Frequently Asked Questions About Classic Car Financing

So, you’re looking into used vehicles and you find a classic car that you’ve always dreamed of owning. Is it possible to get classic car financing in Birmingham? Although it’s unlikely you’ll get a standard car loan on a classic car, you may be able to secure a classic car loan. The finance center Edwards Chevrolet Co., Inc. covers what you should know about your classic car financing credit score and more below!

Determining How Vehicles Qualify for Classic Car Financing

A good first step when learning about classic car financing is to learn how the vehicle qualifies. These are the steps many Gardendale lenders take: 

• Appraisal: Almost any lender is going to need an appraisal on your classic car of choice. This can be done with the help of resources like Nada Guides or experts at a local appraisal service. The latter will cost you some money – between $100 and $500 dollars. 

• Inspection: As you may expect, lenders will probably ask for an inspection of the vehicle before a loan is secured. You can trust the Hoover service center with this task.

• Restrictions: Most lenders will have fairly strict rules about the age and mileage on the classic car you wish to finance. 

How to Qualify for Classic Car Financing 

We’ve covered what the lender does to determine the loan terms, but what do you need to know about your own finances? Many Bessemer drivers want to know if you can get classic car financing with bad credit and ultimately it’s very difficult to do so. You should keep all of these factors in mind when determining if you qualify for classic car financing: 

• Credit Score: When considering classic car financing, credit score strength is pivotal. Having a good credit score, along with a well-established credit report that contains a variety of accounts will help increase your chances of qualifying for classic car financing. 

• Income: You’ll have to prove that you have steady income to show lenders that you’ll be able to pay back the loan. 

• Payment History: Do you have an excellent history of paying your bills on time? Lenders will take this account when deciding whether you’ll be able to pay them back when expected. 

• Savings Account: It always looks good to lenders if you have a savings account. This will show that you’re serious about your expenses and that purchasing a classic car isn’t an impulsive decision that you won’t be able to afford.

• Insurance Coverage: As with typical auto loans, you will need proof of insurance coverage. 

Learn About Car Financing with Edwards Chevrolet Co., Inc.!

At Edwards Chevrolet Co., Inc., we’re dedicated to providing all the resources that Birmingham drivers need to secure their next vehicle. Not only can you apply for financing online, you can also explore car buying tips on our website to learn more about your options. Please contact us today with any questions you may have!