J.J. Best Banc calls itself the country’s largest loan provider for buyers of classic and collector cars. This J.J. Best Banc Review will look into these claims and explain the process for applying for a classic car loan.

J.J. Best Banc is located in New Bedford, MA and occupies a landmark bank building dating from 1831. The company has been in the auto financing business for several decades.

Their motto, “The customer comes first,” is reflected in their loan approval process in which they promise to have a decision in two minutes.

The company will lend 80 to 90 percent of the car’s selling price with the remainder supplied by the borrower. Some hot rods, modified vehicles, and kit cars may require a 30 percent down payment.

Application Process

You can apply for a J.J. Best Bank classic car loan via its online form. The application can specify a particular vehicle or can ask for a generalized pre-approval.

The company’s eligibility criteria require that you:

Have good to excellent credit without any late recent mortgage or car loan payments. The company states that it will make exceptions for lower credit ratings, depending on the nature of the previous issues
Put down at least ten percent toward the purchase
Have verifiable income
Have a debt-to-income ratio no higher than 45 percent
Choose a vehicle that’s operational and in good condition
Have no record of prior bankruptcies discharged within four years prior to application

The application form can be used for loans on cars, boats, motorcycles, or aircraft. It asks for the vehicle’s make, model, purchase price, loan amount, and whether you want the loan to cover the sales tax. You’ll need to fill in personal information such as Social Security number and employment data. The company encourages you to include your spouse’s information on the assumption that you will both use the vehicle.

After completing the document, you can simply submit it via the website. Alternatively, you can print it out and mail, email, or fax it. You can also call a company representative to apply over the phone.

The form’s disclaimer limits loans to sales in the U.S. only and informs the lender that J.J. Best Banc will pull your information with a credit bureau.

It will also require additional documentation from you which includes a copy of the title, a copy of the purchase and sale agreement, proof of insurance (insurance can be purchased from J.J. Best Banc), proof of down payment, proof of income, and a copy of your driver’s license.

The lender will order a collateral verification report from a third party. Assuming your loan is approved, the company promises to fund the loan by the next business day.

Loan Characteristics

J.J. Best Banc makes loans on the following vehicles:

Antique cars
Classic cars
Exotic cars
Kit cars
Muscle cars
Hot rods
Sports cars
Antique motorcycles
Antique recreational vehicles
Antique aircraft
Antique Boats

J.J. Best Banc defines “antique” as pre-1985, but it will also consider loans on newer vehicles that are considered classics or exotics.

The loans provided by J.J. Best Banc range from $6,000 to $750,000, and repayment terms range from 60 to 84 months. The website does not list typical APRs, but it does state that the loans are priced competitively. There are no additional fees associated with a J.J. Best Banc loan.

Pros Vs. Cons of Using a J.J. Best Banc Classic Car Loan

Pros

Rates are said to be fixed, simple and “competitive”
No fees or extra costs
No early repayment penalty
No mileage restrictions on the vehicle
Offers pre-approvals for future purchases, including those at collector car auctions and corrals
Refinancing is available, and the company will finance the residual balance on a lease
Electronic payments can be set up
Loan amount can cover sales tax, tags, license, and the cost of a J.J. Best Banc warranty

Cons

Interest rates and late fees are not explicitly stated on the website
Vehicle cannot be used for business or commercial purposes
You must reside in the U.S.
Shipping and travel expenses not included in loan amount

Summary

J.J. Best Banc appears to be a leading lender in this niche market. It is not a member of the Better Business Bureau, but it has received a BBB rating of A+. It is not rated by TrustPilot. The only potential complaint could be its policy of not revealing its interest rates until your loan is pre-approved.