Collector Car Lending Review: Limited Transparency in Classic Car Financing

View Rates

Auto Loan

• Offers financing for classic cars, which is hard to get with many lenders
• Available for all aspects of the purchase process (titling, appraising, and maintaining)

• Virtually no customer reviews to rely on
• Financing non-essential items can result in financial challenges
• No prequalification with soft credit check
• Does not disclose rates, loan amounts, and terms.

Collector Car Lending (CCL) is a full-service operation for buyers interested in classic cars. While Collector Car Lending is not a lender itself, it works with a network of lenders to help match buyers with loans. Collector Car Lending also helps buyers with titling, appraisals, and other parts of the purchase process (and ownership).

CCL’s website does not share much with borrowers upfront. You can’t find information on rates, loan amounts and terms, or even fees until you apply and get approved. This lack of transparency—and the overall lack of online customer reviews—should at least make buyers think twice before moving forward with financing through Collector Car Lending.

How does Collector Car Lending work?

Collector Car Lending isn’t a true auto lender, as the name suggests. Instead, CCL works with “affiliate institutions” to get applicants approved, and those institutions serve as the actual lenders. For that reason, Collector Car Lending can’t share information about rates, loan amounts, terms, or even fees.

Beyond connecting buyers with lenders who approve auto loans for classic cars (what CCL calls “financing solutions”), CCL dabbles in a range of classic car-related services, including:

• Acquisition
• Collateral verification
• Appraisals
• Pre-purchase inspections
• Delivery and transportation
• Vehicle titling
• Lien perfection
• Vehicle repair centers

Collector Car Lending rates, borrowing limits, and fees

You won’t have much info to go off of when you apply for classic car financing through Collector Car Lending. The FAQ page, which isn’t available via the main site navigation (we found it through Google), contains the following info:

• Rates: CCL can’t provide details on rates since those are set by the lending institutions CCL connects you with.
• Fees: CCL doesn’t charge any application fees, but there’s no information about origination fees to start the loan (likely because such fees vary by lender, and CCL has no control over this). CCL also notes that rates could vary by state. Notably, CCL does spell out that there are no prepayment penalties with any of the lenders in its network.
• Terms and loan amounts: We cannot find any disclosed information on the CCL website regarding possible loan terms or loan amounts.

Notably, you can find information about the required down payment to get approved for financing a classic car. You’ll need to put at least 10% down.

Who’s eligible for a car loan from Collector Car Lending?

CCL doesn’t publish much of its eligibility requirements on its website (including age or state of residence), but you are prompted to select one of the 50 U.S. states on the application form. 

That said, the end of the application allows you to check a box if you are not a U.S. citizen, which suggests CCL may be able to find financing options regardless of citizenship.

While CCL doesn’t state its employment requirements for auto loans, there is an option to check a box if you are retired or disabled.

And though CCL doesn’t provide a hard number for credit scores, borrowers with a rocky past may still be able to get financing:

• CCL claims that affiliate institutions (that is, the lenders in CCL’s network) look at more than just credit score.
• Borrowers with bankruptcy on their credit file can still be approved if the bankruptcy is closed.

That said, you need to have an established credit history with an auto or home loan to qualify. Lenders that work with CCL require at least 18 installment payments for a real estate or auto loan.

How do you repay a Collector Car Lending auto loan?

Collector Car Lending does not manage auto loans. Rather, it helps connect buyers with lenders. Once approved, CCL will hand you off to that specific lender, which will be your main contact for monthly payments and payoffs.

Thus, how you repay the auto loan will vary depending on the lender you are paired with. CCL confirms that none of the lenders it’s affiliated with will charge a fee for early payoff.

How do you apply for Collector Car Lending?

Collector Car Lending has a detailed application form on its website. Upon submitting it, you should receive an email within 10 minutes confirming your application. If you don’t, you can call 800-224-8180 to complete the application over the phone.

