Are unsecured used car loans available for classic or speciality vehicles?

Yes, unsecured used car loans are available for classic or specialty vehicles, but the process may differ slightly from that of regular used car loans. An unsecured loan means you don’t need to provide collateral, like a car, typically required in secured loans. However, loan providers will assess the vehicle’s condition, market value, and creditworthiness.

Classic or specialty vehicles, such as vintage cars, muscle cars, or rare models, may not be as straightforward to finance because their values can be less predictable than more commonly used vehicles. Lenders might request a professional appraisal to determine the car’s value. Additionally, these vehicles could be considered riskier investments due to their unique nature and market fluctuations, which means the interest rates could be higher or loan terms could be shorter.

While some loan providers specialise in financing classic or speciality cars, not all offer unsecured loans for them. It’s essential to shop around for the right lending institution and be prepared to provide extra documentation or appraisals to support your loan application.
Before applying, ensure your credit score is strong and you can comfortably afford the loan repayment terms.