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Discover Classic Car Loans in South Africa

Are you a classic car lover? Have you seen that dream classic but don’t have all the funds to make the purchase. South African lenders offer classic car finance loans that can help you make this purchase a reality.

Our loan calculator below can help you compare loan options among these lenders. It will give you a good idea of what your monthly repayment will be once you input the loan amount and provision the loan term then click calculate.

Calculate repayments

MFC Vehicle Finance

MFC
12 months
to 96 months
R10,000
to R300,000
10.00%
APR
Whether you're buying a through an MFC approved dealer or privately, MFC can assist; for cars up to 10 years old or in some cases classic cars. Apply through Fincheck to be matched with the right vehicle finance provide for you.

RCS Vehicle Finance

RCS
12 months
to 72 months
R10,000
to R550,000
10.00%
APR
RCS are second-hand car finance specialists. Interest rates from prime* over 72 months. Apply through Fincheck to be matched with the right vehicle finance provide for you.

Fincheck Vehicle Finance Broker

Fincheck
12 months
to 72 months
R10,000
to R250,000
10.25%
APR
Go through Fincheck's online application to get matched with loan provider that's most suitable for you.

MFC Vehicle Finance

MFC
12 months
to 96 months
R10,000
to R300,000
10.00%
APR
Whether you're buying a through an MFC approved dealer or privately, MFC can assist; for cars up to 10 years old or in some cases classic cars. Apply through Fincheck to be matched with the right vehicle finance provide for you.

RCS Vehicle Finance

RCS
12 months
to 72 months
R10,000
to R550,000
10.00%
APR
RCS are second-hand car finance specialists. Interest rates from prime* over 72 months. Apply through Fincheck to be matched with the right vehicle finance provide for you.

Standard Bank -Financial lease

Standard Bank of South Africa
12 months
to 84 months
R20,000
to R200,000
10.25%
APR
Lease the vehicle you want, over an agreed period, with the option of owning it at the end of your financial lease. Apply through Fincheck to be matched with the right vehicle finance provide for you.

Fincheck Vehicle Finance Broker

Fincheck
12 months
to 72 months
R10,000
to R250,000
10.25%
APR
Go through Fincheck's online application to get matched with loan provider that's most suitable for you.

Wesbank Vehicle Finance

Wesbank
12 months
to 96 months
R10,000
to R300,000
13.00%
APR
Wesbank provide a range of value-added services that make it that much easier to own, drive and personalise your vehicle. Apply through Fincheck to be matched with the right vehicle finance provide for you.
What Dealership Finance offers: A tailor-made vehicle finance solution. Choice of fixed or variable rate. A reasonable balloon payment or residual value to match your agreement choice. What this allows you to do: Buy a vehicle from a dealership. Buy a vehicle up to 10 years old. Finance a vehicle for at least R30 000 after deposit.
Experience the joy of owning your car while you are paying it off with our flexible instalment sale agreement. Own the vehicle while you are paying it off. Reduce your monthly payments by choosing a balloon payment or by paying a deposit. Choose a monthly repayment from 24 - 72 months. Fixed or variable interest rates available
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Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

Auto loan guide to classic vehicle financing in South Africa

Do you want to drive in style? A classic car might just do it for you.

You can enjoy, today, the craftsmanship that once ruled in another era. It’s like reliving the best part of history. Whether you’re looking for Henry Ford’s earliest designs or the oldest Benz around, with car finance for classic cars, your dream car is never out of reach. While CompareLoans.co.za does not offer classic vehicle financing, we guide you to the best options available in South Africa. Keep reading to find out how you too can get a classic set of wheels that can be the pride of your garage.

What is a classic car?

Although most lenders don’t usually distinguish between classic, vintage, or collector cars, it might help you to know that old cars can be typically classified as follows:

  • Antique Cars – Older than a classic car, over 45 years old.
  • Vintage cars – Cars that were manufactured as far back as the early 1900s.
  • Classic cars – These cars are usually between 20 and 40 years old.
  • Collectable cars – These are generally older, rare cars with beautiful designs.

How does classic vehicle financing work?

The most common type of classic vehicle financing is a secured car loan. Loan amounts go up to R300 000 and loan periods can range from 12 to 72 months. As the name suggests, the car is used to guarantee the loan. With secured car loans, you usually have two options to choose from:

  • Instalment sales agreement: The loan is repaid in monthly instalments, and once you have made all the payments, ownership of the car is transferred to you.
  • Financial lease: The lender buys the classic car, and you rent it from them. At the end of the classic car loan contract, you can renew the lease, buy the car at an additional cost, or return it.

What are the other classic car loan options?

Besides secured car loans, you can also finance your classic car purchase via the following options:

  • Personal loans: Most credit providers in South Africa offer unsecured personal loans for amounts as large as R250 000 or even more. If your credit score is a higher number, you can get a lower interest rate. However, although unsecured loans are more flexible, you’ll still have to pay a bit more interest to balance the risk the lender is taking.
  • Home equity loans: This is a preferable option for house owners because of the relatively low interest rates. In this case, your house is used to secure the loan instead of the car you’re buying.
  • Specialised loans: Some South African lenders specialise in classic car loans. These types of loan providers may understand your needs better and, therefore, provide better loan deals.

How to compare loans for classic cars

Before financing your classic car purchase, consider these factors when comparing loan options:

  • Price evaluations: Used cars, including classic cars, usually have to be assessed for their value before the lender can approve the loan. It is important that you get a fair evaluation, so you don’t end up buying an overpriced classic.
  • Requirements: These are usually the same as standard car loans. The most important requirements include a good credit history and proof of a stable income. Make sure you meet all the classic car loan requirements for any options on your list.
  • Interest rate and other charges: Rates can either be fixed or variable. A loan with the lowest interest rate is always in your best interest. Also, check the fees and other loan charges to make sure the loan doesn’t end up being more expensive than advertised.
  • Car insurance: Find out if the loan has affordable insurance and optimum cover. If not, you should be able to choose an insurance plan that better suits you.
  • Repayment schedule: Affordable monthly payments are important. If you wish to include a deposit or balloon payment check to see if these options are also available.
  • Pre-approval: Depending on your needs, you might want a lender that can approve your application before you go shopping for your dream classic car. If the lender does not offer pre-approved loans, then you have to obtain a purchase agreement from your seller before applying.

Use the classic car finance calculator for better results

Our classic car finance calculator is a valuable tool that can further guide you to a classic car loan that is best suited to your budget. What’s a reasonable amount that you can pay every month towards your classic car loan? The calculator can help you answer this. Just plug in your loan amount and loan term details, then click “Calculate Repayment.” The monthly repayment results for our featured lenders will quickly appear in the comparison tables above each time you give the calculator a go.

Applying for classic vehicle financing online

At CompareLoans.co.za, we offer you a one-stop-shop for classic car finance in South Africa. Once you have determined a favourite from our featured lenders, go ahead and click the correct “Go to Site” button.

This allows you to visit the lender’s website, where you can start your online application. The biggest advantage of applying for your classic car loan online is the convenience and a potentially faster approval. You could be driving your classic beauty sooner than you think.

Leasing a classic car vs. buying a classic car

Both loan options can be good, depending on your preferences. Classic car leases usually have lower monthly repayments, and if you wish to buy the car, you’ll have to pay a lump sum payment after the loan agreement ends. Renting is also great if you want a short-term experience of driving that particular car.

Since most classic cars are considered luxury vehicles, meaning they’re not suitable for everyday use, you may not want to own a classic car outright. On the other hand, although buying a classic car is more expensive, it can bring greater satisfaction, especially if you’re a classic car enthusiast.

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