| Collector cars can be good investments if you | | | | they would have to spend to make an informed |
| choose wisely. If restoring or driving collector cars is | | | | decision just isn't worth the return they would get |
| your hobby, you can get a return on your | | | | from the loan. |
| investment and enjoy yourself doing it! There aren't | | | | Benefit #2 - Lower Interest Rate: If you do find a |
| very many other "toys" out there that can earn their | | | | conventional lender that is willing to give you an |
| keep; most hobbies require you to invest in | | | | antique car loan, they likely will have a higher interest |
| depreciating assets (Jet skis? Pleasure boats? ATVs | | | | rate than a company that specializes in classic car |
| or other off-road vehicles? Hunting, fishing...you get | | | | finance. The conventional lender will likely quote you |
| the picture). Collector cars in general will hold their | | | | an interest rate that they give to the typical used |
| value at the very least, and in most cases will | | | | car buyer. They will classify your antique as just |
| appreciate as time goes by, instead of depreciating in | | | | another old used car, which assumes that it will be |
| value or getting "used up". | | | | worth less in the future than it is now. Companies |
| If you are thinking about purchasing a collector car, | | | | that specialize in classic auto financing realize that |
| using cash is the safest way to do it. However, an | | | | your classic car will likely hold its value or increase in |
| argument can be made for collector car financing | | | | value, and they lower the interest rates accordingly. |
| when you look at the "opportunity cost" of having all | | | | Benefit #3: Longer Terms: Most used car loans have |
| that cash tied up and unavailable for other | | | | terms of 3-5 years. A company that specializes in |
| investments. You may be able to get an antique car | | | | classic car finance understands that an antique car |
| loan and pay less interest than your money could be | | | | purchase is an investment, and they can offer you |
| earning elsewhere. Most likely though, you would | | | | up to twelve year terms! That will lower your |
| need to get that financing from a company that | | | | monthly payment significantly, and can allow you to |
| specializes in antique car loans for it to work. There | | | | purchase a much higher priced car than you could |
| are several different benefits to using a company | | | | with a conventional lender. |
| that specializes in collector car financing. | | | | Those are the top three benefits to using a |
| Benefit #1 - Less time/Less hassle: You could spend | | | | company that specializes in collector car financing. |
| a lot of time trying to find a conventional lender that | | | | You can save a lot of time and hassle, get a better |
| will provide an antique car loan. Most normal lenders | | | | interest rate, and spread out your payments over a |
| will not provide antique car financing for several | | | | much longer time period. Just being able to talk to a |
| different reasons. It mainly boils down to them not | | | | person that understands what you are doing and |
| knowing the antique and collector car market well | | | | why you are doing it goes a long way also. Search |
| enough to make a wise decision on how much a | | | | out lenders that specialize in antique car loans, and |
| particular antique car is worth. There are just too | | | | you will find they have a lot to offer. |
| many variables for them to analyze, and the time | | | | |