in antique car financing. | | | | specializes in antique car financing. You can get a |
| Benefit #1 - Lower Interest Rates: Most conventional | | | | lower interest rate, lower your payments by |
| lenders do not offer financing for antique cars. If you | | | | spreading them out over a longer time period, and |
| do find a conventional lender that is willing to give | | | | save a considerable amount of time and hassle. Being |
| you an antique car loan, they likely will have a much | | | | able to talk to a person that understands what you |
| higher interest rate than a company that specializes in | | | | are doing and why you are doing it has some value, |
| collector car financing. The conventional lender will | | | | too. Choose a lender that specializes in antique car |
| likely only give you the interest rate that they quote | | | | loans, and take advantage of the benefits they have |
| for a typical used car. They will consider your antique | | | | to offer. |
| to be just another old used car, which assumes that | | | | For more information about the benefits of antique |
| it will depreciate with time and use. Companies that | | | | car loans, go to Classic Car Financing. To get the |
| specialize in classic auto financing recognize that your | | | | "nuts and bolts" of antique auto loans, take a look at |
| classic car is an investment, and they lower the | | | | Classic Car Loans. If you are thinking of financing an |
| interest rates accordingly. | | | | antique car, you also will need to consider specialty |
| Benefit #2: Longer Terms: Generally, used car loans | | | | insurance. Learn what to look for in a classic car |
| have 3-5 year terms. Since lenders that specialize in | | | | insurance company at American Classic Car Insurance. |