Buying a classic car isn’t just about transportation — it’s about passion, history, and investment. But financing a vintage or collector car isn’t as simple as a typical auto loan. That’s where classic car loans come in.
In the U.S., classic car financing often requires different terms and lenders than a standard auto loan — especially for vehicles used as investments or occasional drivers.
Here’s how they work, where to get one, and what makes them different from standard car financing.
What Is a Classic Car Loan?
A classic car loan is a specialized auto loan designed to help buyers finance:
- Antique vehicles
- Collector or vintage cars
- Muscle cars or rare imports
- Cars that are often older than 20–25 years and not daily drivers
Lenders typically evaluate the car’s value, rarity, condition, and resale market differently than for everyday vehicles.
Who Offers Classic Car Financing?
These loans are typically offered by:
| Lender Type | Examples |
|---|---|
| Specialty Classic Car Lenders | Woodside Credit, JJ Best Banc |
| Credit Unions | Some offer tailored programs for older vehicles |
| Banks (limited) | A few offer classic car loans with stricter terms |
| Collector Car Insurance Providers | Sometimes bundle loans + coverage (e.g., Hagerty) |
Most of these lenders operate in the U.S. market and tailor their underwriting specifically for American collectors.
Key Differences from Standard Auto Loans
| Feature | Classic Car Loan | Regular Auto Loan |
|---|---|---|
| Vehicle Age Limit | Often no limit | Usually <10 years |
| Down Payment | 10–20%+ often required | May be $0 down |
| Loan Terms | Up to 10–12 years | Typically up to 6–7 years |
| Appraisal | Required for rare vehicles | Not required |
| Use Case | Investment, occasional use | Daily driving |
Some lenders require that the car:
- Be stored in a garage
- Be driven only a certain number of miles per year
- Carry agreed value insurance coverage
What Credit Score Do You Need?
Most classic car lenders prefer:
- 680+ credit scores
- Stable income and low debt-to-income ratio
- Strong borrower profile (especially for high-value classics)
If your credit is lower, some lenders may still work with you — but expect stricter terms and higher rates.
How to Qualify for a Classic Car Loan
- Choose your vehicle — Have the VIN, photos, and documentation ready
- Get an appraisal — Especially for custom, restored, or rare models
- Apply with a specialty lender — Not every bank offers these
- Get insurance quotes — Many lenders require proof of collector coverage
- Close and fund — Review all terms carefully
Related: Car Loan with Bad Credit
Even if you’re rebuilding credit, specialty lenders may offer financing — just be sure to compare rates and requirements.
Final Thoughts
A classic car loan helps turn your dream car into a reality — but it’s a niche product with specific requirements. Make sure to work with a lender who understands the collector car market, and protect your investment with the right insurance and terms. Financing a classic is very possible — as long as you plan for it like a pro.
