Car Loans For Classic Cars
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.
Buying a classic car is the dream for 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 affordable 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 in just a few days.
Key features and benefits of your classic car loan
Unlike standard used car loans, there’s no upper limit on the age of your car, so you can buy anything from the Holden VE Commodore to the Volkswagen Beetle.
You’ll be able to access any amount from $5,000 up to $100,000 to finance up to 100% of your old car, as well as other costs like insurance.
With competitive rates available for used cars of over 20 years of age, you can secure your interest at an affordable cost.
You can also choose the term over which you repay your loan, from as short as one year and extending all the way up to five.
Because your rate is fixed, it remains the same across your loan to enable more accurate budgeting and protect against rate rises.
On top of selecting your loan term, you get to choose how often you make your repayments: you can contribute on a weekly, fortnightly or monthly basis.
Why Savvy is the best place to find classic car loans
Car loans for classic cars explained further
A classic car is a once-in-a-lifetime purchase, and if you’re faced with the chance to snap up your dream car, being held back by financing is the last thing you’ll want. But financing a classic car can be slightly different to other types of loans, so it pays to do your research beforehand. For all you need to know about classic car loans, check out our guide below.
How do classic car loans differ from standard car loans?
While they’re very similar, classic car loans have several unique characteristics that differentiate them from standard 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 in order to qualify for finance. 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 again are not 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 tend to 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 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 being a homeowner will help to increase your eligibility for lower interest rates. A deposit can also be very helpful when taking out a classic car loan.
What our customers say about their finance experience
How do I qualify for classic car financing?
Applicants applying to finance old cars have to have a strong borrower profile and part of this is owning property. Applicants who own their home outright, have an existing investment portfolio or are currently paying off a home loan are the most likely to experience approval and a lower interest rate.