How long can you finance a classic car?

How long can you finance a classic car?

Also, a classic car loan term typically runs for up to seven or 10 years as compared to a standard car loan of five to seven years. 1 If you can afford to make the payments for a shorter loan period, such as three or five years, consider the shorter term option.

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

Requirements for a classic car loan may vary by lender. Some lenders may only offer financing to borrowers with a FICO score of 700 or above and a good credit history with no bankruptcies on their record. It’s not uncommon for lenders to seek an appraisal and inspect the car.

What is the oldest car a bank will finance?

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 financing a classic car worth it?

Purchasing a classic car can be a good investment since it has the potential to increase in value over the years — and an auto loan can help you fund the purchase if you can get approved. Since classic cars are generally much older than the average vehicle purchase, they may not qualify for a traditional auto loan.

Can I finance a 10 year old car?

Some banks, including Chase, and most credit unions will consider loans on used vehicles that are 10 years of age or older.

What is rack interest rate?

While banks keep publishing or advertising their interest rates for various personal loan products from time to time, there is more to the published interest rate than meets the eye. The rate published by banks is a ‘rack rate’ on which significant discounts are usually available.

Who finances cars over 10 years old?

Do banks give loans for 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.