Updated
May 24, 2023 Many classic car aficionados love driving down a country road in their dream car with the windows down and the breeze blowing. Whether you’re considering buying your first classic car or already have a garage full of collector cars, one question you might be struggling with is how you will 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. Most traditional auto loans assume cars depreciate as time passes, meaning the older a car is, the less likely a lender is to consider classic car financing. Several classic car loan lenders are now available to help you finance your next ride.
Best classic car loans
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): 7.99% – 15.44%
- Loan amounts: $5,000 – $100,000
- Loan terms: 24 – 48 months
LightStream is a popular online lender that offers traditional auto and collector car loans. Its rates are solid, and you can borrow between $5,000 and $100,000. It places no restrictions on the type of vehicle you can buy.
LightStream offers 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 just a couple of minutes. If you apply during business hours, you’ll hear back within minutes and can often get the money the same day.
Collector Car Lending
- Rates (APR): Starting at 6.25%
- Loan amounts: Starting at $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, it offers classic car financing to those with less-than-perfect credit. It’s one of the only classic car lenders that will consider borrowers with credit scores as low as 600.
Its minimum loan amount starts at $10,000, and it specifies the types of cars you can buy with it. You can purchase exotic cars aged seven years or older and classic cars aged 20 years and older. Its rates start at 6.25%, and terms go up to 144 months with no prepayment penalties.
Collector Car Lending offers a quick online application and often gets 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 – $2 million
- Loan terms: 60 – 84 months
One of the most popular lenders in the collector car lending market is J.J Best Banc & Co. It may allow you to borrow $6,000 to $750,000 and has competitive auto loan rates with multiple term length options and no prepayment penalties. It provides quick responses to loan applications during business hours, and you could get the funds in your account as soon as the next day.
It advertises “the lowest interest rate loans available on the market,” but your rate will depend on your personal credit profile. It offers secured and unsecured loans depending on your credit profile and may require a down payment of up to 30% on your vehicle.