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.

No obligation. It won't affect your credit score.

Last updated on April 19th, 2022 at 03:00 pm by Thomas Perrotta

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.

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Key features and benefits of your classic car loan

No age restrictions

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.

Borrow up to $100,000

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.

Rates starting at 8.97% p.a. (10.44% p.a. comparison)

With competitive rates available for used cars of over 20 years of age, you can secure your interest at an affordable cost.

Borrow over one to five years

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.

Fixed interest

Because your rate is fixed, it remains the same across your loan to enable more accurate budgeting and protect against rate rises.

Customisable repayment schedule

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.

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 allow you to purchase your car either from a dealer, private seller or an 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.

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 cap borrowing at $50,000, due to being unsecured in nature.

How much can I borrow?

The amount that you can borrow when taking out a classic car loan largely depends on the value of the car itself, since 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’re intending to purchase and establish its value for the purposes of financing it. You can also engage the services of an independent classic car valuation specialist. Most classic car finance lenders will want to see proof of the car’s value before they agree to lend you the purchase price.

Will my classic car be used as security?

The short answer is 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 classic 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. These may, however, come with higher interest rates and fees.