30 Mar 2026

Car Finance for Old Cars

If you’re thinking about buying an older vehicle, you might be wondering if car finance for old cars is even possible. While newer cars are often easier to finance, there are still plenty of options available for older vehicles.

Whether you’re looking at a reliable used car or even a classic model, older car finance can still be an option, depending on the car and your circumstances. In this guide, we’ll explain how it works, what to expect, and what to consider before applying.

Can You Get Car Finance for Old Cars?

Yes, old cars on finance are possible, but there are a few factors that lenders will consider. Most lenders are happy to finance cars up to around 8-10 years old. Some lenders might go beyond this, but it often depends on:

• The age of the vehicle (maximum age limits may apply)

• The mileage

• The overall condition

• The value of the car

Older vehicles can carry more risk for lenders, which may affect the interest rates and finance deals available.

Your Options for Older Car Finance

When it comes to car finance for old cars, there are a few main routes to consider.

Hire Purchase (HP) for Older Cars

Hire Purchase is often the most straightforward option for older vehicles. You’ll make fixed monthly payments over an agreed term, and once everything is paid off, the car is yours. There’s no large final payment to worry about, which makes it a popular choice when buying a car that’s a bit older.

Apply for HP finance

Personal Contract Purchase (PCP) for Older Cars

PCP can still be an option, but it’s less common for older cars. Since PCP relies on predicting the car’s future value, it’s usually limited to newer used vehicles rather than much older ones.

Apply for PCP finance

Car Loans

A standard car loan could be another option, especially if the car you’re considering falls outside typical age limits. You borrow a lump sum, buy the car outright, and repay it in fixed monthly repayments. Because the loan isn’t directly tied to the vehicle, it can be useful for classic car financing or even vintage cars.

Is There a Maximum Age for Car Finance?

There’s no universal rule, but many lenders do set a maximum age for the vehicle at the end of the agreement. 

As a rough guide:

• Up to 10 years old is widely accepted 

• Cars aged 10-15 may need more specialist options

• Anything older may fall into classic car finance

Sometimes, the car mileage and condition could affect the deal you’re offered more than the age of the car alone. Regardless of age, if you’re looking to finance a used car, it’s always a good idea to look for cars with lower mileage that have been well looked after.

Can You Finance Vintage or Classic Cars?

Classic cars are classed as cars older than 40 years by HMRC for tax purposes, making them exempt from vehicle tax and MOT requirements. Vintage cars are often considered under the umbrella of classic cars and are classed as cars made between 1919 and 1930. Another popular option is modern classic cars, made between 1980 and 1990.

While classic car financing isn’t something offered by Autodosh, it is possible with certain specialist lenders. Finance for this type of car may work slightly differently from modern new or used cars since classic cars don’t usually follow the same depreciation patterns (they usually appreciate).

Things to Consider Before Financing a Classic Car

Getting your hands on a classic car can be quite exciting, but it’s important to consider what owning and running such a car can be like. When it comes to maintenance, you might not be able to rely on just any old mechanic - it’s probably going to take a specialist. The specialist knowledge, paired with sourcing parts for your car, could add up to quite a hefty sum compared to your average car.

These classic cars are a product of another time, so you’ll also need to think carefully about storing your car to make sure the weather doesn’t cause excessive damage. Older cars are typically more expensive to run, too, since they often use more fuel. 

If all of that doesn’t put you off and you’re willing to take it in your stride, then go forth and ride! 

Why Do Cars Over 40 Years Old Not Need an MOT?

If your car was built or first registered over 40 years ago, it doesn’t need an MOT. This is because classic cars are recognised by the UK government as being well-maintained by owners and rarely driven. Classic cars are also typically built differently from modern cars, so the MOT standards don’t fit well with them.

Keep in mind that just because you don’t need to get an MOT for your car, it will still need to be in a roadworthy condition, or you risk a fine and penalty points.

When is a Classic Car Exempt from Car Tax?

As of April 2025, cars made before 1 January 1985 don’t need taxing. This isn’t an automatic exemption, though - you will need to apply for a vehicle tax exemption. For further information, always check the government website.

Classic Car Not for You? Explore Modern Financing Options Instead

It can be a big undertaking to finance a classic or vintage car. If you’re not quite sure you can maintain the upkeep, or you want something that you can drive more often, then a modern car might be the right choice for you. At Autodosh, we work with a wide panel of lenders who might be able to help you secure financing for a new or used vehicle

Get a Quote

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Autodosh is a credit broker, not a lender.

Editorial Disclaimer: This content is for entertainment purposes only. Opinions expressed here are the author’s alone, and not those of any bank, credit card issuer, or any other company. This article has not been reviewed, approved, or otherwise endorsed by any of these organisations. NB: The information on this page does not constitute financial advice, please do your own research to ensure that the product/service is right for your individual circumstances.