While conventional loan terms for auto financing are typically offered between 5 to 7 years, specialty lenders, whose services focus on financing classic and exotic cars, can give you as long as 10 to 12 years. Choosing a loan with a longer term will make your payments more affordable and give you the option of putting the money that you are saving to use in other ways. It could even allow you to buy a more expensive car for the same payment that you were initially anticipating.

Antique car loan requirements are generally the same as conventional auto loan requirements. You must have a favorable credit score and have a good rating to increase your chances of getting approved. Factors such as bankruptcy, a low credit score, and pending legal records may diminish your chances of getting an antique car loan

Specialty lenders have varying programs when it comes to antique car financing. The best ones offer simple interest loans, while providing competitive fixed rates. Aim for financing companies that can give you up to $500,000 in loans and still allow the flexible terms that make your loan easier to manage.

When trying to get the best loan rates for your antique car, it’s best to offer a larger down payment. Like any financial institution, antique car lenders base their interest rates on the perceived risk of each customer. By offering a significantly larger down payment, you will often be rewarded with a lower monthly payment. Just the same, before you lay down any offers, it is important that you consider the overall budget, what you’re willing to pay, as well as the taxes and fees that you may incur. Conducting extensive research on the history and sales prices of your vehicle will give you the best idea of how much the car is actually worth. You don’t want to end up paying more than what you are getting.