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Updated Aug 27, 2024
9-min read
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Expert Approved
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Written byTaylor Milam-Samuel
Written byTaylor Milam-Samuel
Expertise:Student loans, credit cards, debt, budgeting
Taylor Milam-Samuel is a personal finance writer and credentialed educator who is passionate about helping people take control of their finances and create a life they love. When she's not researching financial terms and conditions, she can be found in the classroom teaching.
Learn more about Taylor Milam-Samuel
Reviewed byMichael Menninger, CFP®
Reviewed byMichael Menninger, CFP®
Expertise:Comprehensive financial planning, tax planning, investment planning, retirement planning, estate planning
Michael Menninger, CFP®, and the founder and president of Menninger & Associates Financial Planning. He provides his clients with financial products and services, always with his client's individual needs foremost in his mind.
Learn more about Michael Menninger, CFP®
While most older cars cost less than new cars, classic cars can cost more because they are limited-edition and hard to find. The good news is that you can use a classic car loan to get a car.
Classic car loans can help you pay for the purchase, but there’s a catch—only some lenders offer loans for older cars. Because of that, you might have to work with a specialty lender. Here’s how to get a classic car loan from one of the top lenders.
| Lender | Rates (APR) | Loan amounts |
| LightStream | 7.24% – 24.99% | $5,000 – $100,000 |
| Collector Car Lending | Starting at 6.25% | Starting at $10,000 |
| Not disclosed | $6,000 – $2 million |
Best classic car loans
Most auto loan lenders only offer loans for vehicles 10 years old or less. Classic cars are usually at least 25 years old, so you typically need alternative financing. Specialty lenders can be a solid option for classic car purchases.
The best classic car loans offer competitive rates, straightforward applications, and high loan limits that allow you to purchase the car you want. Here are the top lenders that provide the best classic car loans.
LightStream
Best for excellent credit
4.7 /5
LendEDU Rating
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Why we picked it
LightStream is a popular online lender that offers flexible auto loans for purchasing classic and collector cars. Borrowers can benefit from competitive rates and the ability to borrow substantial amounts, making it a top choice for financing high-value vehicles.
The lender’s commitment to providing a seamless online experience, with quick approval processes and no restrictions on the type of vehicle, further enhances its appeal.
LightStream’s secured and unsecured auto loans come with no prepayment penalties, allowing borrowers to pay off their loans early without extra costs. The application process is straightforward and efficient, often providing funding within the same day, which is crucial for buyers needing immediate access to funds.
- Competitive rates and flexible loan amounts
- No prepayment penalties
- Quick approval process with same-day funding available
Loan details
| Rates (APR) | 7.24% – 24.99% with autopay |
| Loan amounts | $5,000 – $100,000 |
| Repayment terms | 36, 48, 60, 72, or 84 months |
| Classic vehicle requirements | No appraisal, or restrictions on age or mileage. |
| States | LightStream loans are available in all 50 states |
| Credit score | 660 minimum credit score |
| Annual income | Not specified, but you must have sufficient income, assets, and credit score |
Collector Car Lending
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Why we picked it
Collector Car Lending specializes in financing classic and exotic car purchases, catering to borrowers with various credit profiles. It is one of the few that consider applicants with less-than-perfect credit, making it accessible to a broader audience. Its minimum loan amount starts at $10,000, covering various car types, including those aged seven years or older.
Collector Car offers competitive rates and flexible loan terms extending up to 144 months, providing borrowers with manageable monthly payments. Collector Car Lending’s quick and straightforward online application process ensures timely responses, typically within 15 to 20 minutes during business hours.
- Loans for classic and exotic cars
- Rates starting at 6.25%
- Loan terms up to 144 months with no prepayment penalties
Loan details
| Rates (APR) | Starting at 6.25% with excellent credit |
| Loan amounts | Starting at $10,000 |
| Repayment terms | Up to 144 months |
| Classic vehicle requirements | Must have a guaranteed or agreed-value insurance policy and a 10% down payment |
| States | Available in all 50 states, with some restrictions |
| Credit score | 600 minimum credit score |
| Annual income | Not specified |
J.J. Best Banc & Co.
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Why we picked it
J.J. Best Banc & Co is a leading lender in the collector car financing market, known for offering loan amounts as high as $2 million. This makes it an excellent option for borrowers looking to finance rare or high-value classic cars.J.J. Best provides competitive auto loan rates and a variety of term length options to suit different financial needs.
The application process with J.J. Best Banc & Co. is efficient, with quick responses during business hours and potential funding availability as soon as the next day. Depending on the borrower’s credit profile, it offers secured and unsecured loan options and may require a down payment of up to 30%.
