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You can find the best classic car loans from J.J. Best Bank & Co., Woodside Credit, Digital Federal Credit Union and DuPage Credit Union
Average Car Interest Rate For 800 Credit Score
Daniel is a writer for the Guides team and has published articles in the U.S., U.K. and has written for a number of automotive news sites and marketing organizations across Australia, specializing in auto finance and car care topics. Daniel is the authority on a team of guides on auto insurance, loans, warranty options, auto services and more.
My Credit Score Is 800. Now What?
Rashan Michner is a Guides team editor with over 10 years of experience covering personal finance and insurance topics.
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If you are interested in financing a classic, antique or collector car, there are many specialized lenders competing for your business. In this article, we at Guides team discuss some of the best classic car loan providers and review the process of availing this type of loan. If you want to expand your search to traditional lenders we’ve reviewed and ranked the companies with the best auto loan rates.
Reasons Why People With Good Credit Can Get Denied
The Guides team is committed to providing reliable information to help you finance your vehicle. Because consumers depend on us to provide objective and accurate information, we have created a comprehensive rating system to form our rankings of the best auto loan companies. We have collected data from dozens of loan providers to grade companies on a wide range of factors. After 300 hours of research, the final result was an overall rating for each supplier, with the companies with the highest scores topping the list.
Our team of experts J.J. Best Bank & Co., Woodside Credit, Digital Federal Credit Union and DuPage Credit Union are some of the best classic car loan providers with the lowest rates. Although a minimum credit score is not usually listed for classic, antique or collector car loans, an excellent credit score and long credit history will earn you the best rates from these lenders.
J.J. Best was a classic car collector before his company began offering low-rate loans on sought-after vehicles. Now the U.S. One of the largest classic car financing companies in the J.J. Best Banc & Co. Includes long-term loans with amounts up to $2 million. The lender offers same-day approval to pre-qualified and well-qualified borrowers.
To qualify for a classic car, hot rod, muscle car or exotic sports car loan from J.J. You need good credit with excellent, long history, good debt-to-income (DTI) ratio and verifiable income. Lenders require a minimum 10% down payment on the vehicle you wish to purchase.
How To Improve Your Credit Score To 800 And Higher
Woodside Credit has some of the most flexible financing options of any auto lender. The company offers classic car financing up to $1 million and up to 180 months. In addition to vintage cars at least 25 years old, Woodside offers financing for very late model exotic vehicles. Special and collector vehicles such as Porsche 911s, Cobra replicas and Dodge Vipers are covered by the Woodside Credit Lending Program.
Woodside Credit has relationships with Barrett-Jackson Auctions, thousands of dealerships and many private parties across the country. You can get a pre-approved car loan through Woodside Credit for your classic vehicle purchase. For cars that require an appraisal for underwriting purposes, Woodside enables virtual inspections through a mobile app.
At the time of publication, Woodside offers the following payment examples on its website, each including a 20% down payment:
Digital Federal Credit Union (DCU) offers competitive rates on auto loans for antique, replica and completed kit cars. Buyers with excellent credit can get 8.24% APR on classic car loans for up to 65 months through DCU. For 84 month loans, the APR increases to 10.74%. Well-qualified borrowers can borrow up to 90% of the appraised value of the vehicle with loan terms of up to 10 years. DCU includes an easy-to-use car loan calculator on its website to help you understand your options.
How Your Credit Score Affects The Cost To Finance A Car
At certain points Digital Federal members also receive a .5% discount on classic car loan APRs. A drawback of DCU is that membership is only open to those who live and work in certain areas or are related to current members.
DuPage Credit Union offers some of the lowest rates you’ll find on classic cars. The only catch is that membership is open to residents of only seven states. If you live in one of these states, DuPage is a great option for financing a classic car with a value up to $150,000. The lender offers the same rates for exotic vehicles as it does for new cars. 84 months. DuPage does not charge prepayment penalties, so you have the option to pay off your auto loan early.
A bonus of financing with DuPage is that the credit union offers car insurance discounts through a partnership with Travelers.
Classic cars are broadly classified as vehicles that are 45 years or older. Some lenders offer loans for vintage cars over 100 years old. Other examples that fall under the classic car umbrella include hot rods such as Ford coupes of the 1930s, American muscle cars of the 1950s, and an array of exotic sports cars made by Maserati, Alfa Romeo, and Porsche.
Average Auto Loan Rates
Kit cars like Shelby Cobras are considered classic cars by most lenders. These vehicles are custom curated and come with high car insurance costs. This makes the special insurance deals offered by some lenders particularly attractive.
The process of securing a classic car loan is no different than financing a traditional auto loan. The steps are similar, except for finding the right dealer and provider that specializes in vintage, exotic or collector car loans. Here’s what the basic process involves:
Knowing your credit score will help you have a general idea of the APR you can expect on a classic car loan. Most lenders require a score of around 800 to get their best rates. If the rates you’re getting are currently too expensive for you, you may want to improve your credit score before moving on.
Some credit-scoring models treat multiple car loan applications within a short period of time (usually 14 days) as a single inquiry. That means it’s easy to compare loan offers and interest rates from multiple lenders. Even if you are looking for a classic car loan for bad credit, there are providers out there to help you.
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Many classic car lenders require a 10% to 20% down payment. If you can afford an even bigger down payment, you can lower the amount of interest you pay over the life of the loan and reduce your regular loan payments.
For some classic cars, especially collector vehicles, you may need classic car insurance. Traditional auto coverage does not account for the true value of the vintage automobile or the additional repair costs associated with it. You may be able to get a lower rate on this special coverage by limiting the number of miles you drive your classic car each year.
Once you’re happy and have found the best classic car financing option for you, you can finalize your deal. Although interest rates fluctuate over time and lower rates are out there, you can always refinance your auto loan for a better deal.
The rates you get for classic car loans are usually higher than for other vehicles. Primarily the rate you get depends on your credit score category. To help you understand what rates you might receive, we’ve provided the average interest rates for car loans from Experian for Q1 2023.
Ways To Lower My Car Loan Interest Rate?
It’s worth taking a moment to point out the difference between interest rate and APR. Your interest rate is the amount you charge to borrow money, spread over regular payments. The APR, or annual percentage rate, includes your interest rate plus any discounts and fees assessed by your lender.
If you want to finance your dream classic, antique or exotic vehicle you have several options. taking time
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