Best Classic Car Loans
Borrow up to $2 million for a classic car
Advertising Disclosures
Loading Disclosures…
- 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 , , Southeast Financial and .
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 |
|---|---|---|---|---|
|
|
Same-day funding | 9.99% | Not specified | Not specified |
Read more about how we chose the best classic car loans.
Classic car loan lenders at a glance
Best for: Same-day funding – LightStream
- Starting APR
- 9.99%
- 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 Not specified
- Must have good or excellent credit
- Can’t check rates without taking a credit hit
If you need to borrow less than Not specified to buy your classic car, Southeast Financial could be a smart option. Southeast Financial 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, Southeast Financial has a relatively low maximum loan amount (Not specified). You’ll also need at least good credit to qualify.
Southeast Financial doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that Southeast Financial 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
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 , , Southeast Financial and .
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.