When filling out the form, you’ll need to include:

• Your personal information: Name, phone number, email, marital status, Social Security number, and birth date.
• Your address: Including how long you’ve been there and what your monthly rent or mortgage payment is.
• Employment information: Including your salary, tenure, and title; you can select an option if you’re retired or disabled.
• Additional income: If you have another source of income to report that will help your approval odds, you can indicate that here. You can also check a box to add a co-applicant.
• Purchase information: You’ll need details about the dealership or private seller.
• Financial information: This is where you input vehicle details and also indicate if you’ll use it as a daily driver. You’ll need to know the sales price, how much you’re putting down, and how much you want to finance.
• Additional information: You can add any other information you think is pertinent to the application.

Note that if you move forward, you consent to a credit application. Unlike some lenders, which let you get prequalified without a hard credit inquiry, this jumps right into the credit check, impacting your credit score.

Pros and cons of Collector Car Lending auto loans

So what are the advantages and disadvantages of getting an auto loan through Collector Car Lending? Let’s take a look:

Pros

• Financing for classic cars

  Many traditional auto lenders don’t offer financing for classic cars. With limited options available, it’s helpful to work with CCL, which has a network of potential lenders it can connect you with.

• All aspects of the process

  We’ve mostly focused on CCL in terms of financing a classic car, but you can also work with CCL on vehicle titling, appraisals, and even repairs.

Cons

• No customer reviews

  If you want to hear from other customers about their experience with Collect Car Lending before applying, you’ll come up short. There is virtually no presence of Collector Car Lending reviews online.

• Financial challenges

  A classic car is a luxury purchase. Common financial advice is not to finance wants, only needs. You might finance a car you need to get to work, school, the grocery, and doctor appointments, but financing a classic car, which is often treated like a collector’s item rather than an essential part of your daily life, generates unnecessary debt. Proceed with caution.

• No soft credit check

  You can’t get prequalified with Collector Car Lending. By filling out the form online, you agree to a full hard credit check.

Collector Car Lending customer reviews

Finding customer reviews of Collector Car Lending is challenging. The company has not been rated on Trustpilot, and while the Collector Car Lending website advertises that it is accredited with the Better Business Bureau (BBB), CCL doesn’t have a presence on the BBB website.

If you do a little digging, however, you’ll find a listing for Trailer Solutions, an LLC with both “Trailer Solutions Financial” and “Collector Car Lending” listed as alternate business names on BBB. Trailer Solutions has a 5/5 rating on BBB, but as of October 2024, that’s based on a single review.

The company website has a page for testimonials, but you should always take such pages with a grain of salt. If you’re not comfortable moving forward with financing for a classic car without reading multiple customer reviews, you should likely pass on Collector Car Lending.

Source	Customer rating	Number of reviews
Trustpilot	N/A	0
Better Business Bureau	5/5	1

How do Collector Car Lending auto loans compare to others?

It’s challenging to compare Collector Car Lending auto loans to the best auto loans available. For starters, CCL doesn’t offer auto loans; the company simply connects you with lenders. Further, CCL specializes in collector cars, a niche that traditional auto loans often don’t cover.

If you’re looking for a more traditional auto loan, the lenders below are an excellent place to start.

---

Tip

Check out LightStream, which offers loans for classic cars from a private seller and classic cars from a dealer.

FAQ

Can you have more than one Collector Car Lending auto loan?

Yes, it is possible to have more than one auto loan with Collector Car Lending. However, approval for additional loans will depend on factors such as your creditworthiness, current debt obligations, and the amount of equity in your vehicle.

Can you pay off a Collector Car Lending auto loan early?

Yes, you can pay off a Collector Car Lending auto loan early. Typically, there are no prepayment penalties, allowing you to save on interest if you pay off the loan ahead of schedule. It’s always best to confirm the terms with the lender.

Is Collector Car Lending good to finance a car?

Collector Car Lending is a specialized lender financing classic and collector cars. It can be a terrific option for financing vehicles that traditional lenders may not cover. Collector Car Lending offers tailored loan options for vintage and rare cars, making it a strong choice for car enthusiasts looking to finance unique or classic vehicles.

What credit score do you need to finance a car with Collector Car Lending?

The credit score requirements for financing with Collector Car Lending can vary, but typically, you’ll need a good to excellent credit score to qualify. A FICO credit score of 650 or higher will often improve your chances of approval and help you secure better loan terms.