Not only does buying a modern classic let you relive the iconic driving experience, but it can also be a smart long-term investment. However, many prospective buyers hesitate at the final step due to uncertainties about purchasing older vehicles and navigating car financing options. We're here to debunk some common myths about financing modern classics and show how Charles & Dean can help you purchase one with confidence:
Financing older vehicles is possible using a secured finance agreement, where the car is collateral. Since modern classics tend to hold, or in some cases, even increase in value, lenders will often view them as lower-risk assets and offer more favourable financing terms than you may think.
These lenders posses a strong understanding of modern classics, their unique value and market dynamics, which makes them more comfortable with the risks involved in financing these vehicles. However, with this in mind, the vehicle's condition must be of a certain standard for the lender to proceed.
No matter how rare or unique the car is, the funder may need to review the car before they are happy to proceed. This is more for peace of mind for the customer and lender to ensure the vehicle is a safe buy to mitigate any potential risks down the line.
Most likely, there will be an element of minimum criteria to be met as a customer to fund older vehicles, you could be surprised that most of the time it's no harder to finance a modern classic than a newer vehicle. Lenders will consider factors like your credit history, income, residential status and most importantly the nature and value of the car to aid their decision whether to fund a modern classic or not.
Here at Charles & Dean, we would always recommend purchasing a vehicle from a reputable dealership. However, both we and our funders recognise the supplier market for older vehicles can be a more limited, with many being sold privately, at auction, or even off-market. To accommodate this, some of our specialist lenders are willing to finance cars via these supplier routes subject to vehicle condition, history and proof of title.
Using a C&D broker offers many advantages when navigating Motor finance agreements:
Tailored Solutions: We can match you with lenders offering payment options tailored to your needs.
Market Awareness: Our team of brokers understand the current market, securing you the best deal from our panel of lenders, which suits your financial situation.
Competitive Rates: Access to a wide panel of lenders including some of the most competitively priced products in the market.