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The short answer is yes. The process is a little different to a standard car loan, but there are options available if you know where to look.
What Counts as a Classic or Specialty Vehicle?
- Classic cars: Older vehicles, often more than 20 years old, that are preserved or restored.
- Specialty vehicles: Rare imports, luxury models, custom builds, or cars modified for performance or style.
- Collectibles: Vehicles with historical or cultural value, often increasing in price rather than depreciating.
Lenders view these vehicles differently compared to everyday cars, which can affect finance options.
Challenges with Financing Classic and Specialty Cars
- Age of the Vehicle
Many lenders restrict loans to vehicles under a certain age. Classic cars often fall outside this range, which is why specialist finance solutions are needed. - Valuation
A classic car’s value is not always clear. Condition, rarity, and demand all affect how much a lender is willing to finance. Independent valuations are often required. - Depreciation vs Appreciation
Unlike new cars that lose value quickly, some classic and specialty vehicles may hold or even increase in value. Lenders need to factor this into risk assessments. - Insurance Requirements
Classic car insurance is often more specialised and may be mandatory before finance is approved.
Finance Options in Perth
1. Secured Car Loans with Specialist Lenders
Some lenders in WA offer secured loans for classic and specialty cars. These usually require an independent valuation and proof of insurance.
2. Personal Loans
An unsecured personal loan can be used to purchase a classic car. The rates may be higher but it gives flexibility when the car does not qualify for a secured loan.
3. Asset Finance
For rare or high-value vehicles, asset finance may be structured more like business equipment loans, giving owners access to funding with flexible terms.
4. Business Use Loans
If the vehicle is being used for a business purpose, such as a promotional car or part of a rental fleet, it may qualify for business finance structures.
Tips for Classic Car Buyers in WA
- Get a professional valuation before applying for finance
- Budget for restoration and maintenance costs, not just the purchase price
- Organise specialised insurance early, as lenders often require it
- Work with a broker who understands which lenders are open to financing classic and specialty cars
Final Word
Owning a classic or specialty vehicle is about passion as much as practicality. Financing these cars in Perth can be more complex than a standard car loan, but the right broker can connect you with lenders who understand the unique value of these vehicles.
At Hanna Lending Services, we help WA drivers secure finance for everything from everyday cars to collector vehicles. Whether it is a restored Holden, a European import, or a one-of-a-kind custom build, we can guide you through the process and find the best finance option.
Thinking about financing a classic or specialty vehicle in Perth? Speak with Hanna Lending Services today to explore your options.
