Can you get finance for a classic car? In short, yes! It may not be as straightforward as traditional finance but there are lenders out there who can help you buy your dream classic or vintage car.
What is considered a classic car?
A classic car is an older car, typically 25 years or older, though definitions vary. The HMRC class a car as ‘historic’ in its fortieth year, meaning it will then be exempt from road tax.
Where can you find a classic car to purchase?
You can buy classic cars from a dealer, privately or via an auction. At Dorsia Finance, we prefer you to be buying through a dealer as it’s likely that the car will have been serviced and has a warranty, however, we can often support you through a private purchase where required.
What to consider before buying a classic car?
There are a number of factors to consider before buying a classic or vintage car. You will want to find out as much as you can about the car you’re looking at as it may have previous issues or weak points, and getting new parts may be more difficult. You will want to factor in restoration costs and how much your insurance will be.
Classic cars will require years of work and maintenance so you’ll want to make sure you can afford more than just the initial cost. You may also need extra space to store the car so that it’s protected.
How does car finance differ from buying a traditional car?
Traditional car finance institutions and dealership lenders rarely offer finance options for classic cars. Still, there are lenders who have access to funds and finance options designed for the purchase of classic cars. At Dorsia Finance we have a network of over 40 finance lenders and so we have access to these options and can support you with your purchase.
If you are looking to finance your next luxury, classic or sports car, or are looking for finance options such as asset finance or business loans, get in touch with Dorsia Finance – info@dorsiafinance.co.uk | 01522 420 420
