Do most lenders offer classic car loans?

Will any lender offer a loan for a classic car? Are there special lenders I need to go to?

Answer
“Not every lender will offer financing for a classic car.
Classic cars are unique because their appraised value is always more than their actual cash value. Many lenders see this as a high risk and won’t offer financing to cover it.
However, there are quite a few lenders that will offer coverage. You should first check with your bank or credit union to find out whether they offer loans.
If not, you can look into more specialized lenders like Woodside Credit and Lightstream.
You should also keep in mind that most lenders will require specialized insurance for a classic car. As it is a higher risk vehicle, they’ll want to ensure it’s properly protected.
They will likely require classic car insurance, including full coverage. Once you decide on a lender, they’ll be able to provide you with the specific insurance and loan terms and conditions.”
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Emily Maracle
Answered on Jul 14, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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