Best Classic Car Loans

Woodside Credit has made a name for itself in the world of niche car lending. The lender specializes in providing financing for classic cars, exotic cars and collector cars. If your vehicle falls into one of those categories, Woodside offers some flexible financing terms, including allowing for sale prices up to $1,000,000, offering loan terms as long as 180 months, and providing the opportunity for loan preapproval.

Still, like many auto loan lenders, Woodside Credit is not the most upfront about its rates and eligibility requirements. However, the lender does specify that comparable credit is required, which means it may not be a fit if you’re looking to finance your first car purchase.

Woodside Credit requires its borrowers to have at least 10 years of credit history and comparable experience financing a vehicle. In addition, you can not have any bankruptcies, charge-offs or late payments.

As far as the vehicles it finances, your classic car must be at least 25 years old and in good condition. The company’s list of approved makes and models shows vehicles it will finance.

J.J. Best Banc & Co brands itself as the country’s oldest and largest classic car financier. However, regardless of that status, this lender offers some benefits. In particular, its maximum loan amount stretches all the way to $2,000,000, which sets it apart from other lenders on this list. Plus, it offers the opportunity for financing preapproval.

Yet, there are a few limitations that you may want to consider. Specifically, this lender is not up front about its interest rates, and in some cases, you may be asked to make a larger down payment than other lenders require. Additionally, its loan terms are rather limited, ranging between five and seven years.

J.J. Best looks for its applicants to have a good-to-excellent credit score, an income, a low debt-to-income ratio and the ability to put at least 10% down. As far as the vehicles it finances, the car you’re purchasing must be in working condition and, ideally, will have been manufactured between 1900 and 1985.

If you’re only looking to borrow a small amount, LightStream could be a smart option. For those who qualify, the lender offers some unique perks, including the availability to access same-day funding and finance up to 100% of your vehicle purchase. In addition, the company does not impose any year, make, model or mileage requirements.

At the same time, LightStream will not be a fit for every borrower. When it comes to classic vehicle financing, this lender has a relatively low maximum loan amount ($100,000). Additionally, it’s not a fit for a bad-credit car loan because of its eligibility requirements.

Read our full LightStream auto loan review.

In addition to requiring a good or excellent credit score, LightStream also looks for borrowers to have at least five years of credit history, a spotless payment history, sufficient assets and a low debt-to-income ratio.

Digital Federal Credit Union (DCU) strong points are its affordable interest rates and flexible payment options. For one thing, it offers a 0.5% rate discount if you maintain direct deposit in an eligible DCU checking account and pay your loan electronically. In addition, it offers quite a few debt restructuring options for members who are experiencing financial hardship.

You must be a member of DCU in order to borrow from the lender. The company is primarily based in New England, with the vast majority of its branches in New Hampshire and Massachusetts.

Read our full Digital Federal Credit Union auto loan review.

As stated above, you must be a member to borrow from DCU. To qualify for membership, you must be related to another DCU member, work for a participating employer, live in an affiliated community or be part of a partnering organization. Each eligible organization is open to anyone.