Classic Car Loans

Looking for a helping hand buying your dream classic car? With flexible lending partners offering car loans with no age limit, Savvy can help you out.

Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors
, updated on April 29th, 2024       

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Buying a classic car is the dream for many drivers across Australia, but they aren’t usually eligible for standard car loans. That’s where Savvy comes in. We’re partnered with flexible lenders who can accept vintage models as security and offer competitive rates in the process.

Whether you’re in the market for a muscle car, restored vehicle or an imported one that otherwise wouldn’t be accepted, we can help you access financing when you need it. Get started with a quick quote now to tell us more about yourself and the car you’re after and you can get approved before you know it!

What is a classic car?

There’s no one definitive classification for which cars are classics and which aren’t. However, according to Sheen Panel Service, the following categories are most commonly accepted by Australian classic vehicle clubs:

  • Veteran: manufactured before 1918
  • Vintage: manufactured from 1919 to 1930
  • Post vintage: manufactured from 1931 to 1949
  • Classic acceptance: manufactured from 1950 to 1969
  • Modern classic: manufactured from 1970 to 1989

Other lenders may consider any car over 20 years as a classic vehicle, including a range of imported, restored and muscle models in this classification. Because of this, it’s worth considering your lender’s vehicle qualification criteria (which we can check for you).

What is a classic car loan?

As the name suggests, a classic car loan is a finance agreement designed to help you purchase a classic vehicle. It’s a specialised product offered by certain lenders in Australia. Because of the nature of classic cars, this type of loan is less common, but shares a number of key similarities with regular car loans, including:

  • Secured loans
  • Payable over one to five years (seven may be available with certain lenders)
  • Fixed interest rates
  • Repayable weekly, fortnightly or monthly (depending on your lender)

How do classic car loans differ from standard car loans?

While they’re very similar in a range of areas, classic car loans have several unique characteristics that differentiate them from standard used car loans.

Naturally, classic cars are much older than cars typically purchased for everyday use, and standard car loans usually have age restrictions that limit how old the car can be to qualify for finance. This can range from as little as ten years or less up to 20 to 25 years with some lenders.

However, classic car loans don’t have any such restriction. Additionally, they can be used for different kinds of cars, such as vintage or muscle cars, that aren’t likely to be approved for standard car financing.

Classic car purchases are treated as investment, rather than a standard car which is expected to depreciate rapidly, and may also have stricter credit requirements to qualify for a loan.

What are the credit requirements?

To qualify for a classic car loan, you’ll generally need a good credit score. Some of the factors in maintaining a good credit score are never having defaulted on any previous loans and having a generally good repayment history on previous loan facilities.

A good credit score is usually around 600 or higher and may go up to either 1,000 or 1,200 depending on the credit reporting agency. If you don’t have a good credit score, you may find it more difficult to find a lender willing to finance your classic car purchase without charging you higher interest rates and fees.

Additionally, you’ll need to prove that you have the ability to repay the loan according to the agreed repayment schedule. This means being able to demonstrate that you have a job or other regular income, and don’t spend beyond your means. The lender will request evidence of your income, usually through some recent payslips, as well as an analysis of your current expenses, assets and liabilities.

Of course, the standard credit requirements for any loan or line of credit will also apply: you’ll need to be an Australian citizen or permanent resident over the age of 18. Because a classic car is a big investment, lenders tend to prefer a strong borrowing profile, so having a stable, long-term job and owning a home will help to increase your eligibility for lower interest rates. A deposit can also be very helpful when taking out a classic car loan.

Why Savvy is the best place to find classic car loans

How do I qualify for classic car financing?

Frequently asked classic car loan questions

Can I buy my classic car privately?

Yes – our flexible specialist lenders can approve car purchases from a dealer, private seller or auction house. This gives you greater choice when it comes to the cars you’re able to select for a collector car financing agreement, rather than restricting you solely to used car dealers.

How is my classic car valued?

Our partnered lenders who deal with classic car financing are experts in the field, so they’ll be able to give you a comprehensive valuation of the vehicle you’re hoping to buy. Alternatively, there are several reputable independent valuers that you can look to instead, although these tend to come with fees of up to $500 for doing so. In general, some of the factors that are considered when valuing classic cars include:

  • Make and model
  • Condition
  • Modifications made to the car
  • Kilometres on the odometer
  • Engine type
  • Scarcity
Are there any alternatives to a classic car loan?

Yes – if you choose not to pursue a classic car loan, you can instead opt for an unsecured car (personal) loan. Because these don’t require any collateral, there are no restrictions on how you use the funds, meaning you can dedicate part of them to your car and other money towards paying for medical bills, home renovations or even your next holiday.

It’s important to note, though, that these come at higher interest rates than car loans for classic cars and have a lower borrowing cap of $75,000 (and sometimes lower).

How much can I borrow?

The amount you can borrow when taking out a classic car loan depends on the value of the car itself, as the loan amount is directly tied to the purchase price. Many classic car loan providers will have valuation experts who can assess the car you want to purchase and establish its value. You can also engage the services of an independent classic car valuation specialist. Classic car lenders will want to see proof of the car’s value before they agree to lend you the purchase price.

Aside from the value, though, there are several factors specific to you that will determine your borrowing power, including:

  • Your credit score
  • Your income and expenses
  • Your job stability
  • Your lender's specific assessment criteria
Will my classic car be used as security?

Yes – most car loans will use the car in question as an asset to secure the loan, meaning that if you fail to meet your repayment obligations, the lender can repossess your car and then sell this to recoup their costs.

If the car isn’t accepted as security against the loan, or if you don’t want to use your classic car as security, you could opt for an unsecured personal loan instead.

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