How to Get Classic Car Loans

While most older cars cost less than new cars, classic cars can cost more because they are limited-edition and hard to find. The good news is that you can use a classic car loan to get a car. 

Classic car loans can help you pay for the purchase, but there’s a catch—only some lenders offer loans for older cars. Because of that, you might have to work with a specialty lender. Here’s how to get a classic car loan from one of the top lenders.   

Lender	Rates (APR)	Loan amounts
LightStream	7.24% – 24.99%	$5,000 – $100,000
Collector Car Lending	Starting at 6.25%	Starting at $10,000
J.J. Best Banc & Co.	Not disclosed	$6,000 – $2 million

Best classic car loans

Most auto loan lenders only offer loans for vehicles 10 years old or less. Classic cars are usually at least 25 years old, so you typically need alternative financing. Specialty lenders can be a solid option for classic car purchases. 

The best classic car loans offer competitive rates, straightforward applications, and high loan limits that allow you to purchase the car you want. Here are the top lenders that provide the best classic car loans. 

LightStream

Collector Car Lending

J.J. Best Banc & Co.

Can I get classic car financing with any auto lender? 

Auto lenders typically offer new and used car loans with limitations. Standard auto loan lenders have strict requirements, especially the car’s age. Some lenders do not offer loans for vehicles over 10 years old. Others have more lenient requirements, but even then, the oldest car you can finance is usually 20 years old. 

On the other hand, specialty auto loan lenders often require that the vehicle is at least 25 years old to be eligible for financing. As a result, most auto lenders aren’t an option for borrowers who want classic cars, and the reverse is true, too—borrowers who want new vehicles cannot work with specialty lenders. 

If you can’t find a specialty car lender that’s a good fit, a personal loan might be another option. You can use personal loans for nearly any expense, including classic cars. Personal loans are unsecured and provide maximum flexibility, which is helpful as you shop for a car. 

However, you might pay more for the loan because interest rates are often higher. And, repayment terms can be shorter, meaning you may have a higher monthly payment. 

How do classic car loan rates differ from other auto loan rates? 

Detail	New car loans	Classic car loans
Interest rates	Lower	Higher
Cost	Less	More
Valuation difficulty	Easier	Harder
Specialty lenders	Not needed	Often needed
Loan amount and terms	Standard	Higher with specialty lenders
Information availability	Easy to find	Hard to find

Classic car loans often have higher interest rates than other auto loans. Used car loans, including loans for classic cars, cost more than new car loans. Interest rates tend to be higher for used cars because it’s more difficult for lenders to accurately determine the car’s value—especially for classic cars. 

Specialty auto lenders have more experience with classic cars and can better evaluate their value, meaning you might qualify for a higher loan amount or better terms. The downside is that it’s usually harder to find information about rates online, and you might have to apply with a specialty car lender to view sample rates. 

How to get a classic car loan 

Getting a classic car loan involves additional steps you don’t have to complete with standard auto loans. It’s essential to understand the process before you begin. Here’s how it works.

1. Estimate the cost: Before you do anything else, determine the type of car you want to buy and the price. Most specialty car lenders ask for details about the car’s make, model, and year when you apply. You should also consider the size of the loan you need and the down payment amount since some lenders require a down payment of 10% or more. 
2. Compare lenders: Create a list of two or three lenders and gather details about each loan program, including repayment term length, interest rates, and fees. Some lenders don’t provide much information online. If that’s the case, you can always call to ask for more information. 
3. Apply for a loan: You can apply online for specialty car loans. To complete the application, provide information about yourself and the car you plan to buy. Most lenders will follow up within 24 to 48 hours. The lender will let you know if you need additional information or documentation. 
4. Secure the right insurance: Most specialty auto lenders require that you get specialty insurance before finalizing the loan. You must have a guaranteed or agreed-value insurance policy. The lender can connect you with insurance companies that provide policies. 
5. Finalize the loan: After you complete the process and get insurance, you can finalize the loan, including the amount. 

FAQ

What is the oldest year you can get a car loan for? 

The oldest year you can get a car loan varies by lender. Some lenders may offer loans for vehicles up to 10 or 15 years old, while others specialize in loans for classic or antique cars, which can be 25 years old or older. It’s best to check with specific lenders who offer classic car loans for their exact terms.

What credit score do you need to finance a classic car? 

Financing a classic car typically requires a good to excellent credit score, often around 660 or higher. However, the specific score required can vary by lender. Those with higher credit scores generally receive more favorable loan terms and interest rates.

Why don’t banks finance older cars? 

Many banks and traditional financing institutions avoid financing older cars due to the increased risk associated with their depreciating value, the potential for higher maintenance costs, and difficulties in assessing a fair market value. Older cars are seen as less reliable investments compared to newer vehicles.

What is the average interest rate on a classic car loan? 

The interest rates on classic car loans can be higher than those for newer cars, typically ranging from 4% to 10%. Factors such as the loan amount, term length, the borrower’s credit score, and the car’s value and condition can influence the rate. 

Specialized lenders who understand the unique value of classic cars might offer competitive rates for well-qualified buyers.

Recap of the best classic car loans 

Lender	Rates (APR)
LightStream	7.24% – 24.99%
Collector Car Lending	Starting at 6.25%
J.J. Best Banc & Co.	Not disclosed