Guide to classic car financing

For many of us, little gets the blood racing more than the sights and sounds of a classic car!

The good news is that there is no reason to consider that purchasing such a vehicle is an unachievable dream.

The principles of classic car financing

The first thing to note is that classic car financing is simply a little “different”.

Inevitably, some potential conventional lenders and finance specialists are likely to feel uncomfortable about the prospect of providing finance for classic cars. Not everyone likes the idea of a classic vehicle and particularly not if it also happens to be one with a hefty price tag.

What that means is that you are likely to need to find a finance provider offering products specifically designed with these cars in mind. That, in turn, might involve talking to someone that is familiar with this area – unless you plan to do an awful lot of phoning around yourself.

Finance options

In today's marketplace, there are many diverse types of product designed to assist you in purchasing a vehicle. They might include mechanisms such as:

  • hire purchase (HP);
  • lease purchase;
  • personal loans;
  • personal contract purchase plans;
  • re-financing.

In fact, the list above is by no means fully inclusive and there may be other options available too. Not all the above will necessarily be applicable or advantageous in all situations where you are looking at a classic car.

This is another reason why it is important to have specialist advice before setting your heart on a financing solution to help you purchase that desirable marque!


in terms of specifics, a solution that might be advantageous for you will depend upon things such as your overall financial status, the amount of deposit you have and the nature/value of your target vehicle. There are a few general points though:

  • many classic car financing propositions are essentially bespoke. No two are entirely alike;
  • your credit history status might play a significant part in your ease of access to and eventual cost of your funding.  However, credit-history problems are not necessarily going to be a show-stopper in terms of finding such finance;
  • the higher the deposit you find from your own finances, the easier you may find it to access classic car financing.

Why bespoke lending propositions might be required

It’s not just a question of your financial status and credit history that might vary from one situation to another.

Not every potential car purchaser has an identical definition of “classic” in mind.  That is also the case for some lenders.

As a result, some lenders may see classic cars as:

  • any vehicle over a certain age;
  • vehicles that carry a prestigious marque (e.g. Ferrari or Bentley etc.);
  • cars that are relatively modern but which carry a large price tag due to their rarity or performance characteristics;
  • very old vehicles which may have a relatively low purchase cost because extensive and expensive restoration work will be required over time.

Some forms of product and lending specialist may be far more suited to some of these types of definition of “classic” than others.

The need for advice

Most people purchasing a classic car hope that it will be something they get many years of pleasure out of.  However, in many cases, your classic car financing and the repayments associated with it will also be accompanying you over an extended period.

That is why it’s important to spend a little time talking to a specialist that can advise you as to what types of classic car finance might be most applicable in your situation and where you can find them.