Beginning Your Antique Car Collection
Collecting antique cars can be a great hobby if you are a car enthusiast. Also, once you learn the basics, it can make a great financial investment. Before you go shopping for your perfect antique car, however, there are some things you should know.
The Age Of An Antique Car
A classic car is one that is more than 15-years-old while an antique car is more than 25-years-old and a vintage car is even older than that. Owning one of these cars is not just a matter of pride, but it is also somewhat of a prestige symbol as well. However, you should know that having an antique car is going to cost you more than a new car would cost you because there are many people who are also pursuing this hobby. This is where antique car financing can come in handy.
Financing An Antique Car
If you think that you can afford an antique car, you will need to do some homework to make sure that you know the real value of the antique car that you want to purchase. You should also know how to look for any alterations or flaws in the car as they will noticeably affect the car's value. Of course, you will also want to make sure that the car will be worth more money if you should happen to want to resell it later on. Once you do these things you can turn to almost any lender for financing but you will want to take the time to search for the loan that will best suit your needs.
There are many lenders who specialize in antique car financing. All of them will require that you have excellent credit and valid proof of your income. Of course, this does not mean that if you are self-employed that you will not be able to get financing, but you are going to have to be able to produce income statements in order to prove your income.
Most lenders will require that you put down at least 10% of the car's purchase price. However, you will want to take the time to look at the terms before you sign any contract since interest rates and down payment may vary from one lender to the next. However, most of the time they will be based upon your own personal credit history.
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