Compare top classic car financing options | finder.com
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Compare loans for classic cars

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Learn how to pay for that vintage vehicle you’ve got your eye on.

Buying a classic car isn’t easy — lots of people have their eyes on the same cars you’re interested in. Plus you might not have the money upfront. In that case, a personal or car loan might help.
car.Loan.com Car Loans

Our top pick: car.Loan.com Car Loans

Get matched with a local car dealership to finance your car purchase. Bad credit, no credit OK.

  • Specializing in 'buy here, pay here' car loans. No banks or credit unions.
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  • Free loan-matching service. No obligation offers.

    Top 5 picks for classic car loans

    LenderLoan amountsRates
    LightStream auto loans$5,000 to $10,000Competitive
    Monevo$1,000 to $100,0003.34% to 35.99%
    SoFi$5,000 to $100,000Variable rates: 6.26% to 13.99% with autopay discount Fixed rates: 6.99% to 14.87% with autopay discount
    Woodside Credit$10,000 to $600,000CompetitiveCompare more loans
    Collector Car lendingStarting at $15,000Starting at 6.25%Compare more loans

    What to know about classic car loans

    You’ve had your eye on a buying a classic car for years now. You’ve built up your savings while browsing your options at car shows and auction houses.

    Like all car loans, your eligibility depends on your credit and finances, with most lenders expecting 10% to 30% down payment. The more you can spend upfront, the lower your interest rate will be. At the end of your loan term, you own your car and are able to sell it or keep it as a valuable asset. This gives you the freedom to do whatever you like to the vehicle, from painting to installing different features.

    Classic car loans share many of features of standard car loans, but they do have some unique characteristics that set them apart.

    • Stricter credit requirements. Many classic car loan providers only accept customers with a good or excellent credit score. Good credit lower your risk, usually resulting in lower rates.
    • No vehicle age restrictions. Typical car loans often require that you car be no older five years old. Classic cars are far older but are high-value purchases so the age restriction is more relaxed.
    • Restrictions on vehicles. Classic car loans can often be used to buy unique, muscle or other exotic cars, while everyday car loans are usually limited to modern vehicles.
    • Expert valuations. There may not be any established guidelines for valuing a specific classic car. Classic car loan providers will often have experts who can establish the car’s value.

    Many borrowers turn to personal loans to for classic car financing since the requirements tend to be easier to meet.

    Compare a range of classic car financing options

    Rates last updated November 21st, 2018

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

    Select your credit score range

    I don't know my credit score

    Finally, select where you live.

    To get your credit score:

    Experian logo

    Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Term of Loan Requirements
    car.Loan.com Car Loans
    Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
    300
    Varies by lender
    Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
    Auto Credit Express Car Loans
    Get connected with an auto lender near you, even if you have bad credit.
    300
    Typically 3 to 6 years
    Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
    LightStream Auto Loans
    Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
    Good to excellent credit
    Flexible terms
    Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
    RateGenius Auto Loan Refinance
    Connect with a network of over 150 lenders to refinance your car loan.
    510
    Varies
    Income of $2,000+/month, vehicle has less than 150,000 miles, no older than 10 model years, loan balance is at least $10,000, debt-to-income ratio: less than 50%.
    LendingClub Auto Refinancing
    Lower your monthly car payments and save on interest through a fast and easy online application process.
    Fair or better credit
    Minimum of 2 years
    Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
    MotoRefi Car Loan Refinancing
    A car loan connection service for borrowers looking to refinance.
    525
    1–6 years
    Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
    LendingTree Auto Loans
    Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
    Good to excellent credit
    Typically 1 to 7 years
    Must be a US citizen and 18+ years old. Must have good to excellent credit.

    Compare up to 4 providers

    Rates last updated November 21st, 2018

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

    Select your credit score range

    I don't know my credit score

    Finally, select where you live.

    To get your credit score:

    Experian logo

    Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit score.
    550
    $100,000
    3.34% to 35.99% (fixed)
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    $100,000
    4.99% to 36% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    6.95% to 35.89% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    680
    $100,000
    6.99% to 14.87% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    34% to 155% (Varies by state) (fixed)
    Marcus by Goldman Sachs Personal Loans
    Consolidate your debt or pay off large expenses with competitive rates and no fees.
    Good to excellent credit
    $40,000
    6.99% to 24.99% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    580
    $100,000
    4.99% to 35.99% (fixed)
    Avant
    Conveniently check your loan options without affecting your credit score.
    580
    $35,000
    9.95% to 35.99% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    Varies
    $30,000
    16.05%–35.99%* (fixed)

    Compare up to 4 providers

    How to value a classic car

    In order to accommodate the wide variation of car values, classic car loans can be flexible in the amounts you can borrow. Depending on its condition, rarity, originality, collector appeal and many other factors, a classic car could cost as much as a few hundred thousand dollars.

    There are guides to valuation, but often it requires an expert with some in-depth knowledge of the market. A specialized lender may have a classic car specialist on hand, or you can contact one yourself and have the car appraised before applying for a loan.

    What to look for in a classic car loan

    There’s more to a loan than just the interest rate. You should also look at:

    • Fees. Fees add to the total cost of your loan. Many lenders charge multiple fees, but there are some that are negotiable or vary from lender to lender. Find a lender that has minimal fees so you can walk away with a better deal.
    • Repayment terms. Some loans last 24 months while others can stretch as long as 144 months. The longer your loan term, the lower your monthly payment but the more you’ll end up paying in the end. Weigh the pros and cons of various repayment terms when comparing your loan options.
    • Flexibility. Can you make additional repayments? Are there any early repayment fees? The flexibility of a loan can make a difference in your ultimate choice of lender.
    • Security. Lenders often require you to use your car as the security for your loan, and a classic car loan is no different. By using your car as collateral, you’ll have access to lower interest rates, but you do risk losing the car entirely should you default.

    Consider any insurance requirements that might come with your car loan. Many car loans will, as a condition of your borrowing, require you to take out comprehensive coverage.

    In addition, the value of your classic car may increase the premium you pay. Classic car insurance policies can include benefits such as lay-up periods to reduce premiums, which may be more suitable if you’re a collector or looking to invest in the classic car as an appreciating asset.

    High-value classic cars

    A large variety of classic cars on the market have buyers lining up to make a purchase, but here are a few that auto enthusiasts put at the top.

    • Chevrolet Camaro
    • Dodge Charger
    • Ford Torino
    • Plymouth Roadrunner
    • Chevrolet Chevelle

    These classics may cost you more, but could be worth the investment if you love driving or working on classic cars that can last you years to come.

    What are my other loan options?

    Some lenders have a specific product for financing the purchase of a classic car, but these aren’t your only options. If you aren’t eligible for a classic car loan, or the terms aren’t right for you, you might also consider:

    • A personal loan. An unsecured personal loan might carry higher interest rates than other alternatives and may not be enough to finance your full purchase, but combined with your savings, you’ll could purchase your dream car sooner.
    • Home equity loan. Some classic car enthusiasts choose to take out a home equity loan to finance their dream car. If your house has enough equity, a home equity loan could cover the cost, but if you default, you risk loosing your home.
    • A standard car loan. Standard car loans aren’t usually available for classic cars, but you might be able to find a few local lenders willing to offer one if they understand the value of your purchase.

    Bottom line

    A classic car can be considered an investment. Many appreciate in value when taken care of and stored properly, and each one is a unique collector’s item. Review your finances before borrowing a loan for a classic car. Review the costs and features to make sure it suits your needs and budget, and don’t hesitate to speak with an accountant before finalizing a purchase.

    Frequently asked questions

    Kellye Guinan

    Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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