What is the best loan company for a classic car? (2024)

What is the best loan company for a classic car?

Woodside Credit offers an unmatched loan program designed for car enthusiasts and collectors, providing unparalleled service. Our specialized focus ensures smooth transactions, underpinned by thorough valuation insights, digital collateral verification, and a deep understanding of borrowers' needs.

What credit score do you need to finance a classic car?

You may be able to finance a classic car with a credit score in the 600s, but you'll pay high interest rates. In general, the best interest rates on a classic car loan will go to borrowers with long credit histories and scores in the 800 range.

Can I borrow money on a classic car?

Traditional auto loans may not work for your classic car purchase, since classic or collector cars are usually older than an average car purchase. The process is similar to getting a loan for any other vehicle, but you'll want to look for a lender that offers financing for a classic car.

Is it smart to finance a classic car?

The main advantage of financing a classic car is that it tends to appreciate over time, making it a good investment. Additionally, lenders may offer lower interest rates on classic car loans because they know the car will likely increase in value.

What is the interest rate on a classic car loan?

Classic Car Financing and Loans from 5.95% APR - Collector Car Lending at Star One.

What is the oldest vehicle banks will finance?

Typically, a bank won't finance any vehicle older than 10 years, even if you have good credit. If you don't have great credit, you may find it difficult to finance through a bank, even for a new car.

Why won t banks finance older cars?

Keep in mind that despite these market changes, older cars may continue to be perceived as a greater financial risk by lenders, so higher interest rates could still be unavoidable. Your chances of loan approval will also depend on the age and mileage of the car.

What is the difference between a personal loan and a classic car loan?

A personal loan might be a better choice if you're interested in a classic car over 10 years old. What is my credit score? Since personal loans can have stricter eligibility requirements than auto loans, a car loan could offer a lower interest rate if you have poor credit.

Does Navy Federal do classic car loans?

Used Vehicles: 2022 and older model years or any model year with over 30,000 miles. Vehicles 20 years or older (based on model year) are considered classic or antique and subject to Other Eligible Vehicle rates.

How to negotiate a classic car purchase?

If you're wondering the best price to start your negotiations at, go in 20-25% below the asking price. A good classic car dealer will usually conduct an inspection before they sell it on. What's more, a dealer who has confidence in the car's condition will not object to any form of in-depth inspection.

What qualifies a car to be a classic?

For insurance and registration purposes, the age of a classic car, in most cases, is at least 20 years old but not more than 40 years old.

Are classic cars considered assets?

Classic cars are personal and sentimental assets most people want to keep in the family and direct which family members inherit them. A California trust is one way to ensure your wishes are followed after you are gone.

Are classic cars more to insure?

Classic car insurance is usually much cheaper than regular car insurance. According to Baily Insurance Agency, a classic car policy costs around $200 to $600 annually. If you own an abnormally expensive vehicle, your rates may be higher. In contrast, regular car insurance usually costs over $1000 per year.

When a car becomes a classic is it worth more?

No, cars don't instantly become more valuable when they hit a certain age. Classic, as applied to cars, is usually based on age. Just because something is old or even old and rare, doesn't mean it is valuable.

What is the average age of classic car owners?

Classic Auto Insurance reports the average age of today's classic and collector vehicle owner is 54 years old.

Are classic cars a good long term investment?

Value: Unlike modern-day vehicles that start depreciating as soon as you drive them home, classic cars often increase in value over time if you take good care of them.

What credit score do you need for JJ Best?

J.J. Best Banc & Co has requirements of at least a 650 credit score, good credit history, minimum of 10% down payment, with terms up to 7 years.

How old of a car will Capital One finance?

Capital One Auto Finance only refinances cars, light trucks, minivans and SUVs that will be used for personal use. Vehicles must be no older than 10 years and have an established resale value.

Does Chase finance cars older than 10 years?

The following vehicles are not eligible for financing, include but are not limited to: Vehicles older than 10 calendar years.

Can I get a car loan with a 500 credit score?

It's possible to get a car loan with a credit score of 500, but it'll cost you. People with credit scores of 500 or lower received an average rate of 14.08% for new-car loans and 21.32% for used-car loans in the first quarter of 2023, according to the Experian State of the Automotive Finance Market report.

Why would a bank not approve a car loan?

Having a high debt-to-income ratio — the amount of debt on credit cards, other loans or a mortgage compared with the amount you're paid — is another possible reason for loan denial. Also, a loan application could be declined for something simple like incorrect or missing information in your application.

What is a good interest rate on a 72 month car loan?

An interest rate under 5% is a great rate for a 72-month auto loan. However, the best loan offers are only available to borrowers who have the best credit scores and payment histories.

Is it better to loan or buy a car?

Generally, it's better to get an auto loan to pay for a car because they typically have lower interest rates. Because your car serves as collateral for a loan, lenders consider the loan a lower risk. Lower interest rates save you money in the long-term.

Is personal loan cheaper than auto loan?

Because personal loans are unsecured, they usually have higher rates than auto loans, which are secured by your vehicle.

Does Discover offer auto loans?

While Discover doesn't offer auto loans, funds from a Discover personal loan can be used for car-related expenses and emergency repairs. Once you have a handle on what you need in order to cover these additional expenses, start here to see if you qualify.