When you use the term “classic car”, it can mean different things to different people, but what the owners of classic cars do have in common, is that they tend to be incredibly passionate about their vehicles.
Owners and/or enthusiasts of classic cars will know that when the rare opportunity comes around to purchase a classic car, whether it be to add to the collection or make that once in a lifetime purchase of a dream car; you don’t want to let it pass you by. That’s where classic car finance comes in. Classic car purchases aren’t taken lightly; with so much heritage and history in these vehicles the costs aren’t low, and it’s not something to rush in to without doing your research.
Classic car finance allows customers to purchase the classic cars of their dreams by offering the finance to make this a reality; with a variety of different options available to suit individual customers’ needs, it’s important to choose a specialist lender such as the Classic Car Finance Team at Cambridge & Counties Bank who have passion for both finance and the classic car industry.
How is Classic Car Finance Different?
Financing your classic car can be seen as the first step to purchasing it. It can be difficult to come by the right finance for your classic car, as it requires a different approach compared to the typical finance options available for new cars. When purchasing a new car from a traditional car dealership, you can typically arrange your finance directly from them. However, with classic car dealerships not being as easy to come by, securing finance directly from them is usually unheard of.
Instead, you can typically find classic car finance directly from dedicated classic car finance providers. A big advantage of using a dedicated provider to finance your classic car is that you’ll find knowledge and passion for the classic car industry. When purchasing your classic car, it is paramount that you deal with people who have the same enthusiasm for classic cars as you; something to look for in your classic car finance provider.
Different Options for Classic Car Finance
As every classic car purchase is different, there isn’t a ‘one size fits all’ approach to classic car finance. Instead, you can choose from different options and find the one that suits you best.
Purchase finance is probably the option that you will come across most often. When purchasing your classic car from a dealer or private vendor you can attain a finance deal accordingly. Your classic car finance provider should understand how quickly a classic car purchase can be turned around and therefore ensure you can get your finance deal efficiently so that you can react to time sensitive opportunities.
Equity release is quite popular in the industry for those who collect classic cars, or already own a vehicle. Equity release allows you to buy your next car from the equity available in another vehicle you own, or release funds and reap the benefit of your investment as the value of your classic car allows you to release funds and benefit from an asset that has appreciated over time.
It’s fairly common for classic cars to be available at auction, but it can be worrying if you go to auction without the security of knowing how you’re going to pay if you are successful with your bid. Auction finance allows you to secure your funding prior to going to the auction so you can bid on your dream car confidently.
There are many things to consider when choosing how to finance or invest in your classic car. Without the knowledge and support it can be an overwhelming process, it is therefore important to get expert advice from a trusted provider and do wider research in to both the car and the finance options before progressing.