Important disclosure

Classic car loans

A classic car can be a dream, a legend, a beauty, and a gem all rolled into one. Driving one is a treat and a thrill – but it doesn’t come cheap. If you need extra cash to bag a classic before the next collector or enthusiast swoops in, our comparison table and repayment calculator are here to help. Find out more in our classic car loans guide below and start applying today.

Calculate your repayments

Loan Amount

$30,000

Term

5 months

OurMoneyMarket

New Car Loan | No Fee, Excellent Credit

EST Monthly Repayment
Advertised Rate
6.57%
Advert. Rate (p.a)
Comparison rate
Simple, fast, low-rate secured car loans from $2,001 to $75,000 for any new motorised vehicle. No monthly account-keeping fees, no exit fees, and no early repayment fees. Weekly, fortnightly, or monthly repayments are available.
Can be used to buy any used cars without vehicle age limit. Borrow from $2,001 to $75,000 with this simple, fast, low-rate secured car loans with fixed rates. No monthly account-keeping fees, no exit fees, and no early repayment fees. Weekly, fortnightly, or monthly repayments are available.
MoneyPlace

Used Car Loan (Excellent credit)

EST Monthly Repayment
Advertised Rate
6.66%
Advert. Rate (p.a)
Comparison rate
Don't get ripped off by dealer financing, hidden charges, balloon payments or early exit fees. Check your rate today.
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $15,000-$100,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 21.65% p.a.*
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 26.95% p.a.*
Driva

Driva - Unsecured Car Loan

EST Monthly Repayment
Advertised Rate
7.65%
Advert. Rate (p.a)
Comparison rate
Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.
MoneyPlace

Used Car Loan (Good credit)

EST Monthly Repayment
Advertised Rate
10.57%
Advert. Rate (p.a)
Comparison rate
Don't get ripped off by dealer financing, hidden charges, balloon payments or early exit fees. Check your rate today.
MoneyPlace

Used Car Loan (Average credit)

EST Monthly Repayment
Advertised Rate
13.15%
Advert. Rate (p.a)
Comparison rate
Don't get ripped off by dealer financing, hidden charges, balloon payments or early exit fees. Check your rate today.
NAB

Variable Rate Personal Loan

EST Monthly Repayment
Advertised Rate
12.69%
Advert. Rate (p.a)
Comparison rate
Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day
Bank of Melbourne

Unsecured Personal Loan

EST Monthly Repayment
Advertised Rate
12.74%
Advert. Rate (p.a)
Comparison rate
Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)
Commonwealth Bank

Fixed Rate Personal Loan

EST Monthly Repayment
Advertised Rate
12.99%
Advert. Rate (p.a)
Comparison rate
We have dropped the rate on our 5 and 6 year loan terms.
Beyond Bank

Flexi Car Loan

EST Monthly Repayment
Advertised Rate
13.45%
Advert. Rate (p.a)
Comparison rate
Make your dreams come true with a car loan that offers maximum flexibility. Our Flexi Car Loan is available for the purchase of new and used cars.
NAB

Fixed Rate Personal Loan

EST Monthly Repayment
Advertised Rate
13.49%
Advert. Rate (p.a)
Comparison rate
Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between $4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

results per page
What type of car loan are you looking for?

red cabriolet car parked outdoors

Classic car loans in Australia – Invest in a unique asset

When it comes to car finance, most lenders aren’t willing to fund vehicles older than 12 years. Typically, classic cars are no spring chickens, but they aren’t old clunkers and rust traps either. Instead, buying a classic can be a smart investment that puts you on the map in terms of owning an iconic piece of automotive history. Fortunately, classic car loans are available in Australia, and BestFind looks at your options and how they work.

What makes a car a classic?

Before a car earns the prestigious tag of ‘classic,’ most car dealers, lenders, and insurance companies agree that it has to have eclipsed a certain age. The specifics vary, but the general consensus seems to lie between 20 and 40 years. Any older, and you start venturing into vintage and antique territory, although some lenders will finance cars from these eras as well.

However, you’ll first need to do your research to make sure the classic you’ve got your eye on passes the maturity test, depending on the provider you’re using. Keep in mind that other metrics also come into play when defining a classic vehicle. These include factors like desirability, rarity, appreciation value, as well as make and model.

How do classic car loans work?

Classic car loan providers are specialist lenders that will finance classic, exotic, and rare cars. They are the top option when financing your unique ride because they have a better handle on the nitty gritties of classic car markets. For instance, traditional or standard vehicle loans might not provide expert valuations, and your collectable could end up in the same bracket as a regular used vehicle.

