Car Loans • Modified Cars
Buying a Modified Car: Does Finance Cover It?
You've found the perfect modified car, but now you're wondering if you can get a loan for it. The short answer is yes, but it's more complicated than financing a standard vehicle. Here's what you need to know.
What are the key takeaways (TL;DR)?
- Lenders focus on compliance, safety, and resale value.
- Insurance approval and a clear valuation improve outcomes.
- Full documentation beats verbal explanations every time.
Amelia Hart
How do lenders view modified cars?
Lenders can be wary of modified cars for a few reasons. Modifications can sometimes decrease the value of a car or make it harder to sell. They might also have concerns about the legality and safety of the modifications.
“Full transparency about all modifications is crucial. Hiding details can lead to a quick decline.”
What do lenders look for in a modified car loan?
When assessing a loan for a modified car, lenders will look at the quality of the modifications, the car's overall condition, and whether the modifications are legal and engineered-certified. A professional inspection report can be a huge advantage.
How can you improve your approval chances?
To increase your chances of getting finance for a modified car, you should:
- Provide all documentation for the modifications, including engineering certificates.
- Get a professional valuation of the vehicle.
- Have a strong credit history and a stable income.
- Be prepared to pay a larger deposit.
What are the next steps?
Financing a modified car doesn't have to be a roadblock. Our team specializes in finding solutions for unique vehicles. Contact us to discuss your options. Send your documents securely to info@newgenfinancebrokers.com or call 0451 414 800.