- Used Car Interest Rate 700 Credit Score
- Highest Average Credit Score By Auto Make: 2020
- Best Loans & Credit Cards: 650 700 Score (sep. 2023)
- Ways To Avoid A Bad Car Loan
- What You Need To Know About Your Credit Score
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You can find the best classic car loans from J.J. Best Banc & Co, Woodside Credit, Digital Federal Credit Union and DuPage Credit Union
Used Car Interest Rate 700 Credit Score
Daniel is a staff writer on the Guides team and has written for numerous automotive news websites and marketing companies in the US, UK and Australia, specializing in car finance and car care topics. Daniel is the team’s go-to authority on auto insurance, loans, warranty options, auto services, and more.
Is Maintaining A Credit Score Of 750 For Home Loans, Car Loans Or Personal Loans Enough?
Rashawn Mitchner is an editor on the Guides team and has over 10 years of experience covering personal finance and insurance topics.
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If you’re interested in financing a classic, antique or collector car, there are many specialist lenders vying for your business. In this article, our guide team will discuss some of the best classic car loan providers and look at the process of obtaining such a loan. If you want to expand your search to traditional lenders, we’ve also reviewed and ranked the companies with the best car loan rates.
Highest Average Credit Score By Auto Make: 2020
The Guide team is committed to providing reliable information to help you make the best decision about vehicle financing. Because consumers rely on us for objective and accurate information, we created a comprehensive ratings system to develop our ranking of the best car loan companies. We collected data from dozens of loan providers and rated the companies based on a variety of ranking factors. The end result, after 300 hours of research, is an overall rating for each provider, with the highest-scoring company at the top of the list.
Our team of experts found J.J. Best Banc & Co., Woodside Credit, Digital Federal Credit Union, and DuPage Credit Union to be the best classic car loan providers with the lowest interest rates. Although classic, antique, or collector car loans typically don’t list a minimum credit score, an excellent credit score and a long credit history will earn you the best interest rates from these lenders.
J.J. Best was a classic car collector long before his company started offering low-interest loans on popular vehicles. J.J. is now one of the largest classic car financing companies in the United States. Best Banc & Co. offers long-term loans in amounts up to $2 million. Lenders offer pre-qualification and same-day approval for qualified borrowers.
Qualify for a classic car, hot rod, muscle car or exotic sports car loan from J.J. Best-case scenario, you’ll need good to excellent credit, a strong history, a good debt-to-income (DTI) ratio, and verifiable income. Lenders also require you to put down at least 10 percent on the vehicle you want to purchase.
Best Loans & Credit Cards: 650 700 Score (sep. 2023)
Woodside Credit has the most flexible financing options of any auto lender. The company offers classic car financing up to $1 million for terms up to 180 months. In addition to classic cars that are at least 25 years old, Woodside also offers financing for the latest exotic vehicles. The Woodside Credit loan program also covers specialty and collector vehicles such as Porsche 911s, Cobra Replicas and Dodge Vipers.
Woodside Credit partners with Barrett-Jackson Auctions, thousands of dealers nationwide and many private parties. You can also get a pre-approved car loan through Woodside Credit for your classic vehicle purchase. For cars that need an appraisal for underwriting purposes, Woodside offers virtual inspections through a mobile app.
As of the time of publication, Woodside offers the following payment examples on its website, each with a 20% down payment:
Digital Federal Credit Union (DCU) offers competitive vehicle loan rates on antique, replica and finished vehicles. Buyers with good credit can get classic car loans through DCU for up to 65 months at 8.24% APR. For an 84-month loan, the APR increases to 10.74%. The best qualified borrowers can borrow up to 90 percent of a vehicle’s appraised value for terms up to 10 years. DCU offers an easy-to-use car loan calculator on its website to help you understand your options.
Ways To Avoid A Bad Car Loan
Certain levels of Digital Federation membership also receive a 0.5% APR discount on classic car loans. The disadvantage 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 interest rates on classic cars. The only problem is that membership is only open to residents of seven states. However, if you live in one of these states, DuPage is a great option for financing a classic car worth up to $150, 000. Lenders offer the same interest rates as new cars on exotic vehicles, with terms up to 84 months. DuPage charges no prepayment penalties, so you have the option to pay off your car loan early.
One benefit of DuPage financing is that the credit union offers auto insurance discounts through its partnership with Travelers.
Classic cars are broadly classified as vehicles that are 45 years old or older. Some lenders offer loans on older cars that are over 100 years old. Hot rods such as the Ford coupe of the 1930s, American muscle cars of the 1950s, and a range of exotic sports cars such as Maserati, Alfa Romeo and Porsche are other examples that fall under the category of classic cars.
What You Need To Know About Your Credit Score
Kit cars like the Shelby Cobra are also considered classic cars by most lenders. These vehicles are custom-built, and car insurance is expensive. This makes the special insurance deals offered by some lenders particularly attractive.
The process of getting a classic car loan isn’t much different than the financing process for a conventional car loan. The steps are similar except for finding the right seller and provider that specializes in vintage, exotic, or collector car loans. Here is the basic process:
Knowing your credit score will help you get a rough idea of the annual interest rate you can expect on a classic car loan. Most lenders require a score of around 800 to get the best interest rate. If the rates you’re currently getting seem too expensive for you, you can improve your credit score before moving forward.
Some credit scoring models consider multiple car loan applications within a short period of time (usually 14 days) as one inquiry. This means loan quotes and interest rates from multiple lenders can be easily compared. Even if you are looking for a classic car loan due to bad credit, there are providers who can help you.
Here’s What Kind Of Car Loan You Can Get Depending On Your Credit Score
Many classic car lenders require a down payment of 10 to 20 percent. If you can afford a larger down payment, you can lower the amount of interest you pay over the life of the loan and reduce your term loan payments.
For certain classic cars, especially collector vehicles, you may need classic car insurance. Traditional car insurance does not take into account the actual value of a vintage car or the additional repair costs associated with it. You may be able to lower your rates for this specialized coverage by limiting the number of miles you drive your classic car each year.
Once you’re satisfied and have found the classic car financing option that’s best for you, you can finalize the contract. Even if interest rates fluctuate over time and the rates are lower, you can always refinance your car loan to get a better deal.
Interest rates on classic car loans are typically higher than on most other vehicles. The interest rate you get depends primarily on your credit score category. To help you understand the rates you might get, we’ve provided Experian’s average rates for auto loans in the first quarter of 2023.
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It’s worth taking a moment to point out the difference between interest rate and annual percentage rate. Your interest rate is the amount you charge when you borrow money, spread out over regular payments. APR (Annual Percentage Rate) includes your interest rate plus any discounts and fees assessed by your lender.
If you want to finance the classic, antique or exotic car of your dreams, you have a variety of options. take the time to
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