Let’s face it; everyone loves the stylish looks of a true show classic car; it’s something that can turn many heads and leave its owner feeling as if they’ve tapped right into the incredible lineage of motor vehicles as both a luxury and an art form. The sad reality, however, is that not everyone has thousands in cash just lying around at the ready. Many people have to bend over backwards to find the means to get their hands on the wheel of one of the classics. If you’ve been feeling lost, here are some tips for financing your Morris Minor purchase.
If you don’t have the exact value that a car demands on hand, leasing is the primary option you’ll want to look into as leasing can be a scary process to the uninitiated, but that’s where some good old-fashioned homework comes in. Nothing worth attaining is ever easy. If you want to have an amazing, old-school beauty of a vehicle, put the work in to understand what sort of leases or loans are available, and what reputable sources you have on hand somewhere in your local area.
There are close ended leases that many car lovers have found very appealing overall. With these, you’ll know the residual value of the car right up front. The residual value, by the way, is how much the car is expected to be worth over time. Close ended leases also leave you with the option to return the vehicle at a certain point if you feel that the financial aspect of the lease just isn’t going to work out for you which can be the case where the car isn’t even the right fit for your personal taste or lifestyle. It happens more than you might think.
On the other hand, there are also open-ended leases available for classic car purchases, leaving the car’s exact value to be set once the lease is over, as you won’t be able to return it either. A lot of times, you will find these sort of deals operating with a balloon loan style, where your payments are relatively small until the final one comes around. Accepting this is a big responsibility, but it works out for anyone that knows they’re sure to come into more money somewhere down the line.
If you are looking for a bog standard loan that you repay over 2, 3 or 4 years then a used car finance loan will be the best option, you know the monthly outgoings at the start and on the final payment, you own the car outright.
You can also consider a home equity loan to help with your car purchase, which is especially popular as of late as they have low-interest rates and can be tax deductible. There’s a lot of risks involved if you can’t make the payments, however, as you might imagine. If you have a tax advisor or accountant, it’s best to discuss any of these sorts of matters with them to make sure that you’ll be able to make good on any financial commitments that you agree to in the long run. Otherwise, you can be put in the very scary situation of having a lien attached to your house.