Loan Appraisals – When you want to buy an antique, classic, or muscle car but don’t have the cash up front to buy the vehicle of your dreams, you’ll need to explore getting a loan from a bank or credit union. Financial institutions have a different set of requirements for loans on these types of vehicles. These requirements often require a certified appraisal.
The same goes for boat or powersports vehicle loans. A certified appraisal protects the lenders’ interest and ensures that you will get a vehicle whose value is at least equal—or better—than the money you plan to spend.
Often, you can find a lender who specializes in antique, classic, and muscle car loans. These specialized lenders understand how such vehicles can appreciate–rather than depreciate–in value.
However, they also understand that hidden damage or non-OEM (original manufacturer) parts can cause the value of these vehicles to fluctuate. For this reason, these lenders require a financing appraisal for these loans.
At Benchmark Appraisers, we have you covered. With over 42 years of experience in the automotive industry, we have amassed a huge library of resources that date back to 1900. We keep up on all the latest antique, classic, and muscle car auction results and read up on all the latest developments in the classic car world.
Not only that, but we’re the appraiser of choice for serious collectors and museums—such as the Walter P. Chrysler Museum, the Sloan Museum, and the Lingenfelter Motorsports Collection. That’s why classic vehicle lenders in New York and nationwide trust us for a thorough, accurate appraisal of a vehicle’s value.
As a member of the Bureau of Certified Auto Appraisers (BOCAA), we follow the Uniform Standards of Professional Appraisal Practice (USPAP), the U.S. Congress-authorized standards for valuing assets for tax purposes.
Loan Appraisals for Boats and powersports vehicles often come with a hefty price tag. Many of them have residual value that falls more quickly than a road-driven vehicle, like a car, an SUV, or a truck.
It’s no wonder, then, that most lenders—such as credit unions, banks, and dealer or manufacturers’ financing–require a certified appraisal when you apply for a loan, particularly if the boat or powersports vehicle is pre-owned. It’s a wise move—one that can protect you from a bad deal, too.
Damage you can’t see with your naked eye might lurk beneath a smooth surface. The seller might have repaired or modified the vehicle with cheap parts. Whether or not you’re getting financing, you owe it to yourself to get a certified appraisal.
At Benchmark Appraisers, we have the experience and certifications trusted by clients in New York and across the entire continental U.S. We’re accurate, thorough, and know how to detect any problems that could impact the value of your boat or powersports vehicle.
With quick turnarounds and a huge network of appraisers across the nation, we can even come to your location to conduct the appraisal.
Lenders trust us—because we adhere to—and exceed—the stringent Uniform Standards of Professional Appraisal Practice (USPAP), authorized by the U.S. Congress for tax appraisals.
When we’re done, we’ll furnish both you and your prospective lender with a thorough, understandable full report.