There is no denying that classic car finance is more popular than ever before. With figures constantly rising, many are wondering what’s responsible for the sudden increase in popularity.
Whilst options used to be limited, and unless you had a perfect credit score you wouldn’t even be considered for a loan, times are changing.
Statistics show that the number of motorists has increased over the years, leading to a growth in demand for new and used cars.
Since more people are on our roads, more people are looking to purchase a vehicle.
As great as it would be if we all could afford to buy a car with cash, this isn’t possible and many people wouldn’t be able to own a vehicle if it wasn’t for classic car finance.
On top of that, the growth of the online sector, has a lot to do with the increase of people opting to go with classic car finance. Back in the day, it was quite difficult to find any information regarding classic car finance, and now it’s widely available for all to see. People can research the process and familiarise themselves with it, whilst finding the best deals possible, all from the safety of their front room.
This definitely had an impact on the number of people choosing to buy a vehicle on finance. Because, more information is available people feel more confident about entering the process than ever before.
Due to the increase in popularity of classic car finance, more car finance providers have emerged, making the sector very competitive, whilst giving car buyers a lot of different options.
People with poor credit scores can now purchase cars on finance, due to the many providers offering this option, which is something that hasn’t always been possible.
With figures constantly growing, and the UK car production nearing an all-time high, the popularity of classic car finance will likely continue to increase in the near future.
The time has never been better to buy a new vehicle, so if you’ve been thinking about getting your hands on a new car, now could be the perfect time.
Let us know about your experiences with car finance, and be sure to return shortly for more informative content from the Car Buying Guide.