How to Get the Loan You Need for Your New Classic Car

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For drivers who dream of spending weekends at auto shows with their own vintage vehicle, owning a classic car is a dream-come-true. Getting auto loans for old cars can be tricky, though. The process is much different than it is for getting financing on a car listed in Kelley Blue Book. In fact, it’s difficult to place a value on cars over 15 years old. This means that classic car auto loans represent a unique type of financing.

Go directly to: Alternatives to specialty lenders

Working with a specialty lender

There are enough vintage car lovers that certain lenders specialize in providing classic car loans. You may need to work with one of these businesses to get proper financing for your older car.

Specialty lenders understand that your classic car isn’t just a typical vehicle. They understand how to value a vehicle with vintage appeal, which is also an essential part of insuring the car for its real value.

JJ Best Banc & Co

These Indiana-based experts can finance your purchase in just two minutes online or you can speak to a classic car financing expert on the phone. They are well-known for their fast closing process, low interest rates, favorable terms, and vast knowledge of the collector car marketplace.

JJ Best Banc & Co finances collector vehicles dating back to 1900. They even finance hot rods, auction cars, kit cars, exotic cars, and muscle cars. So, no matter your obsession, JJ Best Banc & Co probably has experience valuing and providing a loan for it.

You can even use their in-house classic car insurance agency to secure the specialty insurance you need to get your loan funded. Of course, this financing company relies heavily on credit history, income, and current debt levels to qualify applicants.

Woodside Credit

If you want low monthly payments and a fast prequalification process for your classic car purchase, Woodside Credit may be the answer. They’ve won numerous awards over the past decade for their dedication to service. Barrett-Jackson endorsed them, and they appear on the auction block at every Barrett-Jackson event.

Customer testimonials on their website include the owner of a Ferrari F430 who pays just $1,200 per month to own their supercar. You don’t have to buy your vintage car at a Barrett-Jackson auction, although it’s a fun option. Woodside Credit offers financing for exotic cars, antique cars, and collector cars, no matter their origin.


This financing institution is a subsidiary of SunTrust Bank. They don’t charge prepayment penalties or fees associated with a classic car loan when you work with this company. They finance classic car loans between $5,000 and $100,000 and interest rates start at 3.99%.

Lightstream also advertises that they’ll beat any qualifying rate by .10% APR. There’s no appraisal, restrictions on mileage, or rules about the age of your classic car with Lightstream. They are often able to fund loans on the same day they approve the application.

With excellent credit, Lightstream offers unsecured classic car auto loans. This is ideal for those who want to buy a classic car and put money into fixing it up over time. They also offer secured loans for vintage vehicles when the buyer has less-than-great credit.

You’ll be required to make a down payment of 10% to 20% in most cases. Making a larger down payment may help you qualify for the loan. A classic car loan often goes as long as ten years, which will make the monthly payments smaller. You’ll pay more interest over time, though.

Alternatives to specialty lenders

Like any other type of loan, your interest rate and terms are based on your ability to repay the loan as well as your credit history. With bad credit, you may have a hard time finding specialty auto loans for old cars. But there are alternatives, see options below.

If approval with a specialty lender isn’t an option because of credit or income issues, try traditional lenders. Online lenders may have more relaxed requirements for loans on classic or antique cars. An unsecured loan is another option that works for many classic car owners.

Up to $50,000
Individual rates
Bad credit
Loan Terms
6 months to 6 years
Up to $35,000
Starting at 6.90%
Bad credit
Loan Terms
2 months to 7 years
Use car as collateral
Up to $40,000
Starting at 5.99%
Bad credit
Loan Terms
2 months to 5 years
« Show more alternatives »

Financing a classic car is a big responsibility. Be sure to consider insurance costs, storage, and maintenance costs, as well. As with any auto loan, get multiple quotes to make sure you are getting the best possible deal.