Best Classic Car Loans
Borrow up to $2 million for a classic car
- Classic car loans can be more expensive than typical auto loans because rates often start higher.
- Lenders often require better credit and higher income for classic car loans than for other auto loans.
- Not all auto lenders offer classic car loans. The best classic car lenders are currently Woodside Credit, J.J. Best Banc & Co, LightStream and Digital Federal Credit Union (DCU).
What is a classic car loan?
A classic car loan is an auto loan for rare or older vehicles. In order to be considered “classic,” a car typically must meet one or more of the following criteria:
- 25+ years old
- Rare, or limited-release
- Historically significant
- Well-maintained
- Holds value over time
Classic car loans work like regular car loans. You borrow money to pay for the car and pay the loan back in equal monthly payments, plus interest. The loan is backed by your car, so you’ll lose your car if you stop making payments.
How are classic car loans different from typical car loans?
Since classic cars are less common and usually considered a discretionary purchase, classic car loans differ from typical car loans in a few ways:
- Higher rates. Standard auto loan rates tend to be lower than classic car loan rates. Higher rates mean higher monthly payments and a higher total cost.
- Stricter eligibility requirements. Many classic car lenders require higher credit scores or an extensive credit history to borrow.
- Fewer lenders. While there are dozens of auto loan lenders, there aren’t many lenders that offer loans for classic cars, so you’ll have fewer options to choose from.
Should you get a classic car loan?
A classic car loan could help you pay for your dream car, but it’s up to you to make sure you can afford the payments. Here are a few red flags to look out for:
- You can’t make the math work. You just can’t find a way to make the monthly payments fit into your budget, despite putting different loan terms and amounts into a car loan calculator.
- You need to extend the loan term. You can afford monthly payments — but only if you stretch out the loan term to the point where you’ll pay significantly more in interest than the car is worth.
- You can’t afford insurance and maintenance costs. You’ve done the math and you can afford the loan, but you’re not sure how you’ll come up with the money for parts, insurance and maintenance.
If any of the above apply, take time to save up for a bigger down payment or improve your credit to qualify for lower rates. You could also consider purchasing a less expensive model.
How much will a classic car loan cost?
Estimate your monthly classic car loan payments with the LendingTree auto loan calculator. Classic car loan terms typically range from 24 to 84 months.
How to get a classic car loan
If you’re ready to take the next step toward buying your dream classic car, here’s what you need to do.
Decide on a down payment
Most classic car lenders require you to make a down payment (typically 10% to 20%) on the car before they’ll allow you to borrow the rest. Putting more money down is a smart way to lower your monthly payments and even potentially qualify for a lower rate.
Shop around for the best loan offer
LendingTree data shows that getting offers from multiple lenders and choosing the cheapest one can help you save thousands of dollars in total loan costs. Shop around with several lenders, then compare offers to see which one will save you the most money.
Close on your classic car loan
Once you have chosen a lender and provided all the necessary paperwork (like proof of identity, income and residence), the next step is to close on your loan. Read your loan agreement carefully and ask any questions you have before signing.
Read on for LendingTree’s top classic car lender recommendations.
Best classic car loans
| Lender | Best for | Starting APR | Term | Amount |
|---|---|---|---|---|
|
Long loan terms | 8.79% | Up to 180 months |
$10k – $1M |
|
Large loan amounts | Not specified | 48 to 84 months |
$6k – $2M |
|
Same-day funding | 6.49% (with autopay) | 24 to 84 months |
$5k – $100k |
|
Interest rate discounts | 8.24% (with discounts) | Up to 84 months | Up to 90% of appraised value |
Read more about how we chose the best classic car loans.
Classic car loan lenders at a glance
Best for: Long loan terms – Woodside Credit
- Starting APR
- 8.79%
- Long loan terms available
- Finances expensive cars (up to $1 million)
- Check rates with no impact to credit
- No published info about minimum credit requirements
- Long credit history with on-time payments required
Woodside Credit has made a name for itself in the world of niche car loans, specializing in loans for classic cars, collector cars and exotic cars. Many classic auto lenders cap loans at 84 months, but Woodside Credit offers extra-long terms of up to 180 months. This can make your monthly payments cheaper, but it’ll also mean paying more interest over the life of your loan.
Since Woodside Credit doesn’t publish minimum credit score requirements, it’s hard to predict whether you’ll qualify. But you can check your rates on its website without any impact to your credit score. This is called getting preapproved for a car loan.
To qualify for a classic car loan from Woodside Credit, you’ll need to meet the following criteria:
- Credit history: 10+ years preferred; history of other car loans or leases; no charge-offs, bankruptcies or late payments
- Credit score: No minimum specified; 700+ to get the best rates
- Vehicle requirements: 25+ year-old classic cars, exotic cars, collector cars
See the complete list of the makes and models that Woodside Credit will finance.
