Surely, everyone loves a classic car that turns heads and tells a story. However, with the progress of time, a classic car’s allure only becomes enticing, and so does its value. And so, the best time to invest in a classic car is right now. Luckily, with multiple financing companies offering competitive, flexible rates and packages, classic car financing has been made easy. This guide will help you choose the best loan lender and seamlessly finance your dream classic car. But where might I find a classic that's the perfect match for me? Enter Exotic Car Trader, the online solution to your classic car desires. By forming a highly curated and meticulously selected list of classic cars it fuels up your exotic car realities.
Simply put, classic car financing is securing an auto loan specifically designed to help you finance a classic car, typically categorized as any vehicle above 20 years old with historical and cultural significance. And, because of its nature (and historical importance), financing a classic car requires going through a specialized process that may differ from conventional auto loans in terms of interest rates and loan terms. Of course, before diving headfirst into loans, it is crucial to determine your dream classic car’s worth. Luckily, Exotic Car Trader fulfills that part, utilizing a team of experts, industry-best practices, and multiple verification methods to appraise a car's worth accurately (and fairly), helping you make an informed decision. Discover our meticulously selected lists of exotic classic cars passionately awaiting a new garage.
With valuation and appraisal out of the way, you may choose the perfect, most feasible loan lender that suits your needs. While considering factors like the car's age, condition, rarity, and historical significance, these specialized loan lenders offer tailored auto financing services to help you acquire your dream classic. Nevertheless, some top, reputable loan lenders known for their expertise can be categorized as follows:
Known for its excellent long-term, highly flexible financing options, Woodside Credit is a favorite among classic car enthusiasts. With credit terms extending up to a remarkable 180 months (or 15 years), Woodside makes finance management easier, especially if you’re planning to finance priceless classic cars worth up to $1,000,000. Still, Woodside Credit presents pre-approved car loans for those with excellent credit scores and or a proven history of prior classic car ownership. On the downside, Woodside Credit doesn't explicitly showcase the APR range and interest fees, which can create transparency issues for potential borrowers.
J.J. Best Banc positions itself as an established (and the oldest) finance lender in the classic car financing market, offering highly flexible financing options for a range of classic cars, including muscle, hot rods, sport/exotic, and even kits. Also, unlike other lenders, J.J. Best allows borrowing up to a staggering $2,000,000, perfect for those dreaming of owning a one-of-a-kind automotive classic. Meanwhile, opportunities for pre-approved car loans are also available for those with excellent credit scores. That said, not openly disclosing the APR range and interest rates/terms can be a downside, making it harder for potential borrowers to anticipate costs fully. Moreover, limited auto-loan terms – ranging from 60 to 84 months – might not be ideal for those planning to spread out their finances over a longer period of time.
If competitive, highly attractive rates are what you’re looking for, then Digital Federal Credit Union (DCU) is worth considering. The company offers flexible payment plans and long-term loan terms that stretch up to 84 months, accommodating various borrower needs. More importantly, DCU allows you to secure larger loans by covering up to 90% of the car’s appraised value. Meanwhile, debt restructuring plans are an integral part of DCU's wide-ranging services, allowing those facing financial hardships peace of mind. However, while they may be known for their favorable interest rate discounts and membership perks, the requirement to become a member may pose a hurdle to some interested borrowers. So, only those related to existing DCU members may apply for a membership.
A division of SunTrust Bank, LightStream is known for its quick approval process, offering same-day loans with competitive fee structures. Still, there’s no ignoring the company’s remarkable interest rate discount opportunities and impressive financing options that cover up to 100% of the car’s assessed value. Meanwhile, flexible loan terms – ranging from 24 to 84 months – and substantial loan amounts (up to $100,000) go hand-in-hand, creating an ideal package for borrowers looking to access small loan amounts and less ‘paperwork’. On the other hand, while the loans may be competitive, they’re still unsecured. Consequently, higher interest rates may disadvantage borrowers with less-than-excellent credit scores.
Classic cars are more than vehicles with a few miles on the clock and smooth leather seats. They’re a connection of the bygone era, a piece of history showcasing their time's timeless design, engineering, and essence. So, as time passes, a classic car’s charm only increases, making it a valuable and cherished asset. However, with top classic car financing companies offering competitive, highly attractive options, you can make your dream of owning a '67 Mustang (or any other prized classic) a reality. But the journey doesn’t end there. Exotic Car Trader helps you find the perfect match for your automotive desires, highlighting a curated list of classic cars in a diverse portfolio of makes, models, and eras.
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