Although the most common is that loans on classic vehicles are rejected by the issue of their years, sometimes it is not. There are financiers who are responsible for signing these credits on classic cars. In these cases, we talk about old vehicles that are considered classics in the automotive sector.
What is the reason why such goods are accepted as collateral while many of the old vehicles are not?
The first thing we must say is that we are facing a series of vehicles that are quite different. The classics have a value that, at times, can be quite high in the market, unlike the rest of old vehicles that we see on the roads. There are classic cars that are usually highly valued for being few seen. This makes them have a high value, which does not happen with many old vehicles. To give an example, it is not the same to have a BMW sports car from the 60s in a limited unit than to have a series 3 from the 90s that are still enough on the roads.
Not having so much value, this means that from the financial sector it has no interest in order to be used as a guarantee. A classic vehicle that is more than 50 years old will have more value than the price that originated in its time. Therefore, the more years the vehicles pass from a certain age, the more value it is usually to buy the vehicle in question.
Who are those who sign this kind of loans on classic cars?
They are often the same companies and financiers that are dedicated to the signing of loans with collateral.
What makes them different is that companies that cannot be seen in other operations can be found. There are companies specialized in this class of vehicles that are also responsible for offering the commitment under this type of modality. What one should think is that in the signing of this kind of loans we will not be able to choose the outstanding effort.
If what we want is to have a credit guarantee on classic cars, we will have to sign the commitment of cars in deposit. The signing of the endeavor in circulation will never be an option, something that happens in the rest of loans on other vehicles. In addition to cars, classic motorcycles also have good acceptance, there may be some that are worth high figures that are worth having as a guarantee.
What are the average prices on loans on classic vehicles?
In this case a difference is observed when compared with the rest of the operations in the effort. Clients when they ask for financing, they seek to achieve the maximum possible. It is rare to see people processing reduced amounts of money when an endorsement such as this type of loans is made. So you know, if you need money, in hard work we can solve all the doubts you have, we will be happy to assist you.