Not everyone is paying cash for classic and custom cars these days, money is tight and what disposable income you do have you want to keep some of it in your pocket.
Financing a collectible car is an option and if you have good credit car loans on collectibles can spread payments from 5-12 years to meet your repayments needs.
Car collectors have traditionally leveraged their Home equity to finance a collectible car purchase, but not too many have equity left in their homes.
There are a handful of companies that will finance a collector car, but they will want to make sure the car you are buying is appreciate in value and is likely to remain “collectible” for the duration of the loan. This would exclude a project vehicle, the bank wants something they can take ownership of and sell right away should you not make the payments.
Ultimately, if you have a collector car financed the lending bank will require an appraisal to document the vehicle, determine its fair market value and determine if the vehicle is truly a collector vehicle that is sought after.
Protect your Investment. Have it appraised!!