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Auto Loans

Collector Car Lending Review

Updated Mar 04, 2022   |   4-min read

Collector Car Lending (CCL), a division of Trailer Solutions Financial, is a service company that works with two external lenders to secure loans for buyers of collector, classic, and exotic cars. CCL is located in Ocala, Florida.

It differs from some of its classic car financing competitors by disclosing the starting interest rates for its various loan programs – prime, sub-prime, and exotic cars – and by not requiring proof of income if your credit is good.

The website does not disclose down payment requirements for borrowers with good credit, but it does specify 20 to 30 percent cash down if your credit is poor.

The Process to Apply

You can apply for a CCL car loan via its online form in about 10 minutes. The classic car financing application has you specify detailed information about the car you want to buy.

The company’s eligibility criteria require that you:

  •  Must be a U.S. citizen
  • ​Have a credit score above 600
  • Make a down payment of up to 30 percent toward the purchase

You may use the form provided by the company for classic car financing. You must identify the vehicle’s make, model, purchase price, and loan amount. Personal information must be provided, including existing loans, employment data, and Social Security number. The company allows you to include a co-borrower.

After completing the application, you can submit it through the website and expect a phone call within 30 minutes. The Collector Car Lending representative will review rates and terms and will then email you the finalized classic car loan documents. You’ll print them, sign them, have them notarized, and return them by mail, email, or fax. You’re required to sign an Agreement to Title which states you’ll register and/or take title of the vehicle within 30 days from the date of delivery. You’re also required to take out insurance on the car, payable to the lien holder and with deductibles no greater than $500. CCL can get you in touch with its preferred insurance agent.

You can expect funds to be released within 48 hours after CCL receives all the documents.

Loan Details and Product Offerings

CCL offers three lending programs, all with no prepayment penalties:

  • Prime program: This program is for car buyers with good to excellent credit. The car must be at least 21 years old and the loan amount minimum is $15,000. Terms can be as long as 120 months with rates currently starting at 6.25 percent. There is no proof of income requirement.
  • ​Subprime program: For credit scores as low as 600. Vehicles must be at least 21 years old with a $10,000 minimum loan amount. The rate currently starts at 7.95 percent with a term up to 144 months. The required down payment ranges from 20 to 30 percent.
  • Exotic program: This program offers the same terms as the Prime program for qualifying classic or exotic cars:
Car Models Eligible for CCL
Aston MartinLamborghiniMaybach
Austin HealyLotusMcLaren
BentleyMaseratiRolls Royce
BugattiJaguarTesla
FerrariMercedes BenzPorsche Turbo
FiskerMGShelby Cobra

The car must be at least seven years old, and there is no proof of income requirement.

Some additional facts about Collector Car Lending Classic Car Loans:

  • Refinancing is not available for classic car loans
  • Collector Car Lending is not the lienholder on the loan – the external lender is
  • Purchases can be made via dealers or private parties. Inspections and appraisals are required on purchases from private parties.
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Not sure if Collector Car Lending is right for you? Consider LightStream

  • No LTV, age, make, or model restrictions
  • Loan amounts from $5,000 to $100,000
  • Minimum credit score of 660

Pros Vs. Cons of Using a Collector Credit Collector Car Financing Classic Car Loan

Pros

  • Long repayment periods allow for low monthly payments
  • ​Rates are stated on the website
  • ​No prepayment penalties
  • ​No mileage restrictions on the vehicle
  • ​Offers classic car insurance through Hagerty Insurance
  • You can purchase the car from a private party or dealer

Cons

  • No refinancing available
  • ​Lenders may charge closing costs
  • Longer repayment periods mean that the total amount of interest paid will be higher

Summary

Collector Car Lending facilitates classic car loans from external lenders. The operation looks professional, but the interest rate on your classic car loan might be higher than what is charged by a direct auto loan lender. Its parent company is accredited by the Better Business Bureau with a rating of A+. CCL has not been reviewed by TrustPilot.