There’s no doubt that muscle car prices are way down right now. And like the housing market, that’s great news for muscle car buyers and not so great news for folks having to give up their project car to send a kid to college or make ends meet.

In a normal situation (at least at my house) you would save up the extra dollars to buy yourself a muscle car and not go into debt for a fun purchase. However, what if you stumble on a super deal on your dream muscle car before you have the necessary amount saved? Assuming you won’t dip into the retirement fund, you’re going to need some financing.

If the car is being sold by a muscle car dealer, most likely the dealership will offer financing. It doesn’t hurt to find out what interest rate and terms they offer. Don’t automatically assume they will be the worst financing offer. However, you definitely need to shop for a loan elsewhere to make sure you are getting the best possible scenario for your specific purpose.

Be sure to check out the financing options available at your local bank or your credit union. Since a bank normally uses the NADA used car guide to assess the loan value of a car, and a thirty year old muscle car isn’t going to be listed there, you will be applying for a personal loan instead of a car loan. Personal loans usually require collateral of some kind (title to the car maybe) and have higher interest rates than a regular used car loan.

Finally, there are muscle car financing companies that regularly sponsor muscle car events and advertise in the major muscle car magazines. Their advertisements list quick credit decisions, unsecured loans, long term loans, low or no down payment, and low interest rates as some of their key benefits. Since applying is easily done on the Internet, you may want to get a loan quote from one of them so you can compare several options. Two widely advertised muscle car lenders are JJ Best Banc & Company and FirstAgain.

Note: when shopping for auto financing, a credit check or two or three won’t bring your credit rating down. However, if you are also getting financing for a new house, applying for a car loan can seriously impact your ability to get a mortgage.

Have you financed a muscle car? Please share your knowledge with a comment.

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