How to Get Classic Car Loans
Classic car loans are like auto loans but there are some key differences. See our top 3 choices below.
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If you’re like most classic car aficionados, there’s nothing you love more then driving down a country road in your dream car with the windows down and the breeze blowing. Whether you’re considering buying your first classic car or you already have a garage full of collector cars, one question you might be struggling with is how you’re going to finance your next purchase.
Until recently, there were no classic car loans. The only way to purchase a collector car was to buy it with cash or to get a home equity loan or personal loan in order to finance the purchase.
Traditional auto lenders didn’t understand the classic car market, so they were wary about lending to buyers. Traditional auto loans generally operate on the assumption that cars depreciate as time passes and that means that the older a car is, the less likely a lender would be willing to consider classic car financing.
Luckily, there are some classic car loan lenders available to help you finance your next ride.
Best Classic Car Loans Currently Available
In the last several years, a number of lenders have started offering classic car loans with varying options depending on what you need. The rates and loan amounts you qualify for depend on your financial situation—especially your credit score.
Here are some classic car lenders that you may want to consider:
3 of the Best Classic Car Lenders
LightStream
Rates (APR)
3.49% – 9.49%* with AutoPay
Loan Amounts
$5,000 – $100,000
Loan Terms
24 – 84 months**
LightStream is a popular online lender that offers both traditional auto loans, as well as collector car loans. They offer extremely low rates and you can borrow between $5,000 and $100,000. There are no restrictions on the type of vehicle that you can buy.
LightStream offers both secured and unsecured auto loans with no prepayment penalties for terms between 24 and 84 months.** The online application for LightStream collector car loans takes only a couple of minutes. If you send in your application during business hours, you will hear back from them within minutes and you can often get the money the same day.
Collector Car Lending
Rates (APR)
6.25%+
Loan Amounts
Over $10,000
Loan Terms
Up to 144 months
Collector Car Lending is another well-known player in the collector car financing market. In addition to offering loans to those with good and excellent credit, they also offer classic car financing to those who have less than perfect credit. They are one of the only classic car lenders who will consider lending to those with credit scores as low as 600.
Their minimum loan amount starts at $10,000, and they specify the type of cars that you can buy with it. You can purchase exotic cars that were manufactured in 2009 or before or classic cars manufactured between 1928 and 1996. Their rates start at 6.25% and their terms go up to 144 months with no prepayment penalties.
They offer a quick online application and usually get back to applicants in 15 to 20 minutes during normal business hours.
J.J. Best Banc & Co
Rates (APR)
Not disclosed
Loan Amounts
$6,000 – $750,000
Loan Terms
60 – 84 months
One of the most popular lenders in the collector car lending market is J.J Best Banc & Co. They allow you to borrow anywhere from $6,000–$750,000 and have competitive auto loan rates with multiple term length options with no prepayment penalties. They provide quick responses to loan applications during business hours and you can potentially get the funds deposited into your account the next day.
They offer fixed rate loans that start as low as 2.19%, but what you will pay will depend on your personal credit profile. Also, they offer both secured and unsecured loans depending on your credit profile and require that you put up to a 30% down payment on your vehicle.
*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 $10,000 loan at 5.95% APR with a term of three years would result in 36 monthly payments of $303.99.