7 replies to this topic

[Project84]

Hi folks,

 

Can anyone recommend a good finance company that will at least quote on a classic mini? - everyone I look at rejects the quote due to the mini (being a 1999) being too old.

 

Thanks

 

 

[bpirie1000]

Car finance usually has high percentage rates 7% and up.
Maybe a better option to try and find a personal ,own as they can be 4 or so percent depending on credit history.

Always get financial assistance when available.

[68+86auto]

It makes no sense for anyone to loan money for a classic car. Remember they are in it to make money, not to help you and hope you pay them back.

 

I'll say if you need a loan for classic car, you shouldn't buy one. Personally I think a loan for any car is dumb enough.

[stuart bowes]

I'd say that depends on the size of the loan and the personal circumstances..

 

are you looking for <£10k or so with a loan setup that has you paying it back in 2-3 years?  I wouldn't see that as unreasonable, it might just be that you're just a bit impatient and prefer not to wait and save up but your income is more than sufficient to cover it comfortably

 

OR are you looking at something more than that, and having to spread it out over 5-6 years or more, and you've got kids and trying to pay a mortgage, and the payments put you on the breadline for that period, in which case that's a less sensible choice

 

Also, are you bugdeting for the fact that once you get it, you're probably going to spend a few grand over X amount of time on repairs / maintenance, with a classic car you're not going to just get in it an run it for that entire loan period without any work required, that's very unlikely isnt it..  it's almost certainly going to p*ss oil all over your driveway at some point, throw up an unexpected eletrical issue, or have some rust to deal with

 

not everyones situation is the same, should probably avoid judgements based on assumptions - nothing wrong with loans as such, it's a common finanical 'product' that a lot of people use for convenience, it's very much dependant on circumstance

Edited by stuart bowes, 28 August 2026 - 08:49 AM.

[Steam]

Try a personal loan instead.

[Ethel]

Classic cars don't have huge automotive corporations willing to engage in any business model so long as it generates a profit one way or another, that  will colour the market even for simple lenders. Every lender will be interested in security and a car with a reliable insurance value will be better for that. If anyone will insure a Mini against rusting, I'd like to know  .

 

As has already been said, a loan to buy a classic car will be a personal loan in any practical sense. It might not be a bad deal when you take in to account what you could potentially save in road tax, insurance, depreciation... but you'd be taking on a greater risk of having to payback a loan for something that no longer gives anything in return.

[MiniFanGraham]

putting "classic car loans" into google brings up plenty that say they offer that, give one a call see how you get on.

[slidehammer]

You would get the best rate from your bank as a personal loan. The finance copies are usually all more expensive. Good luck with your purchase.