How to Get Classic Car Financing

Has a pre-owned, classic car caught your attention? Before you’re able to seal the deal and bring that gorgeous vintage ride home to the Beverly Hills area, you may be wondering about classic car financing or even how to get classic car financing with bad credit. The financial experts at Jaguar Los Angeles have you covered in this handy guide. Stop searching “classic car financing credit score” and get all of the details today! Don’t hesitate to reach out to us if you have any questions along the way.

How to Get Qualified for Classic Car Financing

What about the classic car financing credit score? While you can get financing for a new car with a bad credit score, it’s not common for classic car financing. Here’s what to consider when trying to apply for financing: 

• Strong credit history and a well-established credit report containing an array of accounts – credit cards, mortgage, personal loan, etc.

• A steady income proves that you have a stable source of income to repay your loan.

• Payment history showing that you make timely payments on your credit cards, bills, and previous auto loans.

• Having an established savings account with a sufficient balance before applying for classic car financing is essential. The savings account shows that you’re thoughtful with money, and your vintage vehicle purchase isn’t impulsive.

• Insurance coverage is needed when getting a loan.

What Are the Vehicle Requirements and Restrictions?

Now, it’s time to learn about the requirements and restrictions for the classic vehicle that you want to purchase. 

• Vehicle appraisal: Many lenders require an appraisal to see how much the classic car you want is worth. Using reliable sources like Nada Guides gives an excellent idea of the vehicle’s value, or you can search for vehicle appraisers located in the Bel Air and Los Angeles to get an expert opinion. These services typically cost between $100 to $500.

• Age and mileage restrictions: Depending on who the lender is, the vehicle may be required to fall within certain age and mileage limits.

• Vehicle inspection: Again, depending on the lender, a full inspection for safety and quality may be required before it can qualify for financing. To have our Los Angeles service center inspect the vehicle, so schedule your appointment! 

For More Classic Car Financing Details, Visit Jaguar Los Angeles!

If you have additional questions about classic car financing or getting classic car financing with bad credit, don’t hesitate to give us a call. We’re here to walk you through the entire car-buying process.