Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.
Although there are a number of companies which will finance your antique auto using the one you presently have as collateral for the loan there are a few points you need to understand about financing before you proceed.
Banks and other lenders do not make what they in their infinite wisdom and experience consider risky loans without adjusting the interest rate to reflect that perceived risk. This risk is determined on several factors:
Credit history/score - This measures how well you have dealt with credit previously and how well you have honored your obligations.
Income - This is used to determine the likelihood that your income, as evidenced by the past, is to continue.Thus, if you worked at one company for the past three years and are still employed there, the presumption is made that you are a good employee and likely to remain so. It is also used to measure your ability to pay the loan (plus interest) using historical averages.
Collateral - This is used to measure the security you have to offer a lender so that in a worst case situation the lender can take the collateral and auction it off and come out whole.Since the market for antique cars varies both up and down banks are cautious about lending for this.
Nevertheless, there are, as I stated earlier, lenders who specialize in antique auto loans. They have different criteria which they use to value a specific auto. Just remember that there is no "heart" involved here, just a cold look at what is involved. Here are a few for you to look into. Remember, they may also want your tax returns so you should print multiple copies of any you have. You are required to keep at least 3 years of these in your records. If you get a copy from the IRS do not release it, only release a copy of it.
Please choose carefully in selecting a lender to apply to. The more applications you submit, the more credit inquiries there will be. The increase in inquiries itself will make lenders perceive you as a potential bad risk and decline your loan.