Auto Financing Appraisals
Securing Loans for Vehicles Over 20 Years Old
Were you recently declined for an auto loan by a major bank due to the age of the vehicle? It's important to remember that a rejection is not the final word. Financing options exist for classic or collector vehicles older than 20 years. A strategic approach involves obtaining a professional valuation of the car, boat, or motorcycle to ascertain its market value, followed by exploring loan opportunities with local credit unions. This method bypasses the stringent requirements of large banking institutions.
A formal valuation confirms the worth of your vehicle, boat, or motorcycle through comparative sales and additional features. Reports from Auto Appraisal Network® are officially recognized and trusted by financial and insurance entities across the country, assisting you in securing both the necessary financing and adequate insurance coverage.
Valuation Beyond Standard Guides
Enhancements such as custom modifications, paint jobs, interior renovations, engine upgrades, and aftermarket wheels can greatly augment the value of a vehicle beyond what is reflected by the Kelly Blue Book or NADA guides. A certified appraisal by Auto Appraisal Network® can document these improvements, providing concrete proof of your vehicle's enhanced value.
This documented valuation is not only crucial for those aiming to sell a customized vehicle but also for prospective buyers. It establishes a definitive value that supports financing approval and the acquisition of appropriate insurance to cover the true replacement cost via an agreed-value policy.
Appraisals and Refinancing
While not mandatory, obtaining an appraisal during the refinancing process is advisable. Lenders typically require a valuation to make an informed decision on your loan application. If you dispute the lender's valuation, obtaining an independent appraisal can prove beneficial. Should your appraisal reveal a higher value than the lender's estimate, it facilitates a negotiation for a mutually acceptable valuation.
Lender-appointed appraisers may lack familiarity with classic or custom vehicles, potentially leading to underestimation of your vehicle's worth. This could result in a declined refinancing application or inadequate insurance coverage, posing risks if the vehicle is totaled. Auto Appraisal Network® offers independent, knowledgeable assessments of custom, classic, and collector vehicles, ensuring a fair and informed valuation.
Our appraisals, recognized by financial institutions and insurance companies nationwide, are detailed, certified, and presented in full color.
Financing Challenges for Custom Vehicles
The NADA provides valuation books dating back to 1926, focusing primarily on base models. For vehicles that have been customized or restored, a certified appraisal from Auto Appraisal Network of Charlotte is essential to accurately determine its true value.
Banks often resist financing custom vehicles due to the absence of standard valuation methods, viewing these cars not as typical commodities. To facilitate loan approval for a custom car, it is recommended to first secure a professional appraisal and then include this report with your loan application.
