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Classic Car Financing

Updated on March 20, 2011

Smart Shopping First

So, you’ve found that classic car that you have always been dreaming ever since you were a kid. You´ve got a steady job, your mortgage mostly paid and you feel comfortable in getting that classic car financing through your bank. Think and think again!

Classic car financing could be the solution in acquiring that dream car for your enjoyment if your pocket isn´t to loaded, with the right bank rates it could be a good investment if choose the right classic. As well it could turn out to be that you can run up surprise expenses that you can´t afford and have to quickly sell the car for a loss and settle things with your bank. Before you go out to the bank to get your classic car financing, let me tell you this short story.

A friend of mine bought a Mini a few years ago thinking it was a particular special model and had gone to his bank for a loan. Now that he has decided to sell it, found out that it´s not worth as much as he paid for at the time, having a €4,000 loss in price difference. Classic cars are supposed to increase in value over time if you make the right choice and you have a bit of luck in choosing that right model that is probably becoming a collector’s item. Classic cars can look and be sold expensive, but that does not mean that it’s worth the asking price. Private sellers sometimes add sentimental value to the average claimed price turning the car overvalued.

The Heart of the Car

The engine is the heart of the car, and you have to be sure it’s running properly. With the engine cold, (make sure that the engine is cold and careful not to burn yourself) have someone or the seller start the car for you and place yourself at rear and on the side of the car to check for exhaust fumes at the start when the engine is fired up. This can give you a valuable clue on the condition of the engine and spare you future problems.

A Dream Barn Find

Outer looks and interior

The classic car you´re eyeing could look good but check the underneath the seal rubbers of doors and luggage compartment to see how it was painted and if there is any discoloration difference and check very closely rubber window seals if there is any leftover paint on the seals itself. This will tell you if it was thoroughly and dedicatedly painted or just a fast and cheap paint job. The interiors, if it´s in good state than you can always give a better wash on the upholstery and an enhanced clean to the seats making it look almost new.

Give it a lot of thought before you take action and inspect the car thoroughly, make sure you have compared prices elsewhere that exactly match the make/model/year and condition. Get a technical after market book on the car, it will give a great deal of information and of routine maintenance that will help you greatly in calculating future overheads.

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