However, although classic car loans work a little differently from standard car loans, there are also some similarities. Whether you’re buying a Holden, Ford, or Toyota old-timer here’s what you can generally expect when taking out this type of loan:

  • Flexible amounts and terms. Across the price spectrum, classic cars can range anywhere from a $40,000 Mustang to an ultra-expensive, multimillion-dollar Ferrari 275 GTB. As such, most lenders offer flexible loan amounts that depend on your financial situation. Loan terms usually go up to 10 years which is an ideal repayment period if you’re buying a big-budget classic.
  • Stringent credit requirements. Buying a classic ride is typically an investment since they’re generally not susceptible to the normal rules of depreciation. To qualify, your credit score needs to be tip-top unless you’re willing to pay a higher rate.
  • Fewer restrictions. Classic car loans have no hard and fast rules when it comes to restrictions about age and type of vehicle. For instance, they’re popularly used to purchase muscle cars, prestige cars and other collector cars that are far older than 10 or 12 years
  • Secured. Most classic car loans are secured, meaning a repayment default will result in the lender repossessing your vehicle. The trade-off is a lower interest rate because of less risk to the lender. You might also be able to apply for an unsecured car loan which comes with higher interest rates.

What other loan options can I use?

Have you looked up classic car loans only to find the lending criteria isn’t as inclusive as you’d like? Or perhaps you want all your options on the table before you settle? Here are a few more loan types to keep your finance options wide open:

  • Standard car loans. Depending on your vehicle’s age and other details, your application might be able to squeeze through the cracks of standard car loan requirements. However, it’s generally best to confirm with the lender if you’re unsure whether they’ll finance your classic.
  • Personal loans. A personal loan might just have the flexibility you need when purchasing a classic vehicle. They come in secured and unsecured form and in most cases, the money doesn’t have to cover your purchase exclusively.
  • Dealer finance. Some Australian car dealers offer finance for your unique purchase. But dealer finance is often more costly, especially if you sign up for the add-on features. We recommend that you put in some legwork before taking up the first dealer finance offer you come across.
  • Car loan brokers. Car loan brokers can help you hunt down the perfect finance option since they often have special relationships with lenders. They may also know all the ins-and-outs of the application process, which eases some of the administrative burden for you. However, you’ll have to pay extra for this service.

How do I track down the best loan deal?

Whether your shopping takes you to a specialist lender’s doors or another credit provider, there are a few things you’ll need to tick off your to-do list to ensure you’re buying into the right option for you:

  • Add up interest and fees. Make sure you’ve got a good grasp of the total cost of the loan. Whether your interest rate is  variable or fixed, it’s generally best to favour the lowest rate available. Loan fees and charges include application and establishment fees as well as monthly service and late repayment fees. The comparison rate usually rolls up all these standard costs into one percentage, so make a point to check it out.
  • Use our classic car loan calculator. Make sure you keep your budget happy by choosing a monthly repayment amount that’s friendly and workable. Using the classic car loan repayment calculator also helps you figure out what loan term works best for your financial situation. However, keep in mind that borrowing more and taking longer to pay it off means you’ll build up more interest and costs.
  • Consider if the loan is flexible. A loan with laid back terms usually allows you to chip in with extra repayments at zero cost. That means you can take a quick exit from your debt without racking up too many borrowing charges. But in case you need to cash-back those extra repayments, choosing an option with a redraw facility is also best.
  • Read the fine print. From what we’ve outlined, finance options for classic car purchases are varied, and lenders tend to have a jumble of requirements and terms and conditions. Read the fine print and do your due diligence to make sure you’re applying for the right loan product.

How to apply for a classic car loan online

If you want to apply for any finance option in our product table above, click the “Go to Site” button, and it will take you to the provider’s application page.

Besides having a good credit score, other standard requirements for vehicle loans also apply. You must be an Australian citizen or permanent resident, 18 years or older, with a stable income source as evidenced by your payslips and bank statements. Some Australian lenders will also require you to have specialised insurance, mainly if the loan is secured.

Specialised lenders usually have experts to evaluate the value of your classic automobile before they approve the funds. If not, you might have to hire an independent car valuation expert. Last but not least, if you have bad credit, your best bet lies in applying for a secured loan and putting up a deposit if possible.

Popular car loan searches

View all popular car loans searches

.