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Is there a bank that will give a loan on a classic car without requiring an appraisal?
"Will banks finance a classic car if I intend to drive it everyday? I found a classic muscle car for sale for an incredible deal. I would have to finance it and would like to actually drive the car, so the appraisal based classic loans are not going to work for my situation."
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Some credit unions might, but it depends on the car and the amount.
Another option is to get a personal loan instead. The interest rate will be higher, but you’ll be able to get the car.
If possible, it is best to always pay cash for classic cars, but if you do have to finance, try and pay a sizeable
down payment
.”View full answer
- Gregory R.
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