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If you’ve got your eye on an antique car, you’ll need to have a high credit score, a down payment of about 10% to 20%. Then, compare loan terms from different lenders to find the right one for you.
Whether you’ve got your sights set on a Ferrari GTO or a 1967 Chevy Impala, purchasing an antique car can present unique challenges. It can also be a solid financial investment since the value of your vehicle will increase over time—but unless you’re prepared to pay in cash for your antique car, you’ll need a car loan to help you finance your purchase.
When it comes to antique or classic cars, many lenders put age restrictions on the vehicles they’ll finance. To help you find the right auto loan to finance your antique car, car insurance comparison and broker app Jerry is breaking down everything you need to know about vintage car loans.
What is an antique car?
The #1 factor that defines an antique or classic car is age—but age requirements vary between organizations and lenders.
- State Farm defines an antique car as a vehicle 25 or more years old with historic interest and a classic car as a vehicle with historic interest 10 to 24 years old
- For inclusion in the Antique Automobile Club of America, vehicles must be 25 or more years old
- The Classic Car Club of America only considers vehicles produced in limited numbers between 1915 and 1948 as “CCCA Classics”
To get a classic car auto loan, you’ll need to find a lender whose age requirements fit your vehicle. J.J. Best Banc & Co. classifies antique cars as 45+ years old, whereas Woodside Credit considers any car 25 years or older an antique.
Key Takeaway Definitions of what makes an “antique car” vary from lender to lender, so make sure you find a lender whose age requirements fit your car.
How to get an antique car loan
Once you’ve figured out what category your vintage car fits into, it’s time to apply for a loan. Follow these antique car financing steps to qualify for the best deal on your loan.
Check your credit
Your credit score is one of the biggest determinants of the kind of loan you can qualify for. In general, lenders offering classic car auto loans will want to see a high score.
But if your credit history isn’t great, don’t despair! Some lenders will offer loans to borrowers with scores as low as 600.
Choose your down payment
A down payment is usually required for an auto loan, so you’ll need to decide how much you can afford to pay upfront. Some lenders require at least 10% to 20% down on the vehicle’s total purchase price.
Find the right lender
It’s time to shop around! Compare interest rates and vehicle age requirements for as many potential lenders as possible.
Here are a few lenders that offer vintage car loans:
- J.J. Best & Banc Co.
- Woodside Credit
- Collector Car Lending
- LightStream (a division of SunTrust Bank)
Don’t just look at the big names—check out local banks and credit unions too! You may be able to get a loan from them, especially if you’re able to work with a fellow car enthusiast.
Look into specialized car insurance
Most lenders will require proof of classic car insurance, but not every insurance company offers specialized coverage for antique cars. Download car insurance comparison shopping app Jerry for help finding the best deal on classic car insurance.
MORE: Classic car insurance
Alternative financing: Apply for a personal loan
If you’re not able to find a vintage car loan that fits your needs, you might be able to apply for a personal loan to finance your classic car purchase.
One major benefit of a personal loan is that, unlike with a classic car auto loan, the lender won’t take your car as collateral. On the flip side, interest rates for unsecured personal loans tend to be higher.
Key Takeaway Having good credit and the ability to make a sizable down payment will set you up for success when it comes to financing an antique car purchase.
The bottom line
Antique car loans are harder to find and qualify for than standard car loans. To finance your dream car, you may need to shop around to find the perfect lender.
Weigh your options carefully and be prepared to save your money for the future if you’re unable to find the right lender immediately.
Save money on antique car insurance
No matter how you finance your antique car purchase, you’ll need to buy classic car insurance for your new (old) vehicle. Because vintage cars see less time on the road and are typically worth more than newer cars, it’s important to have specialty coverage that provides the unique protection your car needs.
Jerry is the super app that helps you save time and money on all your car expenses, including insurance. Jerry will compare quotes from leading insurance companies to find you the best deal on classic car insurance. Once you’ve found the right policy, just sit back and let Jerry handle the paperwork!
“When using Jerry, I was impressed at how their representative took care of my situation. He was so knowledgeable about my state’s insurance laws!” ––Rabi B.