How to Get Classic Car Financing

Couple Closing Deal at Dealership

Is there a pre-owned, classic car you want to purchase? Before you can bring your vintage car home to Frisco, you may be thinking about the process of getting classic car financing. The team at Longo Toyota of Prosper is here to help! For a classic car loan, the requirements are similar to a traditional car loan, but it’s unlikely that you will need this, because of the age and mileage restrictions. A classic car loan will be the best solution if you are not buying the car outright.

Get Qualified for Classic Car Financing

It’s important to understand the required classic car financing credit score. While you can get financing for a new car with a bad credit score, classic car financing with bad credit is not common. In addition to that, you will also have to prove the following:

  • Credit history: Your good credit score should go along with a well-established credit report a variety of accounts – credit cards, mortgage, personal loan, etc.
  • Steady income: You need to prove that you have a stable source of income with enough money to repay your loan.
  • Payment history: Do you always pay your bills on time? Did you make timely payments on auto loans in the past? Potential lenders are sure to consider this.
  • Savings account: If you don’t have a savings account, it’s best to have one before applying for classic car financing. It shows that you know how to handle money and your purchase isn’t impulsive.
  • Insurance coverage: Like traditional auto loans, you need proof of auto insurance.

Vehicle Requirements and Restrictions

Since you know what’s needed to secure classic car financing, let’s take a look at the restrictions and requirements for the vehicle you intend to purchase.

  • Vehicle appraisal: Many lenders require an appraisal to see how much your perspective classic car is worth. Consulting sources like Nada Guides provides a good idea of what your vehicle’s current value might be. You can also search for vehicle appraisers in the Plano area for an expert opinion – these services can cost between $100 and $500.
  • Age and mileage restrictions: Depending on who you’re applying with, the vehicle may be required to fall within a certain age and mileage limits.
  • Vehicle inspection: Depending on the lender, you may need to have the vehicle fully inspected for quality and safety before it can qualify for financing. If you’d like to have it inspected on your own beforehand, schedule an appointment at a service center you trust.
Couple Driving Towards Sunset in Convertible

Learn More About Classic Car Financing at Longo Toyota of Prosper

Have additional questions or concerns about getting financing for classic cars? Contact us and our finance specialists anytime! Want to learn more about how traditional car financing works or whether you can trade in a financed car? Consult our comprehensive car buying guide online!

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(972) 347-4973

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2100 W. University Drive • Prosper, TX 75078

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Longo Toyota of Prosper

2100 W. University Drive Prosper, TX

Phone: (972) 347-4973
33.2188042 -96.7669395
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Longo Toyota of Prosper
Longo Toyota of Prosper
2100 W. University Drive
Prosper, TX, 75078 United States
(972) 347-4973
Longo Toyota of Prosper 33.2188042, -96.7669395.