Classic car loans are a specialty financing product.
Loan amounts can range from $5,000 to $2 million.
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How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
| Lender | Best for... | APR range | Loan terms | Loan amounts | Down payment required |
|---|---|---|---|---|---|
| Long loan terms | Not disclosed | Up to 180 months | $10,000-$1,000,000 | 10%-20%+ | |
| Large loan amounts | Not disclosed | 60-84 months | $6,000-$2,000,000 | 10%-30% | |
| Same-day funding | 7.24%-15.19% (with autopay) | 24-84 months Loan Term DisclosureYour loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank. | $5,000-$100,000 | None | |
| Interest rate discounts | 9.24%-11.74% (with discounts) | Up to 84 months | Up to 90% of the car’s appraised value | 10%+ |
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Learn more about how we chose the best classic car loan lenders.
Classic car loan lenders at a glance
Woodside Credit: Best for long loan terms
Not disclosed
Up to 180 months
$10,000-$1,000,000
10%-20%+
Pros
- Long loan terms available
- Will finance expensive cars (up to $1,000,000)
- Preapproval available
Cons
- Doesn’t disclose APR range
- Limited information about credit requirements available
- Similar credit (such as a history of car loans) required
What to know
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Woodside Credit has made a name for itself in the world of niche car lending. The lender specializes in providing financing for classic cars, exotic cars and collector cars. If your vehicle falls into one of those categories, Woodside offers some flexible financing terms, including allowing for sale prices up to $1,000,000, offering loan terms as long as 180 months, and providing the opportunity for loan preapproval.
Still, like many auto loan lenders, Woodside Credit is not the most upfront about its rates and eligibility requirements. However, the lender does specify that comparable credit is required, which means it may not be a fit if you’re looking to finance your first car purchase.
How to qualify
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Woodside Credit requires its borrowers to have at least 10 years of credit history and comparable experience financing a vehicle. In addition, you can not have any bankruptcies, charge-offs or late payments.
As far as the vehicles it finances, your classic car must be at least 25 years old and in good condition. The company’s list of approved makes and models shows vehicles it will finance.
J.J. Best Banc & Co: Best for large loan amounts
Not disclosed
60-84 months
$6,000-$2,000,000
10%-30%
Pros
- Will finance expensive cars (up to $2,000,000)
- Preapprovals available
- No mileage restrictions
Cons
- Not transparent about interest rates
- Limited loan term options
- Could require higher down payment than other lenders
What to know
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J.J. Best Banc & Co brands itself as the country’s oldest and largest classic car financier. However, regardless of that status, this lender offers some benefits. In particular, its maximum loan amount stretches all the way to $2,000,000, which sets it apart from other lenders on this list. Plus, it offers the opportunity for financing preapproval.
Yet, there are a few limitations that you may want to consider. Specifically, this lender is not up front about its interest rates, and in some cases, you may be asked to make a larger down payment than other lenders require. Additionally, its loan terms are rather limited, ranging between five and seven years.
How to qualify
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J.J. Best looks for its applicants to have a good-to-excellent credit score, an income, a low debt-to-income ratio and the ability to put at least 10% down. As far as the vehicles it finances, the car you’re purchasing must be in working condition and, ideally, will have been manufactured between 1900 and 1985.
LightStream: Best for same-day funding
7.24%-15.19% (with autopay)
24-84 months
Loan Term Disclosure
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
$5,000-$100,000
None
Pros
- Same-day funding available
- No down payment required
- Offers interest rate discount for autopay
Cons
- Low maximum loan amount
- Not a fit for bad-credit borrowers
- No opportunity for preapproval
What to know
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If you’re only looking to borrow a small amount, LightStream could be a smart option. For those who qualify, the lender offers some unique perks, including the availability to access same-day funding and finance up to 100% of your vehicle purchase. In addition, the company does not impose any year, make, model or mileage requirements.
At the same time, LightStream will not be a fit for every borrower. When it comes to classic vehicle financing, this lender has a relatively low maximum loan amount ($100,000). Additionally, it’s not a fit for a bad-credit car loan because of its eligibility requirements.
Read our full LightStream auto loan review.
How to qualify
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In addition to requiring a good or excellent credit score, LightStream also looks for borrowers to have at least five years of credit history, a spotless payment history, sufficient assets and a low debt-to-income ratio.
