- Hemmings has announced a new financing program for classic and collector cars and trucks.
- Hemmings Financing provides buyer pre-approvals, estimated monthly payments, and the ability to apply right on a vehicle listing page.
- Buyers can also use the service to purchase vehicles outside of the Hemmings auction and classifieds listings.
Hemmings has been helping people find their next classic or collector car for the better part of seven decades. Now, the company is introducing a new program designed to make the buying process a little easier.
Hemmings Financing does pretty much exactly what the name suggests: Allows you to finance the purchase of your next vehicle directly through Hemmings. The goal, according to Hemmings, is to simplify the process of buying and selling classic cars.
Financing A Classic Just Got Easier
Through Hemmings Financing, the company will now display estimated monthly payments on vehicle listings, along with a "Finance This Vehicle" link across its various properties. That includes auctions and classified listings. The Hemmings team will also help with financing after an auction or accepted offer, giving buyers and sellers another resource to get the deal across the finish line.
You don't even need to have a specific vehicle picked out, either. If you're ready to start shopping, Hemmings Financing can issue a pre-approval so you know what you can afford before you find the right car.
And that pre-approval isn't limited to vehicles listed on Hemmings. If you find something you love for sale on another site—or tucked away in a garage down the street—you can use Hemmings Financing to fund that purchase, too.
As Hemmings president Jonathan Shaw notes:
'Our goal is to make collector car ownership more accessible, whether someone finds the right car on Hemmings, through another marketplace, or from a private seller down the street...
By giving enthusiasts access to financing options designed around these vehicles, we can make the path to ownership simpler and more approachable. Ultimately, it's about removing another barrier to participation in the hobby.'
Your Next Classic Could Be A Loan Away
Sure, some might argue that classic cars should be paid for in cash. But what if you have a solid income and plenty of money overall, but most of your cash is tied up elsewhere? In that case, financing could be a convenient alternative to the financial gymnastics required to move money between multiple accounts.
You could use Hemmings Financing to get the transaction done quickly, then pay off the loan faster as cash frees up. Before long, you could have a sweet old ride sitting in your garage without having to rearrange your entire financial life to make the purchase happen.
It's probably still a smarter use of your money than slinging bets on sports, no matter what your favorite athlete tries to tell you.
Motor1's Take: Hemmings positions this as a way to open the door to classic car ownership for more people, and I can understand that argument. There's also a more cynical way to look at it: This is another way to put more people into debt for a discretionary purchase. I'm choosing to look at it more positively; if someone gets pre-approved for financing, they presumably have the means to repay the loan. And for those buyers, financing could make it easier to get into a cool old car that might otherwise have been just out of reach—or at least financially inconvenient to purchase outright.
