Do you need a high credit score to buy a classic car?
Do I need to worry about my credit score when financing a classic car? I have a good score, but I don't know if it needs to be higher to be approved for financing.
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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.
“When applying for financing, every lender has different requirements.
Credit score is one factor that every lender looks at. However, the score needed to qualify for a loan will vary.
If you have a good credit score, you’ll likely qualify for most loans.
The main thing that will vary depending on your score will be the interest rate on the loan. To get a lower interest rate, you’d want to try to increase your score as much as possible before applying for a loan.
If you don’t want to apply for multiple loans right away, most lenders will be able to estimate your interest rate based on your current score. From there, you can decide whether you’d like to try and improve your score.
You’ll also want to look into the requirements for lenders. Most lenders require that classic cars carry classic car insurance when financed.”
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