Tips to help finance buying a classic car

Financing a classic car purchase is something that can help you get that special vehicle you’ve always dreamed of. Perhaps it is just out of reach of your savings, or your budget just can’t quite keep up with rising classic car prices. While many people will use finance to buy a modern car, it’s becoming more popular method of purchase in the classic car market. Here are some tips to help finance buying that must have classic car.

Shop around for that classic

Firstly, it’s important to shop around when buying a car, be it new or old. Don’t just buy the first one you see, always inspect a good number to get an idea of whats out there. When it comes to ​classic cars​, there is going to be a lot less available on the market compared to modern, everyday cars, so it’s worth expanding your search beyond your local area. Which means you will probably have to travel out side your area to view a car.

Tips to help finance buying a classic car
Don’t buy the first car you see… shop around to see whats out there

It’s essential to do your research before you travel and the online world makes it a lot easier to do this. Take your time in shopping around and make note of the prices for classics that are in your budget. That way you can get a feel for the market and it can help you find a good deal. There’s nothing worse than paying over the odds for something and then finding out you could have got it for a better price.

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Running an old car can be costly

Because of the nature of classic cars you really do need to do your research before you spend your hard earned money on an old motor.

Carefully consider your budget

The budget you have for your car purchase can vary depending on what savings you have available and what you have incoming each month. It’s important that when you buy a car, particularly one that’s classic, that you have the budget available to help run the car and to keep up with any maintenance costs that might be needed.

Tips to help finance buying a classic car
Don’t blow all your budget as you’ll need some spare for keeping your new classic in good order

Any budget that you do have can be helpful in knowing where your limit is and what you are comfortable with spending. It also helps to know this when you’re shopping with a partner and to not make the mistake of having no discussion beforehand. This can be particularly important when trying to haggle for a better price! When you agree a price remember that you should have roughly 20% of the purchase price set aside for repairs. Old cars can break down and you don’t want to run out of cash straight away.

Look at the finance options available

Having a nest egg or a cash pile is always great but not everyone can access this easily if they want to buy a cheap classic. With poor credit​, you might be limited to the finance options you are given, which is why it’s always important to have a good credit score and to pay back what you can when you can to avoid reducing the options you have available.

Tips to help finance buying a classic car
Always try and buy the best example you can

Having the pick of financing options can certainly be helpful, and then are different options out there, depending on where you’re buying the car from. Finance for classic car purchases have grown in popularity and they cna help you get the extra you might need to secure that dream motor.

Sell your current car if applicable

Selling your current car is another option when it comes to financing a new purchase. Selling your modern car may free up more funds to put towards the dream purchase. Of course it depends on what value is tied up in it, but you could trade it in through the same dealership you’re looking at buying from. So it is always worth asking.

Tips to help finance buying a classic car
There are lots of great classics out there to invest in and enjoy

There’s also the option to sell privately or through an online platform or something more traditional like an auto magazine or newspaper.

Tips to help finance buying a classic car
Buy wisely and you could be driving off in your dream classic car

So knowing all the financing options that are out there for a classic car buy is useful to know about, and it’s worth assessing all your options before moving forward with the purchase.

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