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

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. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan.

Overview

Application / establishment fees$0

Minimum loan amount$15,000

Maximum loan amount$100,000

Minimum term1.5 years

Maximum term7 Years

Car loan interest rates (base)4.45%

Car loan comparison rate4.45%

Monthly repayments (approx)$558

Total repayments (approx)$33,516

Total interest repayments (approx)$3,516

Rate typeFixed

Secured or unsecuredYes

GO TO Now Finance

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of21/02/2021

GO TO Now Finance

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There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)4.99%

Car loan comparison rate5.69%

Monthly repayments (approx)$566

Total repayments (approx)$33,960

Total interest repayments (approx)$3,960

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

Overview

Application / establishment fees$250

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.35%

Car loan comparison rate5.65%

Monthly repayments (approx)$570

Total repayments (approx)$34,257

Total interest repayments (approx)$4,257

Rate typeFixed

Secured or unsecuredSecured

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$27

For used vehiclesYes

SponsoredYes

Telephone1300 990 115

Data accurate as of30/04/2021

GO TO OurMoneyMarket

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NRMA used car loans can help you get one step closer to owning your dream pre-loved car.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.24%

Car loan comparison rate6.94%

Monthly repayments (approx)$583

Total repayments (approx)$35,000

Total interest repayments (approx)$5,000

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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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. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan.

Overview

Application / establishment fees$0

Minimum loan amount$15,000

Maximum loan amount$100,000

Minimum term1.5 years

Maximum term7 Years

Car loan interest rates (base)4.45%

Car loan comparison rate4.45%

Monthly repayments (approx)$558

Total repayments (approx)$33,516

Total interest repayments (approx)$3,516

Rate typeFixed

Secured or unsecuredYes

GO TO Now Finance

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of21/02/2021

GO TO Now Finance

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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.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)4.47%

Car loan comparison rate5.28%

Monthly repayments (approx)$558

Total repayments (approx)$33,532

Total interest repayments (approx)$3,532

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

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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.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)4.69%

Car loan comparison rate6.55%

Monthly repayments (approx)$561

Total repayments (approx)$33,713

Total interest repayments (approx)$3,713

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

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A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

Overview

Application / establishment fees$250

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.35%

Car loan comparison rate5.65%

Monthly repayments (approx)$570

Total repayments (approx)$34,257

Total interest repayments (approx)$4,257

Rate typeFixed

Secured or unsecuredSecured

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$27

For used vehiclesYes

SponsoredYes

Telephone1300 990 115

Data accurate as of30/04/2021

GO TO OurMoneyMarket

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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.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)5.45%

Car loan comparison rate7.85%

Monthly repayments (approx)$572

Total repayments (approx)$34,340

Total interest repayments (approx)$4,340

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

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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. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. Comparison rate can vary from 5.95% to 17.95%

Overview

Application / establishment fees$0

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term1.5 years

Maximum term7 Years

Car loan interest rates (base)5.95%

Car loan comparison rate5.95%

Monthly repayments (approx)$579

Total repayments (approx)$34,757

Total interest repayments (approx)$4,757

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Now Finance

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of21/02/2021

GO TO Now Finance

Hide info -

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.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)7.65%

Car loan comparison rate9.53%

Monthly repayments (approx)$603

Total repayments (approx)$36,196

Total interest repayments (approx)$6,196

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

Hide info -

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.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)7.65%

Car loan comparison rate10.24%

Monthly repayments (approx)$603

Total repayments (approx)$36,196

Total interest repayments (approx)$6,196

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

Hide info -

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

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.69%

Car loan comparison rate13.56%

Monthly repayments (approx)$677

Total repayments (approx)$40,670

Total interest repayments (approx)$10,670

Rate typeVariable

Secured or unsecuredUnsecured

GO TO NAB

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

GO TO NAB

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Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)

Overview

Application / establishment fees$195

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.74%

Car loan comparison rate13.81%

Monthly repayments (approx)$678

Total repayments (approx)$40,716

Total interest repayments (approx)$10,716

Rate typeVariable

Secured or unsecuredUnsecured

GO TO Bank of Melbourne

Other Fees & Information

Monthly fee$12.0

Other fees$0

Missed payment fee$9

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$100

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 100 266

Data accurate as of13.09.2017

GO TO Bank of Melbourne

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We have dropped the rate on our 5 and 6 year loan terms.

Overview

Application / establishment fees$150

Minimum loan amount$4,000

Maximum loan amount$50,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.99%

Car loan comparison rate13.86%

Monthly repayments (approx)$682

Total repayments (approx)$40,946

Total interest repayments (approx)$10,946

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Commonwealth Bank

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 14 31

Data accurate as of02.04.2017

GO TO Commonwealth Bank

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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.

Overview

Application / establishment fees$175

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.45%

Car loan comparison rate13.71%

Monthly repayments (approx)$689

Total repayments (approx)$41,371

Total interest repayments (approx)$11,371

Rate typeVariable

Secured or unsecuredSecured

GO TO Beyond Bank

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 236 344

Data accurate as of02.04.2017

GO TO Beyond Bank

Hide info -

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

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.49%

Car loan comparison rate14.36%

Monthly repayments (approx)$690

Total repayments (approx)$41,408

Total interest repayments (approx)$11,408

Rate typeVariable

Secured or unsecuredUnsecured

GO TO NAB

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

GO TO NAB

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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.

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.

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