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 longest you can finance a classic car?
How long can you finance a classic car for? You can finance a classic car for up to 15 years with some lenders.
Is it hard to get a car loan for a classic car?
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.
Can you finance a car older than 10 years?
If you’ve found yourself asking this question during your used car search, the answer is yes—you can finance a car older than 10 years!
Will banks loan on classic cars? – Related Questions
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.
Can a 20 year old get car finance?
Car finance for 19-year-olds and 20-year-olds
If you’re 19 or 20, you may still need a guarantor to secure finance. You can improve your chances of being approved on your own by building up a credit history: using a credit card and ensuring that you pay the balance every month is one way.
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.
Does Capital One finance older cars?
There is also a vehicle age restriction for Capital One auto loans. For purchase loans, vehicles must be model years 2010 or newer with fewer than 120,000 miles. Refinancing loans are only available for vehicles up to seven years old that have an “established resale value.”
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.
How many years can I finance a used car?
Maximum Length for Used Car Financing
Most loan terms last anywhere from 24-84 months, but you’ll have to contact your lender to get an exact number.
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 |
What APR is too high for a car?
A high APR (“annual percentage rate”) car loan is one that charges higher-than-average interest rates. The legal limit for car loans is around 16% APR, but you will find lenders that get away with charging rates of 25% or more.
What credit score do you need to get a 84 month car loan?
There is no set credit score you need to get an auto loan. If you have a credit score above 660, you will likely qualify for an auto loan at a rate below 10% APR. If you have bad credit or no credit, you could still qualify for a car loan, but you should expect to pay more.
What does a 800 credit score get you?
An 800-plus credit score shows lenders you are an exceptional borrower. You may qualify for better mortgage and auto loan terms with a high credit score. You may also qualify for credit cards with better rewards and perks, such as access to airport lounges and free hotel breakfasts.
What credit score do I need to buy a $30 000 car?
What Is the Minimum Score Needed to Buy a Car? In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.
What APR will I get with 800 credit score?
With a credit score of 800 to 809, you should qualify for the best APR a lender offers. The average rate for a used car loan in the 800 to 809 credit score range is 3.68% (28.8% higher than the average rate for a new car). Rates are higher for used cars because their value is lower.
Can you get a 900 credit score?
FICO® score ranges vary — they can range from 300 to 850 or 250 to 900, depending on the scoring model — but higher scores can indicate that you may be less risky to lenders.
How many people have a 850 credit score?
1.6% of Americans have a perfect 850 credit score, but here’s the only one that matters, according to experts.