If you’ve got a classic or vintage car in your sights that you simply must own, you might not necessarily have the funds for it. In that case, your first instinct might be to take out a car loan.

However, where you’ll probably run into road blocks is that with many secured car loans, the lender imposes a limit on the age of the car. This is often up to 12 years old - hardly ‘classic’ territory.

So where do you start? The next most obvious options are to find secured car loans with no vehicle age limit, a specialist lender, a personal loan, or tapping into your home’s equity.

Loans for Classic & Vintage Cars



FixedUnsecuredN/AN/AMore details
  • Simplified Borrowing - 100% online process makes it easy to apply for a loan anytime, anywhere
  • Personalised Rates - Get a fair interest rate that’s personalised to you
  • More than a loan - Behind the scenes is a friendly and dedicated team ready to answer your questions

Unsecured Personal Loan (Excellent Credit) (Amount > $5000)

  • Simplified Borrowing - 100% online process makes it easy to apply for a loan anytime, anywhere
  • Personalised Rates - Get a fair interest rate that’s personalised to you
  • More than a loan - Behind the scenes is a friendly and dedicated team ready to answer your questions
FixedUnsecuredN/AMore details
  • Lower Interest Rates
  • No Hidden Fees
  • A quick and easy, 100% online application. No printing. No paper. No fuss.

Low Rate Personal Loan Unsecured (Excellent Credit)

  • Lower Interest Rates
  • No Hidden Fees
  • A quick and easy, 100% online application. No printing. No paper. No fuss.
VariableUnsecuredN/AN/AMore details

Home Improvement Loan

    FixedSecuredN/AMore details

    Secured Green Personal Loan

      FixedUnsecuredN/AMore details

      Tesla Powerwall Loan (HL members)

        VariableUnsecuredN/AN/AMore details

        Eco Personal Loan

          Important Information and Comparison Rate Warning

          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

          The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

          Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes.

          Rates correct as of April 15, 2024.View disclaimer

          Secured car loans with no age limit

          There may be a few lenders out there that do not have a specific age requirement for the vehicle to be used as security for a loan. This can be handy as many ‘classic’ cars are over 30 years old.

          Pros

          • Able to get a regular, secured car loan for your pride and joy

          • Might have lower interest rates than other types of financing

          Cons

          • You might need to satisfy an additional range of criteria such as having your vehicle valued or your finances more closely examined

          • You may not be able to use this type of loan to fund upgrades or restorations of classic cars

          Specialist lenders

          Outside the usual realm of banks and car finance providers are a series of specialist lenders that may offer specific products for classic cars. Such providers include Fox Finance and AFS, though there are likely many others.

          Pros

          • It can be good to have a specialist lender who knows the ins and outs of classic cars and provides a tailored product for that

          • May be able to work out a solution if you need to fund a restoration product or other niche finance need associated with classic cars

          Cons

          • Likely have higher interest rates than regular banks and lenders' car loan products

          • May have more onerous application and income conditions, including having your vehicle valued

          Personal loans

          Personal loans are generally more concerned with you, the borrower, rather than what you’re borrowing for. Personal loans can either be secured or unsecured. The security could be something that isn’t the car - for example, a term deposit, jewellery, or another asset. Unsecured means the opposite and your vehicle isn’t used for security.

          Pros

          • More flexible, especially if you want to draw extra funds for a restoration project or to bring the car back to its former glory

          • Secured personal loans can have competitive interest rates

          Cons

          • Unsecured personal loans tend to have higher interest rates than other types of loans that use a security

          • If you opt for unsecured, there may be more scrutiny placed on you, the borrower, and your credit score, income, employment, and assets and liabilities

          Home equity

          If you have already made strong inroads on your home loan and have built a good amount of equity, you could draw down on the equity or use it as security to fund a vehicle purchase.

          Pros

          Cons

          • Relies on you having sizeable equity to start with, which you will lower by funding the car purchase

          • The total interest paid could be higher as home loans are typically taken out over 25 or 30 year terms, and that amount dragged over a longer period means more interest payable

          What to look for in a classic car loan

          When looking at finance for your classic car, your options might be more limited, but that doesn’t mean you shouldn’t consider a few fundamentals.

          • Competitive interest rate: A competitive interest rate lowers interest payable and your repayments. Also take a look at the comparison rate, which gives an indication as to the total cost of the loan.

          • Low fees: Look for a lender with low fees. This will mitigate the total cost of the loan. You will have to do the maths but you might be better off choosing a lender with a slightly higher interest rate, than a low-rate product with lots of fees.

          • Repayment terms: It could be a good idea to look for a product with flexible loan terms, such as extra repayments. Alternatively, you may opt for the relative stability of a fixed-rate loan.

          Photo by Meritt Thomas on Unsplash