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Financing the car of your dreams is more complex than financing your next family SUV. The value of a classic car has so many variables, many typical auto lenders aren’t equipped to appraise them correctly. Fortunately, there are specialty classic auto loans that are available. These car loans typically offer longer terms, better rates and a better understanding of the classic car market.

Deciding to Finance

Choosing whether or not to finance your classic or exotic car is a personal decision. However, the classic car market is very strong and many models appreciate at 10 percent or more a year. Classic car financing comes at a much lower rate, so financing the car will cost very little in the long run. The car finance industry makes it easy to take advantage of these exotic investment opportunities, even if you don’t have the cash to pay outright for a collectable car.

Factoring in Costs

Buying a these car isn’t like buying a regular car. Many lenders require an inspection and appraisal before they’ll issue classic auto loans. The cost of this appraisal should be factored into the loan. The appraisal is very helpful for you as the buyer as well. The appraiser will determine whether you’re buying a truly original car and whether there are any problems the seller didn’t declare. You may also want to factor the travel and shipping costs into you loan to make sure your new car isn’t left stranded on the other side of the country!

Make Sure You Can Get a Title

A title to the car is very important for all auto loans, but there are eight states who don’t issue titles for classic cars. If you live in a state that doesn’t issue titles, you’ll struggle to find financing from classic car lenders or regular auto lenders. If you have found your car before shopping for a loan, you may want to obtain a copy of the title before applying – this can help speed up the approval process.

Get Pre-Approved

Getting pre-approved is a great way to find your budget and to save time so you can purchase a vehicle quickly once you find one. To get pre-approval, you’ll probably need at least 20 to 30 percent of the value on hand as a down payment. Knowing your credit score will also help. People with low credit scores may be asked for a larger percentage as a down payment than those with better credit scores.

Use A Classic Car Lender

Choose a lender in the classic car finance industry. General auto loan companies will struggle to offer competitive rates on these cars because they don’t understand the true value in the vehicle. They may also require larger down payments and only offer the standard auto finance length of five to six years. A great car financing company will offer competitive rates and offer terms up to 12 years – lowering your monthly payment.

Financing a classic car should be treated more like buying a house than buying a regular car. You have the option of using one of many car lenders, instead of only picking the terms the dealer offers you. Take the time to get pre-approved and talk to the right lender. They’ll use their experience in car financing to lead you through the process of buying your dream car.

The import and export business is still one of the lucrative types of trades you can get into. However, importing is still a risky business to get into.

If you are still interested in entering the foreign trade industry, one of the first things you have to do is to secure the best available export and import financing solutions. With these solutions, you will have access to the working capital required for your venture as well as enhanced cash flow since you can get the assurance that all pertinent matters are effectively settled with suppliers and payments are promptly received from buyers.

There are different import financing options to choose from today. Businesses can use them on their own or two or three more in conjunction. Below are three of the most popular options you can choose from:

1. Accounts receivable financing. This option pertains to the selling or pledging of your company’s account receivable, at a discount, to a bank, financial institution, or an accounts receivable financing company who may assume a risk of loss. Under this solution, you receive a portion (usually 80% to 90% of the face value of your receivables) in advance of payment from your customers in return for a fee, or interest, which will be paid to the commercial finance company. When the customer pays the commercial finance company, the appropriate fees are deducted and the remainder is rebated to you.

2. Purchase order financing. This import financing option refers to the assignment of purchase orders to a third party, a bank, financial institution, or commercial finance company, who then takes all responsibilities of billing and collecting from customers. Purchase order financing can be used to finance all present and succeeding orders to sustain and improve your company’s cash flow.

3. Inventory financing. Inventory financing pertains to a loan secured by the inventory of your business. This financial solution enables import companies to hold more stock without cash flow strain and to produce more sales. Most of the time, inventory finance is part of a purchase order and accounts receivable financing commercial finance package.

The three types of import financing solutions stated above can enable your business to increase its purchasing capabilities dramatically. With these options, you can accept larger orders and grow your business exponentially.