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You can find the best classic car loans from J.J. Best Bank & Company, Woodside Credit, Digital Federal Credit Union and DePage Credit Union
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Daniel is a writer for the Guide team and has written for a number of automotive news sites and marketing firms in the US, UK and Australia, specializing in car finance and car care topics. The Daniel Guide team is the authority on car insurance, loans, warranty options, car services and more.
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Rashawn Mitchner is an editor on the Guide team with over 10 years of experience covering personal finance and insurance topics.
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If you are interested in financing a classic, antique or collector car, there are many specialized lenders vying for your business. In this article, our guide team will discuss some of the best classic car loan providers and review the process of securing this type of loan. We’ve also reviewed and ranked the companies with the best car loan rates if you want to expand your search to traditional lenders.
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The Guide team is committed to providing reliable information to help you make the best decision regarding your vehicle financing. Because consumers trust us to provide objective and accurate information, we’ve created a comprehensive rating system to rank the best car loan companies. We collect data on dozens of credit providers to rank companies on a variety of rating factors. After 300 hours of research, the final result is a general ranking for each supplier, with the company that received the most points on the list.
Our team of experts discovered that J.J. Best Banc & Co., Woodside Credit, Digital Federal Credit Union and DuPage Credit Union are among the best car loan providers with some of the lowest rates. Although a minimum credit score is not usually listed for classic, antique or collector car loans, an excellent credit score and a long credit history will get you the best rates from these lenders.
J.J. Best was a classic car collector before his company began offering low-rate loans on desirable vehicles. Now one of the largest classic car financing companies in America, J.J. Best Bank & Company has long-term loans with amounts up to $2 million. Lenders offer pre-qualification and same-day approval for qualified borrowers.
To qualify for a classic car, hot rod, muscle car or exotic sports car loan from J.J. Ideally, you need good credit with a long history, a good debt-to-income ratio (DTI) and verifiable income. Lenders require a down payment of at least 10% for the vehicle you wish to purchase.
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Woodside Credit has some of the most flexible financing options for auto lenders. The company offers classic car financing up to $1 million and up to 180 months. Along with cars at least 25 years old, Woodside also finances very late model foreign vehicles. Custom and collector vehicles such as Porsche 911s, Cobra Replicas and Dodge Vipers are also included in Woodside Credit’s loan program.
Woodside Credit has relationships with Barrett-Jackson Auctions, thousands of dealerships and many private parties nationwide. You can get a pre-approved car loan through Woodside Credit for your classic vehicle purchase as well. For cars that require a valuation for write-off purposes, Woodside enables virtual inspections through a mobile app.
At the time of publication, Woodside provided the following payment examples on its website, each including a 20% payment:
Digital Federal Credit Union (DCU) offers competitive rates on auto loans for used, used and pre-owned cars. Buyers with good credit can get 8.24% APR on classic car loans for up to 65 months through DCU. For an 84-month loan, the APR increases to 10.74%. Most qualified borrowers can borrow up to 90 percent of the vehicle’s value with a loan term of up to 10 years. DCU includes an easy-to-use car loan calculator on its website to help you understand your options.
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Federal Digital members at certain levels also receive a .5% discount on classic car loan APRs. A disadvantage of DCU is that membership is only open to those who live and work in certain areas or are related to existing members.
DuPage Credit Union offers some of the lowest rates you’ll find on classic cars. The only catch is that membership is only open to residents of seven states. If you live in one of these states, DuPage is a great option for financing classic cars up to $150,000. Lenders offer the same rates for exotic vehicles as for new cars, with terms up to 84 months. DuPage does not impose prepayment penalties, so you have the option to pay off your car loan early.
A bonus of financing with DuPage is that the credit union offers auto insurance discounts through its partnership with Travelers.
Classic cars are broadly classified as vehicles that are 45 years old or older. Some lenders offer loans for cars older than 100 years. Hot rods from the 1930s such as Ford coupes, American muscle cars from the 1950s and a host of exotic sports cars made by Maserati, Alfa Romeo and Porsche are other examples that fall under the classic car umbrella.
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Kit cars, such as Shelby Cobras, are also considered classic cars by many lenders. These vehicles are specially manufactured and use higher car insurance rates. This special insurance offer some lenders offer is particularly attractive.
The process of securing a classic car loan is not very different from traditional car loan financing. Regardless of the right seller and finding a provider who specializes in vintage, exotic or collector car loans, the steps are the same. Here is the basic process:
Knowing your credit score will help you get a general idea of the APR you can expect on a classic car loan. Most lenders require a score of around 800 to get their best rate. If you want the rates to be too expensive for you now you can improve your credit score before moving forward.
Some credit score models treat multiple car loan applications over a short period of time (usually 14 days) as one inquiry. This means that it is easy to compare loan offers and interest rates from different lenders. Even if you are looking for a classic car loan for bad credit, there are providers to help you.
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Many classic car lenders require a down payment of 10% to 20%. If you can afford higher payments, you can reduce the amount of interest you pay over the life of the loan and lower your regular loan payments.
For certain cars, especially collector vehicles, you may need classic car insurance. Traditional auto coverage will not factor in the true value of the old car or the additional repair costs associated with it. You may be able to get a lower price on this special coverage by limiting the number of miles you drive your classic car each year.
Once you are happy and have found the best classic car financing option for you, you can finalize your contract. Although interest rates fluctuate over time and lower rates are available, you can refinance your car loan for a better deal.
The rates you get for classic car loans are usually higher than for other vehicles. Basically, the rate you get will depend on your credit score category. To help you understand what rate you’re getting, we’ve provided the average interest rate for car loans from Experian for Q1 2023.
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It’s worth taking a moment to point out the difference between interest rates and APR. Your interest rate is the amount charged for borrowing the money, spread over regular payments. The APR, or annual percentage rate, includes your interest rate plus discounts and fees determined by your lender.
You have many options if you are looking to finance the classic, antique or exotic vehicle of your dreams. take your time
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