Classic Car Financing

Buying a classic car can be expensive, with some topping $100,000 or more. So, there are not many of us that can write a check for the full value when it comes to buying a classic. That is why it pays to do your research and carefully consider your classic car financing options. Classic car loans come in many shapes and sizes, and may last well beyond ten years, and slight differences can make a big difference. For example, a 1% difference on a $50,000 classic car loan for ten years will cost you an extra $5,000. Whether you are applying for a good credit classic car loan or a bad credit classic car loan, it pays to do your research. Generally speaking, there are two types of classic car lenders. Direct Lenders are financial services companies, like a bank or a credit union. They actually have the money to lend you for your classic and have their own underwriting standards. They may be local, like a credit union, or they may be national. Indirect Lenders are agents or brokers, companies who make a commission by placing your loan with a qualified direct lending institution. Many indirect classic car lenders have an Internet business model where you submit the application online and they contact lenders with your completed application. There are important advantages to both, and both are valuable resources when you are looking for your loan. The important thing to know before you begin submitting applications is whether you are working with a direct or indirect lending source. That will save you time, confusion, and possibly costs as you begin the process of securing your loan for your classic car.

There are certain advantages in using a specialty classic car lender. Even if you find a general lender to finance your classic car, you may still want to look into a specialty lender for a few reasons. Classic car lenders know about classic cars, while most standard auto lenders use Kelley Blue Book or NADA price guides, and these guides are less reliable with older collectibles, especially when it comes to restored cars, hot rods, and antiques. Using a specialty classic car lender may speed up the process of getting a loan, and you may get a lower interest rate because they understand the true value of your purchase. With a speciality car lender, you may qualify for longer term loans as well. Typical auto loans are three to five years, while classic car loans can be up to 10 years. You might have a higher interest rate with a classic car loan.


Below are established classic car lenders, lenders who specialize in both good credit loans and bad credit loans. We have categorized them into Direct classic car lenders and Indirect classic car lenders for ease of reference.

Direct Classic Car Lenders

Woodside Credit
JJ Best Banc & Co.
Putnam Leasing
Premier Financial Services
Road Loans

Indirect Lenders

Motor Cars Financial
My Classic Auto Loan
Lending Tree Classic Car Loans