- High loan amounts up to $2 million
- Competitive auto loan rates with multiple term options
- Quick funding responses, often within the next business day
Loan details
| Rates (APR) | Not disclosed |
| Loan amounts | $6,000 – $2 million |
| Repayment terms | 60 – 84 months |
| Classic vehicle requirements | Special interest cars from 1900 to 1985 and some newer classic, sport and exotic cars |
| States | Loans are available in all 50 states |
| Credit score | Good to excellent credit scores—typically starting at 670 |
| Annual income | Not disclosed, but debt-to-income ratio cannot be higher than 45% |
Can I get classic car financing with any auto lender?
Auto lenders typically offer new and used car loans with limitations. Standard auto loan lenders have strict requirements, especially the car’s age. Some lenders do not offer loans for vehicles over 10 years old. Others have more lenient requirements, but even then, the oldest car you can finance is usually 20 years old.
On the other hand, specialty auto loan lenders often require that the vehicle is at least 25 years old to be eligible for financing. As a result, most auto lenders aren’t an option for borrowers who want classic cars, and the reverse is true, too—borrowers who want new vehicles cannot work with specialty lenders.
If you can’t find a specialty car lender that’s a good fit, a personal loan might be another option. You can use personal loans for nearly any expense, including classic cars. Personal loans are unsecured and provide maximum flexibility, which is helpful as you shop for a car.
However, you might pay more for the loan because interest rates are often higher. And, repayment terms can be shorter, meaning you may have a higher monthly payment.
How do classic car loan rates differ from other auto loan rates?
| Detail | New car loans | Classic car loans |
| Interest rates | Lower | Higher |
| Cost | Less | More |
| Valuation difficulty | Easier | Harder |
| Specialty lenders | Not needed | Often needed |
| Loan amount and terms | Standard | Higher with specialty lenders |
| Information availability | Easy to find | Hard to find |
Classic car loans often have higher interest rates than other auto loans. Used car loans, including loans for classic cars, cost more than new car loans. Interest rates tend to be higher for used cars because it’s more difficult for lenders to accurately determine the car’s value—especially for classic cars.
Specialty auto lenders have more experience with classic cars and can better evaluate their value, meaning you might qualify for a higher loan amount or better terms. The downside is that it’s usually harder to find information about rates online, and you might have to apply with a specialty car lender to view sample rates.
How to get a classic car loan
Getting a classic car loan involves additional steps you don’t have to complete with standard auto loans. It’s essential to understand the process before you begin. Here’s how it works.
- Estimate the cost: Before you do anything else, determine the type of car you want to buy and the price. Most specialty car lenders ask for details about the car’s make, model, and year when you apply. You should also consider the size of the loan you need and the down payment amount since some lenders require a down payment of 10% or more.
- Compare lenders: Create a list of two or three lenders and gather details about each loan program, including repayment term length, interest rates, and fees. Some lenders don’t provide much information online. If that’s the case, you can always call to ask for more information.
- Apply for a loan: You can apply online for specialty car loans. To complete the application, provide information about yourself and the car you plan to buy. Most lenders will follow up within 24 to 48 hours. The lender will let you know if you need additional information or documentation.
- Secure the right insurance: Most specialty auto lenders require that you get specialty insurance before finalizing the loan. You must have a guaranteed or agreed-value insurance policy. The lender can connect you with insurance companies that provide policies.
- Finalize the loan: After you complete the process and get insurance, you can finalize the loan, including the amount.
FAQ
What is the oldest year you can get a car loan for?
The oldest year you can get a car loan varies by lender. Some lenders may offer loans for vehicles up to 10 or 15 years old, while others specialize in loans for classic or antique cars, which can be 25 years old or older. It’s best to check with specific lenders who offer classic car loans for their exact terms.
What credit score do you need to finance a classic car?
Financing a classic car typically requires a good to excellent credit score, often around 660 or higher. However, the specific score required can vary by lender. Those with higher credit scores generally receive more favorable loan terms and interest rates.
Why don’t banks finance older cars?
Many banks and traditional financing institutions avoid financing older cars due to the increased risk associated with their depreciating value, the potential for higher maintenance costs, and difficulties in assessing a fair market value. Older cars are seen as less reliable investments compared to newer vehicles.
What is the average interest rate on a classic car loan?
The interest rates on classic car loans can be higher than those for newer cars, typically ranging from 4% to 10%. Factors such as the loan amount, term length, the borrower’s credit score, and the car’s value and condition can influence the rate.
Specialized lenders who understand the unique value of classic cars might offer competitive rates for well-qualified buyers.
Recap of the best classic car loans
| Lender | Rates (APR) |
| LightStream | 7.24% – 24.99% |
| Collector Car Lending | Starting at 6.25% |
| Not disclosed |