Best for: Large loan amounts – J.J. Best Banc & Co
- Starting APR
- Not specified
- Finances expensive cars (up to $2 million)
- Check rates without impacting credit
- Allows purchases from dealerships, private sellers and auctions
- Doesn’t publish info on rates
- Limited loan term options
- Could require higher down payment than other lenders
J.J. Best Banc & Co brands itself as the country’s oldest and largest classic car lender. It stands out from other lenders by offering up to $2 million in funding, which could help you pay for an expensive classic model.
J.J. Best Banc & Co may let you borrow a lot of money, but its loan terms max out at 84 months, which could mean expensive monthly payments. (You can use the LendingTree auto loan calculator to estimate how much you’d pay.) While J.J. Best doesn’t publish starting rates, you can check your rates with no impact to your credit.
To qualify for a classic car loan from J.J. Best Banc & Co, you’ll need to meet the following criteria:
- Credit score: 670+
- Debt-to-income ratio: Below 41%
- Credit history: Established, responsible credit history, ideally including previous auto loans
- Income: Verifiable, stable and consistent income proven through W-2s, pay stubs or other documentation
- Down payment: Typically 10% to 20%, but up to 30% sometimes required
- Residency: Must live in the continental U.S.
- Vehicle requirements: Must be a collector vehicle or classic car (built before 2000)
Best for: Same-day funding – LightStream
- Starting APR
- 6.49%
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 $25,000 loan at 6.49% APR with a term of 3 years would result in 36 monthly payments of $766.11. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
- Can get your money as soon as the same day you apply
- No down payment required
- Offers interest rate discount for autopay
- Can only borrow up to $100,000
- Must have good or excellent credit
- Can’t check rates without taking a credit hit
If you need to borrow less than $100,000 to buy your classic car, LightStream could be a smart option. LightStream offers some unique perks, including potential same-day funding and the ability to finance up to 100% of your vehicle purchase. There are also no year, make, model or mileage requirements.
When it comes to classic vehicle financing, LightStream has a relatively low maximum loan amount ($100,000). You’ll also need at least good credit to qualify.
LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:
- At least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
- Stable income and can handle paying their current debt obligations
- Savings, whether in a bank account, investment account or retirement account
Best for: Interest rate discounts – Digital Federal Credit Union
- Starting APR
- 8.24%
- Interest rate discount available for using direct deposit and paying loan back electronically
- Offers financial relief programs
- Borrow Up to 90% of appraised value
- Must be a DCU member to receive loan funds
- No opportunity for preapproval
- Branches and ATMs are not available in all states
Digital Federal Credit Union (DCU)’s strong points are its affordable interest rates and flexible payment options. DCU offers a 0.5% rate discount if you maintain direct deposit in an eligible DCU checking account and pay your loan electronically. In addition, it offers quite a few debt restructuring options for members who are experiencing financial hardship.
You must be a member of DCU in order to borrow from the lender. The company is primarily based in New England, with the vast majority of its branches in New Hampshire and Massachusetts.
You must be a DCU member to take out a loan. To join, you must open a DCU savings account with a deposit of at least $5 and meet one of the following requirements:
- Live, work, worship or go to school in certain Massachusetts communities
- Work for a participating employer
- Join a participating association (annual dues between $8 and $15)
You’ll also need to provide at least a 10% down payment.
How we chose the best classic car loans
We reviewed eight lenders that specifically offer classic car loans to determine the overall best four lenders.
According to our systematic rating and review process, the best classic car loans come from Woodside Credit, J.J. Best Banc & Co, LightStream and Digital Federal Credit Union (DCU).
To make our list, we prioritized the following factors:
Transparency: We chose lenders that are up front about the terms of their loan products. This may include publicly sharing information about available loan amounts, loan terms, interest rates and down payment requirements.
Rates and terms: We prioritize lenders with more competitive starting fixed rates, fewer fees and greater loan options for repayment terms, amounts and APR discounts.
Repayment experience: We also consider each lender’s reputation and business practices. We favor lenders that have been shown to provide reliable customer service and offer unique perks.
LendingTree partners with dozens of lenders, but partners and non-partners receive equal treatment in our scoring and review process. Read more about our editorial guidelines.
Frequently asked questions
It’s unusual for banks to offer classic car loans, but you can find them at some credit unions and specialized lenders.
Exact score requirements vary by lender, but many classic car lenders require at least good credit (670+ FICO Score). The stronger your credit score, the better your chances of being approved.
Classic car loan interest rates vary by lender, but they tend to be higher than typical auto loan rates. You can compare classic car loan rates from the top lenders on our list.