If you are looking to add a car to your garage, then you will want to consider a loan. However, which kind of car is best for an auto loan. Here’s a look at some of the best types of cars that you should consider for a loan.
1). Cars for Business Use
If you are planning to buy a car for your business or for your ride-sharing gig, then you a loan is a great idea. That’s because banks and auto lenders are much more likely to approve you for a loan for a vehicle that you are going to use for business. You should look for lenders who offer special rates for those who are seeking loans for business or rideshare vehicles and get your credit score at creditsesame.
2). Classic Cars
For those who have their eye on a classic car, a loan is a smart choice. A classic car will likely hold its value. You should look at companies that specialize in finance for classic cars. Not only will they be more likely to approve you for a loan, but they will also make the process easier since they are used to these types of loan applications.
Here’s a look at some of the most popular classic cars that you can consider right now:
- 1973 Cadillac Eldorado – These don’t make big luxury coupes anymore. That would make the 73 Eldorado a true stand out. A nice 73 Eldorado should cost about $30K.
- 1964 Ford Thunderbird Convertible – This top convertible looks great and has one of the most beautiful shapes in the convertible world. A 1964 Thunderbird convertible should cost about $26,000.
- 1979 Pontiac Firebird – The ’79 Firebird looks cooler than ever. Now, you can get a great looking ’79 Firebird for about $15,000.
3). Cars that May Appreciate In Value
While most vehicles depreciate in value, there are some vehicles that will actually go up in value over time. Don’t worry. You don’t have to look in the six-figure range for vehicles that will appreciate in value. In fact, there are a number of “average” cars that have gone up in value before their rareness and desirability. Here’s a look at some affordable cars that are going up in value.
- Honda S2000 – The high revving roadster from the 1990s was sold in limited numbers and is in high demand.
- BMW 1M – This rare M car was only made for one year. You could have purchased this car new for $40,000 about a decade ago. Now, this vehicle is selling for about $50 to $55K.
- 1990s Supra – The 90s Supra and the Supra turbo ave really gone up in value. In 1995, you can have gotten the Supra Turbo for $55,000. Today, that same 1990s Supra Turbo is selling for close to $100,000.
If you are looking for a car that will appreciate in value, look at a vehicle that is sold in limited numbers, and is unique. Here are some current affordable vehicles that may go up in value.
- Tesla Model 3 – Tesla cars are rare in that these vehicles actually get better over time thanks to over-the-air updates. Model 3 could actually become more valuable over time.
- Volvo V90 Cross Country – Luxury wagons are sought after by a group of hardcore fans. Volvo’s flagship wagon may go up in value thanks to its limited production run.
- Chevy SS – The Chevy SS hasn’t been in production in a few years. However, this large size performance sedan actually comes in a manual. That makes this performance sedan a rare find that should go up in value.
4). Exotic Cars
If you have six figures in the bank, then you may want to splurge on a new or pre-owned exotic car. Whether you are looking at a Lamborghini or an Aston Martin, you will want to consider a car loan. That’s because interest rates are low and you can financing over $100,000 at around 3%. That a historically low rate. Therefore, you will want to lock in that rate while you can.
5). Fun, Weekend Cars
If you are looking for a fun weekend car like a used Miata or a used luxury cruiser like a Mercedes coupe, then you will want to consider a loan. That’s because you can get this car with low down payments that will not break your bank account. Take a look at some top weekend cars for sale around your neighborhood and see if you can scoop one up at a low price.
Autobiography
Eric Reyes is a passionate thought leader having been featured in 50 distinguished online and offline platforms. His passion and knowledge in Finance and Business made him a sought after contributor providing valuable insights to his readers. You can find him reading a book and discussing current events in his spare time.
