Slightly off topic, but I work in banking and can't help myself
Lending is a bit different in Australia to the USA - the USA sub prime issue was because the loan agreements were "limited recourse" meaning that if the bank couldn't recover all their money by selling the house, it was the bank's problem. This meant that when property prices tanked in the USA people with mortgages that were now much much higher than the value of their houses were walking into the bank with their house keys and saying "it's your problem now" and the banks could do nothing about it if they didn't get all their money back.
Australian loans are "full recourse". If the bank has to sell your house and can't recover the full amount of the loan outstanding, you still owe the bank the balance and could go through legal processes and end up bankrupt if you can't pay back the residual balance. So there is no option for a borrower in Australia to just walk away from a loan by handing in the mortgaged item.
That said PB's point is exactly right - Australian banks would be very reluctant to offer a "secured" personal loan where the security is a classic car. Most personal loans that are issued by the banks are unsecured and the credit assessment is based purely on your ability to repay the loan. The bulk of secured car finance in Australia is the dealer aligned finance on brand new cars, and structurally with those deals you are generally entering into a finance lease as opposed to a "loan" (although they're essentially the same thing).