Digital Federal Credit Union (DCU): Best for interest rate discounts
9.24%-11.74% (with discounts)
Up to 84 months
Up to 90% of the car’s appraised value
10%+
Pros
- Interest rate discount available for using direct deposit and paying loan back electronically
- Low maximum APR
- Offers financial relief programs
Cons
- Must be a DCU member to receive loan funds
- No opportunity for preapproval
- Branches and ATMs not available in all states
What to know
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Digital Federal Credit Union (DCU) strong points are its affordable interest rates and flexible payment options. For one thing, it offers a 0.5% rate discount if you maintain direct deposit in an eligible DCU checking account and pay your loan electronically. In addition, it offers quite a few debt restructuring options for members who are experiencing financial hardship.
You must be a member of DCU in order to borrow from the lender. The company is primarily based in New England, with the vast majority of its branches in New Hampshire and Massachusetts.
Read our full Digital Federal Credit Union auto loan review.
How to qualify
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As stated above, you must be a member to borrow from DCU. To qualify for membership, you must be related to another DCU member, work for a participating employer, live in an affiliated community or be part of a partnering organization. Each eligible organization is open to anyone.
What is a classic car loan?
A classic car loan is an auto loan that finances vehicles that are older or rare.
According to J.D. Power, an auto industry guide, in order to be considered “classic,” a car typically must be at least 25 years old. However, there are exceptions. Some newer, limited-release cars also fall into this category. They can count as “classic” as long as fewer than 25,000 pieces were produced.
Not all auto loan lenders offer classic car financing. Since the price points and maintenance requirements for classic cars can often be much different than for traditional vehicles, it’s often considered to be a niche type of lending.
On this page
- How to get classic car financing
- How we chose the best classic car loan lenders
- Frequently asked questions
How to get classic car financing
If owning a classic car is on your bucket list, here’s how to obtain a loan that suits your needs.
Check your credit score
Your credit score is typically the single biggest factor in determining the interest rate you’re given for a loan. The higher your score is, the better your chances of being approved for a loan and the lower your annual percentage rate (APR) will likely be.
By checking your credit score, you’ll have a much better idea of where you stand with loan eligibility. If you want to secure the best rate possible, consider working on improving your score before applying.
Shop around for the best rate
Obtaining loan offers from multiple lenders is a great way to save money on your auto loan. LendingTree data suggests that shopping around for a car loan can help you save thousands of dollars over your loan term.
With that in mind, consider gathering loan offers from a few lenders that offer preapprovals. Then, compare the results and select the option that works best for you.
Weigh your down payment options
Most classic car lenders require you to make a down payment on the car before they’ll allow you to finance the rest. This amount usually falls between 10% and 20% of the car’s purchase price, but it can be more in some cases.
Usually, your lender will specify a minimum down payment, but you can make a larger one if you would like. If you can afford it, putting more money down is a smart way to lower your monthly payments and may even help you secure a better interest rate. Use an auto loan calculator to estimate your payments.
Get classic car insurance
Where classic cars are considered, you typically need to get classic car insurance. Unfortunately, traditional car insurance likely won’t take into account the value of a classic car or necessary maintenance and repair costs.
Like when shopping for an auto loan, we recommend you compare car insurance quotes to ensure you’re getting the best rate.
Close on your classic car loan
Once you have chosen a lender and provided it with all the necessary paperwork, the next step is to close on your loan. Be sure to read over your loan documents carefully, so that you understand all the terms and conditions. Then, if you’re satisfied, sign on the dotted line and wait for your loan to be funded.
How we chose the best classic car loan lenders
We reviewed eight lenders that specifically offer classic car loans to determine the overall best four lenders. To make our list, we prioritized the following factors:
- Transparency: We chose lenders that are up front about the terms of their loan products. This may include publicly sharing information about available loan amounts, loan terms, interest rates and down payment requirements.
- Rates and terms: We prioritize lenders with more competitive starting fixed rates, fewer fees and greater loan options for repayment terms, amounts and APR discounts.
- Repayment experience: We also consider each lender’s reputation and business practices. We favor lenders that have been shown to provide reliable customer service and offer unique perks.
Frequently asked questions
Some traditional lenders will loan money for car purchases. However, when you’re dealing with classic cars, which are often expensive and involve some unique considerations, it can be helpful to go with a specialized lender that understands the market.
Classic car loan interest rates vary by lender. Experian’s State of the Automotive Finance Market report shows that the average interest rate across all new car loans was 7.18% in the last quarter of 2023. But, keep in mind that classic car loan rates are typically higher because of the unique nature of the vehicles.
Again, the credit score needed to buy a classic car will vary by lender. The stronger your credit score, the better your chances of being approved. However, bad-credit auto loans do exist.
