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Compare loans for classic cars

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.
Name Product Filter Values Minimum credit score APR Loan term Requirements
LightStream Auto Loans
Good to excellent credit
Competitive
2 to 7 years
Must have a good to excellent credit profile, be a US citizen or a permanent resident with a valid green card, have a valid Social Security number, credit card verification requested upon loan approval and have a valid US address.
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
CarGurus
CarGurus
Varies
Varies depending on the lender
3 to 6 years
Varies depending on the lender
CarsDirect auto loans
No minimum credit score
Varies by network lender
Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
Carvana
No minimum credit score
3.9% to 27.9%
1 to 6 years
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.
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Top 5 picks for classic car loans

LenderLoan amountsRates
LightStream auto loans$5,000 to $100,000CompetitiveCompare more loans
SoFi$5,000 to $100,0008.99% to 29.99% with autopay discount
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Woodside Credit$10,000 to $600,000CompetitiveCompare more loans
Collector Car lendingStarting at $15,000Starting at 6.25%Compare more loans
Monevo$500 to $500,0005.40% to 35.99%

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

Name Product Filter Values APR Min. credit score Loan amount
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
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.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99%
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
600
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upgrade
Finder Score: 4 / 5: ★★★★★
Upgrade
8.49% to 35.99%
620
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
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.
Happy Money
Finder Score: 3.8 / 5: ★★★★★
Happy Money
11.72% to 24.50%
640
$5,000 to $40,000
Pay down your debt with a fixed APR and predictable monthly payments.
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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.

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