Classic Car Financing Directory

There are a number of different classic car financing companies out there that offer specialty loans for antique and collector cars. Getting financing for a classic car is a little different than getting a typical used car loan. You can usually save a great deal of time and hassle by skipping the local bank and going directly to a company that specializes in classic car finance.

 


 

While all of the companies listed below specialize in classic, antique and exotic cars, some of them only offer conventional financing, some specialize in classic car leases, and some can do either one. This is by no means a complete, all-inclusive list, but it is a good place to start when you are comparing classic car financing companies:

 
– J.J. Best Banc & Co., located in New Bedford, MA offers antique car loans and refinancing nationwide.  They provide simple interest loans with no prepayment penalty after 90 days and terms from five up to ten years.  J.J. Best will finance almost any type of classic vehicle from 1900 to today, including the kit cars, vintage motorcycles, RVs, and modified cars that some other classic car financing companies won’t touch.  They do not charge an application fee, and you can fill out an application online or do it by email, fax, phone or snail-mail.  They can give you a credit approval as quickly as 5-10 minutes, and the approval is good for thirty days in case you are still negotiating with the seller or if you want to get credit lined up before a classic car auction.

J.J. Best does require a minimum 10% down payment and excellent credit, with no bankruptcy in the past seven years and no late mortgage or car payment history.  Only certain cars will require an appraisal, such as hot rods and other highly modified cars.  Most cars they finance only require a brief physical inspection to verify the VIN numbers match the title and that the engine starts and runs.  Providing them with a copy of your driver’s license and the purchase/sale agreement, proof of income and insurance, and proof of down payment will expedite the process.  They also offer specialty insurance through Hagerty Classic Car Insurance and have a classic car warranty program available.  Call them at (800) USA-1965.

 
– Woodside Credit Collector Car Financing is located in Newport Beach, CA and offers collector car financing, refinancing, and pre-approvals for upcoming auctions.  They provide simple interest, fixed rate loans with no prepayment penalty after two years and terms all the way up to twelve years!  Woodside will make loans for most classic cars more than 25 years old, and they also provide late model exotic car loans. They do not provide financing for replicas or kit cars.

You can apply for a loan online, or download an application to be filled out and faxed or mailed in.  Most loan requests get an answer within two hours.  They have a loan payment calculator on their website to help you determine how much you can afford, which comes in really handy! Woodside requires a good credit history, with a FICO score of 700+ and no bankruptcies.  Call them at (800) 717-5180.

 
–  Motor Cars Financial is in the Dallas/Carrolton, TX area and they offer collector car financing, exotic car loans, and refinancing nationwide, from $6,000 to $1 million plus.  Hot rods, muscle cars, ultra luxury cars, super exotic cars, vintage sports cars – they do it all!  They have terms of up to twelve years available, and with good credit you can be qualified for a loan within 24 hours.  There is a $49 application fee that is deducted from your origination fee if the loan is approved.  Your credit score needs to be at least a 640 or better, and you can apply online.  Motor Cars Financial also offers a collector car locating service and warranties for exotic and collector cars.  You can contact them at (877) 855-3273.

Motor Cars Financial is the first of the classic car financing companies on our list that also offers classic car leasing.  The average consumer doesn’t understand leasing because it can be quite complicated, but it doesn’t have to be that way.  With a lease you are basically renting the vehicle with the option of buying it at the end.  Leasing will usually lower your monthly payments, allowing you to drive a nicer vehicle for your money, and it may offer some tax advantages as well.

If you lease the vehicle in a business name, the lease payments are made with pre-tax dollars, reducing your taxable income.  Leases as a rule, however, have a mileage limitation, and you will pay fees or penalties if you go over the limit.  Every leasing program is different, so it is best to contact several classic car financing companies to compare the programs they offer in order to choose the one that fits your needs the best.

 


 

Here are two other companies that specialize in classic car leases:

 
–  Putnam Leasing is located in Stamford, CT and has been in business since 1983.  They offer leases on classic, exotic, and luxury automobiles, and will custom tailor a lease based on your driving profile.  Lease terms are available from 24 to 84 months, and they offer pre-qualification if you plan on bidding on a vehicle at an auction.  At the lease inception, you will come to an agreement with Putnam on a pre-determined value for the vehicle at the lease end.  Ideally, the residual value (the amount you would pay for the vehicle at the end if you choose to keep it) would be aligned with the anticipated wholesale value of the vehicle at the lease expiration date.  When the lease expires you have four choices:

1. Pay the residual value and own your vehicle free and clear. No more payments and you hold the title.
2. Putnam writes a new lease that finances your residual payment. No big cash layout and you continue enjoying your vehicle.
3. Sell the vehicle, pay the residual value, and pocket any difference.
4. Trade the vehicle to a dealer and let them pay the residual payment. You keep any difference, or apply it to a new lease.

Putnam Leasing offers an online lease application, or you can call them at (800) 278 – 0071.

 
–  Premier Financial Services is located in Woodbury, CT and has been in business since 1997.  They specialize in leasing exotic, vintage, and highline vehicles (over $25,000 value), and their leases are structured with an agreed-upon residual.  Premier offers a Simple Lease program that allows you to change cars as often as you wish within the same lease agreement by just paying the difference in value between the two vehicles, and keeping the same lease payment and residual value.

They also offer an Early Termination Program, which allows you to end the lease prior to expiration by paying the balance owed.  If you keep the lease until it expires, you have the same four choices as you do with Putnam that are outlined above.  Premier Financial Services also offers an online lease application, or you can call them at (877) 973-7700.

 
Classic car financing companies have a number of advantages to offer, but you need to understand what you are getting into up front.  Purchasing a classic car you can easily afford with cash is always the safest and most conservative route, but an antique car loan or lease will allow you to put more cash into other investments. If your money could be earning a bigger return elsewhere, then using one of the classic car financing companies above can be a smart choice.
 

 

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