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Top 5 picks for classic car loans

• SoFi's terms and conditions

  Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
  Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
  Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
  Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

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 personal loan options

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Name	Product	Filter Values	APR	Min. credit score	Loan amount
Best Egg personal loans Finder Score: 3.8 / 5: ★★★★★ Best Egg personal loans Finder Score: 3.8 / 5: ★★★★★			8.99% to 35.99%	640	$2,000 to $50,000	Fast and easy personal loan application process. See options first without affecting your credit score.	Go to siteView details Compare	loading Fetching your data...
Upstart personal loans Finder Score: 4.2 / 5: ★★★★★ Upstart personal loans Finder Score: 4.2 / 5: ★★★★★			7.80% to 35.99%	300	$1,000 to $50,000	This service looks beyond your credit score to get you a competitive-rate personal loan.	Go to siteView details Compare	loading Fetching your data...
SoFi personal loans Finder Score: 4.4 / 5: ★★★★★ SoFi personal loans Finder Score: 4.4 / 5: ★★★★★			8.99% to 29.99% fixed APR	680	$5,000 to $100,000	A highly-rated lender with competitive rates, high loan amounts and no required fees.	Go to siteView details Compare	loading Fetching your data...
Upgrade Finder Score: 4 / 5: ★★★★★ Upgrade Finder Score: 4 / 5: ★★★★★			8.49% to 35.99%	620	$1,000 to $50,000	Check your rates with this online lender without impacting your credit score.	Go to siteView details Compare	loading Fetching your data...
LendingPoint personal loans Finder Score: 3.3 / 5: ★★★★★ LendingPoint personal loans Finder Score: 3.3 / 5: ★★★★★			7.99% to 35.99%	620	$2,000 to $36,500	Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.	Go to siteView details Compare	loading Fetching your data...
Happy Money Finder Score: 3.8 / 5: ★★★★★ Happy Money Finder Score: 3.8 / 5: ★★★★★			11.72% to 24.50%	640	$5,000 to $40,000	Pay down your debt with a fixed APR and predictable monthly payments.	Go to siteView details Compare	loading Fetching your data...

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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.

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

• Can I find a car loan to restore a classic car?

  A car loan provider won’t want to finance a restoration project, but that doesn’t mean you don’t have options. You could take out a personal loan to cover the restoration costs of a classic car purchase.

• How long is the term for a classic car loan?

  Loan terms for a classic cars can stretch over ten years, but like normal car loans, the standard term lasts from four to seven years. There are financing options for more than that, but you’ll likely save money with a shorter term.

• What impacts the price of a classic car?

  Certain features of a car will add or detract from the value.

  • Manufacturer
  • Model
  • Age
  • Condition
  • Original features
  • Authenticity
  • Mileage

  These will all play a part in how much a classic car costs and how the price will appreciate over time.

Written by

Kellye Guinan

Writer

Kellye Guinan is a freelance editor and writer, specializing in consumer lending. Her writing and analysis has been featured on Bankrate, MSN and MediaFeed. She holds degrees in anthropology and German language and literature from Middle Tennessee State University. See full bio

Kellye's expertise

Kellye has written 132 Finder guides across topics including:

• Personal, business, student and car loans
• Credit scores
• Car financing
• Debt consolidation