Classic car loans
You have this great wish to own a classic car but just don t have enough dollars to make cash payments in order to fulfill your dream. Don t despair! You have the option of applying for a loan for a classic car. However, before you rush to apply, you must understand a few aspects of classic cars. First and foremost, what does a classic car mean Basically, a majority of individuals will talk about a car as classic if it is designed prior to the late 1940s, but not earlier than 1925 (these will be called vintage cars). Further, any car designed more than 25 years back will be classified in the antique car category. The numerous debates about defining a car as classic spills over into the financial world of lending and insurance, with each firm having its own definition of classic.
A Few Examples of Classic Cars Classic Bentley, 1957 Ford Thunderbird, 1957 Buick Convertible, Aston Martins (1927 to 1929), Lincoln Continental (1939-1948), Talbot (105C &; 110C), 1938 Talbot-Lago T150, 1939 Maybach SW42, Cadillac LaSalle and a whole lot of Buicks, Mercedes models, and plenty more! The list is endless!
You Eligible for the Loan
It is better to approach a company that is specializing specifically in classic car loans than one which provides loans generally for all types of vehicles. Before approaching the company, however, read on and find out if you are eligible for the loan in the first place!
You should fulfill the minimum age requirement.
You should have a very good credit
You should have an income that is verifiable required that your bankruptcy should have been discharged for a specific number of years (maybe three or four years), as stated by the loan policy.
You should be able to put the requisite down payment on the purchase price of the vehicle this could be 10% or maybe even 20%. For Kit Cars and replicas, some companies ask for an even higher down payment.
Your classic car (the one you wish to buy) should have a minimum purchase price as stated by the company.
The below mentioned documents are the basic ones there may be more paperwork involved, depending on the company s policy. Fill in the application form correctly and double check it thoroughly.
You need to give proof of residence- there may be minimum requirements of at least 7 months stay at your current residence.You need to submit proof of income, such as providing the pay stubs with your current year earnings. You need to have a valid driver s license. You may be required to give a few personal references.
Please keep in mind that the following are only 2 suggested options for loan applications. Also, this article is not endorsing any of the below mentioned firms or their policies. It is up to the reader to check out the creditworthiness of the company as well as all aspects of a loan application. In fact, it is highly advisable to first consult financial (and legal, if necessary) experts before applying for any type of loan.
JJBest.com: Classic Car Financial - PO Box 10720 Bedford, NH 03110. Ph- (603)- 262-2006 / Fax: (603) 424-2117.
Hagerty Finance: Postal Address- P.O.Box 1303 Traverse City, MI 49685-1303. Ph- 800-922-4050 / Fax: 231-941-8227.Once you have obtained the loan and purchased the classic car that you desire, do take good care of it! Make sure it is safely secured in a fully enclosed and locked garage when it is not being used. It is also important to find out your State laws regarding registration of classic cars. AND don t forget to take out insurance on your valuable investment!
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