Best Classic Car Loans: Top Lenders and Tips for Financing

Written by: Taylor Milam-Samuel 

Reviewed by: Michael Menninger, CFP®

Dec 8, 2025

Classic cars can be more expensive than newer models, and financing them often requires a specialty loan. Many traditional lenders avoid financing older vehicles, so classic car enthusiasts often turn to specialty lenders who understand their unique value.

This guide covers the steps to secure a classic car loan and highlights the top lenders offering competitive rates and flexible terms for collectors.

Best classic car loans

The best classic car loans offer competitive rates, straightforward applications, and high loan limits that allow you to purchase the car you want.

Can I get classic car financing with any auto lender? 

No. Most traditional auto lenders don’t offer loans for vehicles over 10 to 20 years old because older cars present challenges in valuation and reliability. Specialty lenders, including those mentioned above, cater to classic car buyers by offering flexible loan terms and expert valuations.

These lenders understand the unique value and market for classic cars, making them better suited for financing vehicles that traditional lenders often won’t cover.

How do classic car loan rates differ from other auto loan rates?

Classic car loans often have higher interest rates than other auto loans. Used car loans, including loans for classic cars, cost more than new car loans. Interest rates tend to be higher for used cars because it’s more difficult for lenders to accurately determine the car’s value—especially for classic cars. 

Specialty auto lenders have more experience with classic cars and can better evaluate their value, meaning you might qualify for a higher loan amount or better terms. The downside is that it’s usually harder to find information about rates online, and you might have to apply with a specialty car lender to view sample rates. 

How to get a classic car loan 

Getting a classic car loan involves additional steps you don’t have to complete with standard auto loans. It’s essential to understand the process before you begin. Here’s how it works.

1. Estimate the cost: Determine the type of car you want to buy and the price. Most specialty car lenders ask for details about the car’s make, model, and year when you apply. You should also consider the size of the loan you need and the down payment amount. Some lenders require a down payment of 10% or more. 
2. Compare lenders: Create a list of two or three lenders and gather details about each loan program, including repayment term length, interest rates, and fees. Some lenders don’t provide much information online. If that’s the case, call to request more information. 
3. Apply for a loan: You can apply online for specialty car loans. To complete the application, provide information about yourself and the car you plan to buy. Most lenders will follow up within 48 hours and let you know whether you need additional information or documentation. 
4. Secure the right insurance: Most specialty auto lenders require that you get specialty insurance before finalizing the loan. You must have a guaranteed or agreed-value insurance policy. The lender can connect you with insurance companies that provide policies. 
5. Finalize the loan: After you complete the process and get insurance, you can finalize the loan, including the amount.

FAQ

What is the oldest car year you can get a loan for? 

This varies by lender. Some lenders may offer loans for vehicles up to 10 or 15 years old, but the ones discussed above specialize in loans for classic or antique cars, which can be 25 years old or older.

What credit score do you need to finance a classic car? 

Financing a classic car often requires a good to excellent credit score of around 660 or higher. The specific score required can vary by lender. Those with higher credit scores generally get more favorable loan terms and interest rates.

Why don’t banks finance older cars? 

Many banks and traditional financing institutions avoid financing older cars due to the increased risk associated with their depreciating value, the potential for higher maintenance costs, and difficulties in assessing a fair market value. Older cars are seen as less reliable investments compared to newer vehicles.

What is the average interest rate on a classic car loan? 

The interest rates on classic car loans can be higher than those for newer cars, which may range from 4% to 10%. Factors such as the loan amount, term length, the borrower’s credit score, and the car’s value and condition can influence the rate. 

Specialized lenders that understand the unique value of classic cars might offer competitive rates for well-qualified buyers.

Recap of the best classic car loans