Sometimes, it just isn’t about yielding almost four-digit horsepower figures beneath your right foot or having massive, bright iPad-sized screens glued to your eyes in case you don't miss an exit. Sometimes, it's about savoring the journey and relishing the ride. And that is why the car community loves a classic car's timeless allure, a nostalgic escape to the golden era of motoring. Luckily, owning (or perhaps financing) a classic car is just some clicks and paperwork away. This guide will address the essentials around classic car loans and the lenders offering the best deals. Meanwhile, if you’re hunting for a dream classic, Exotic Car Trader is a great place to begin with. By outlining a meticulously selected, highly curated list of exotic classic cars it helps you on the path to finding the perfect vehicle that embodies both style and history.
In simple terms, classic car financing involves specific types of loans designed for purchasing classic or otherwise vintage or antique cars without bearing the burden of upfront costs. While such classic car loans help preserve personal cash flow by spreading the vehicle’s cost over several years (or loan terms), it may as well be a strategic move, courtesy of the classic car’s appreciating value. The process typically entails evaluating the car’s appraised value and choosing the right lender that suits your financial needs. Luckily, multiple reputable, specialized financing companies – such as Woodside Credit and LightStream – offer tailored financing solutions to loan borrowers, as explained below.
Choosing the right lender for your classic car loan is like choosing a partner for a road trip; they reflect your passion for the journey and support your goals. Unlike traditional auto-loan lenders, classic car financing companies go beyond credit scores and basic car details. In fact, these lenders require professional appraisal to determine the car's market value. Additionally, strong credit scores can go a long way in favorably impacting loan terms and interest rates. Meanwhile, interest rate discounts and loan terms may differ from lender to lender, with some even requiring substantial down payments to mitigate the risks associated with a classic car’s high value. Below, the guide highlights two key lenders specializing in classic car loans.
Among the reputable classic car loan lenders, Woodside Credit positions itself as a leader with its flexible monthly payments – the lowest in America. Moreover, it couples long, quite extensive loan terms that stretch up to a remarkable 180 months, allowing greater financial benefits to borrowers who may prefer spreading their finances over several years. Meanwhile, Woodside Credit permits substantial loan amounts, too, covering the finances of expensive classic cars with an appraised value of up to $1,000,000. Additionally, opportunities for pre-approved car loans are present, allowing borrowers to get a head start on their dream car purchase. Still, the company fails to clarify its rates and eligibility requirements, including the credit APR range, making it difficult for potential borrowers to manage (and anticipate) finances. Also, Woodside requires potential borrowers to have a credit history of at least 10 years to avail themselves of its market-leading finance services.
On the other hand, LightStream adopts a streamlined, more user-friendly approach to classic car financing, offering swift approvals and favorable interest rate discounts to help borrowers acquire loans according to their financial situations and preferences. The company outlines flexible loan amounts, ranging from $5,000 to $100,000, which are kept unsecured to minimize upfront costs. Meanwhile, loan terms span 24 to 84 months, creating short-term affordability and long-term budgeting options. However, LightStream accepts excellent/good credit scores alongside a credit history of at least five years to avail of these perks. The strong emphasis on the borrower's credit profile means those with a less-than-perfect credit score may find it difficult to land LightStream's unsecured loans and discounts. Nevertheless, LightStream remains a highly attractive option for those seeking same-day funding, competitive rates, and flexible financing services for their classic car purchase.
We get it; it's hard resisting a classic car's timeless appeal and undeniably cool factor. With each vehicle telling a tale of its time, these cars equip a distinct charm worth every penny. That's where classic car financing steps in, turning your classic car dreams into reality without ever bearing the burden of upfront costs. Understanding the nuances around classic car loans and choosing the appropriate lender allows you to drive home your classic without breaking the bank. Of course, with the right lender, you may tailor your financing experience to fit your budget, including negotiating lower rates and favorable loan terms. Still, if you're looking for a classic car, why not begin your journey at Exotic Car Trader? With hundreds of meticulously selected and expertly appraised classic car listings, we ensure each vehicle meets market-best trends and standards, helping you find the perfect match for your taste and desire.
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