The good news is that most lenders will probably provide a loan for that type of car. Despite the fact that most lenders won’t give out car loans for vehicles older than 10 years, classic cars are a bit different. They hold value and can even appreciate over time, making them ideal for a car loans.
How do people finance classic cars?
There are other ways to finance your classic or older used car that could be better alternatives depending on your financial situation.
- Personal loan. You might be able to use a personal loan to finance a classic car.
- Home equity loan. You could also consider a home equity loan for classic car financing.
- Classic car lease.
Will banks loan on classic cars?
Since classic cars are generally much older than the average vehicle purchase, they may not qualify for a traditional auto loan. In order to secure funding through a loan — should you need it — to buy your slice of automotive history, you may have to find a lender that provides classic car loans.
What is the oldest car I can get financed?
Typically, a bank won’t finance any vehicle older than 10 years, even if you have good credit. If you don’t have great credit, you may find it difficult to finance through a bank, even for a new car.
Is it hard to get a car loan for a classic car? – Related Questions
Does Capital One finance older cars?
Capital One Auto Finance offers financing for new and used cars, but only through its network of participating dealerships. It also provides refinancing for existing car loans. Whether applying for a purchase or refinance loan, applicants can pre-qualify with a soft credit check, which won’t affect their credit score.
What is considered a classic car?
Classic vehicles might range in age from 10 to 50+ years old, and the term “classic car” may include vintage, antique, and collector vehicles. Ultimately, it depends on the classic car definition used by your state, insurer, or car collecting club — each may have its own age rules.
Can you get a loan on a car older than 10 years?
Lenders are open to financing older cars since they tend to withstand the tests of time. While financing may be available through a dealership, local bank, or credit union, it’s best to know what you can afford and shop around for the best interest rate.
How long can you finance a 10 year old car?
A lender sets the auto loan term length for a used car, which varies from company to company. Until recently, used car loans were generally limited to 72 months. However, today borrowers can secure used car loans for 84 months or more due to the rising need for vehicles.
Is a 10 year old car worth buying?
In reality, there is no concrete answer for this – it all depends on the car. A well-maintained 10-year-old car could possibly be a better investment than a newer model which hasn’t been looked after. As a very general rule of thumb, a car is usually reliable up to 5 years providing it has been maintained.
Can you finance a car with 150k miles?
Yes. Some banks will finance vehicles with high mileage because they understand that vehicles last longer than they used to. A private party auto loan, where you’re buying a car directly from the owner, may typically only be available to credit union members or bank customers.
What do banks consider high mileage?
You want to buy a high-mileage car: If you’re buying an inexpensive car with high mileage, it might be hard to get a loan. Many lenders have limits on car mileage. For example, CarFinance requires vehicles to have less than 100,000 miles for a borrower to be eligible for a loan.
How much mileage is too much for a used car?
What is considered high mileage on a car? Often, 100,000 miles is considered a cut-off point for used cars because older vehicles often start requiring more expensive and frequent maintenance when mileage exceeds 100,000.
Does Navy Federal finance older cars?
Used Vehicles: 2020 and older model years or any model year with over 30,000 miles. If the vehicle is 20 years or older based on the model year, the vehicle is considered classic or antique and subject to collateral loan rates.
What credit score is needed for Navy Federal?
Lenders decide their own credit score requirements. However, scores under 580 are generally considered to be poor, while “good credit” is usually anything over 670. A score over 800 is excellent.
What is a good interest rate for a 72 month car loan?
The average 72-month auto loan rate is almost 0.3% higher than the typical 36-month loan’s interest rate for new cars.
Loans under 60 months have lower interest rates for new cars.
| Loan term |
Average interest rate |
| 60-month used car loan |
4.17% APR |
| 72-month used car loan |
4.07% APR |